Quest for (mortgage) freedom
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We went into tier 4 at midnight. Luckily I was organised this year and have already finished with all Xmas shopping for food and presents. I also topped up on diesel for the car whilst I was out food shopping on Friday. So other than collecting the turkey crown from the butcher on Wednesday, I'm now predicting 21 NSDs in a row, for pretty much the duration of lockdown. There is literally nothing open for me to spend money on.
This might be good for my personal finances but I am so concerned about the impact on the wider economy. Last week doing the food shop I counted a few shops closing down on our local high street and I think this is just the start. If my husband and I get through this with our jobs safe and our salaries not cut, we will count ourselves incredibly fortunate. *Touches wood furiously*
In the meantime I'll carry on counting the pennies and chucking them towards the mortgage; it's the only debt we have and getting it as low as possible will make us feel safer.
Original mortgage total: £250,000 (Feb 2019)
Current mortgage total: £149,000 (Nov 2023)
Original mortgage end date: Feb 2044
Current mortgage end date: Nov 2038
Mortgage free start date: 13th July 2020
https://forums.moneysavingexpert.com/discussion/6168574/quest-for-mortgage-freedom#latest
2023 MFW #40
MFiT-T6 #16
Goals for 2023
Mortgage: £16k overpayments, £151k left owing on mortgage by end of 2023 (£16000/£16000 so far) - goal met!
Decluttering: 2023 items decluttered by end of 2023 (1823/2023 items decluttered so far)
Saving for remortgage: £30000 saved by end of December (£31900/£30000 so far) - goal met!
Weight: 12lb lost by end of 2023 (0/12lbs so far)
Energy usage: Reduce usage, from £120 per month average use to £100 per month average use - goal met!5 -
Tier 4 here too
We'd also got everything in other than the veg and a couple of perishable things so also planning on not having to spend much between now and new year. Also feeling very fortunate that our jobs seem to be ok *touch wood* and have tried to pay it forward by ordering all our Christmas gifts from small independent businesses as well as some theatre tickets for a couple of people for later on next year. We'll get through this.
Emergency Fund - £9561.13 / £10,000 :: Total Mortgage OP - £29,655.28LISA 22/23 - £4000 :: NSD 2023 - 55 / 180 :: Books Read: 30 / 52 :: Decluttering - 365 / 365 🏅⭐ and 42 / 100 🏅⭐Engaged 9th December 2010 :: Married 29th October 2015 :: Bought a House 13th January 20172 -
Sorry to hear you're in tier 4 too @ruby_eskimo. Hoping 2021 is more positive for all of us!Original mortgage total: £250,000 (Feb 2019)
Current mortgage total: £149,000 (Nov 2023)
Original mortgage end date: Feb 2044
Current mortgage end date: Nov 2038
Mortgage free start date: 13th July 2020
https://forums.moneysavingexpert.com/discussion/6168574/quest-for-mortgage-freedom#latest
2023 MFW #40
MFiT-T6 #16
Goals for 2023
Mortgage: £16k overpayments, £151k left owing on mortgage by end of 2023 (£16000/£16000 so far) - goal met!
Decluttering: 2023 items decluttered by end of 2023 (1823/2023 items decluttered so far)
Saving for remortgage: £30000 saved by end of December (£31900/£30000 so far) - goal met!
Weight: 12lb lost by end of 2023 (0/12lbs so far)
Energy usage: Reduce usage, from £120 per month average use to £100 per month average use - goal met!2 -
Just popping along to wish you good luck on your journey. £8K paid off already sounds like you've had a running start. Here's to a better 2021!Moving goals: Anticipated costs £6.5K (excluding new furniture or any post move renovations)
1) Upfront house move costs Paid £1034/£3,197 (£448 for legal, £586 for mortgage, £76 post redirection, £1,500 removals - assumed may have to pay port and survey fees gain so roughly another £588)
2) Balance of likely house move costs Paid £0/£3,272 (£1,772 legal, £1,500 land tax from equity - reduced land tax by £2.1K due to lower cost of house)
Longer term financial goals
3) £6,531/£10,000 Emergency/Freedom/Home/Moving Fund 65.31%
4) MFW Nov 21 £201,999 with 264 240 payments to go - now £185,701 Equity 37.6%
5) Mortgage neutral by June 2030 £6,289/£127,466 AVC target 4.93%
6) FI Age 60 annual income target £12,500/30,000 41.66%
7) CC Debt free April 22 (now stay that way!!)0 -
Hope everyone had a good Christmas. Ours was very quiet and unusual, but still nice in its own way.
As predicted, it's been easy to not spend anything under tier 4 lockdown - it's the 10th NSD in a row for me. I never was a big shopper before this anyway, but I'm even less of one now; not sure if that's down to Covid or this mortgage overpayment challenge/MSE and Martin Lewis. Possibly all factors combined.
We received some money for Xmas plus my husband got his end of year bonus. Not a massive amount but hoping to get another OP on the mortgage this week to up my 2020 OP total a bit more, with a few days to spare...
Original mortgage total: £250,000 (Feb 2019)
Current mortgage total: £149,000 (Nov 2023)
Original mortgage end date: Feb 2044
Current mortgage end date: Nov 2038
Mortgage free start date: 13th July 2020
https://forums.moneysavingexpert.com/discussion/6168574/quest-for-mortgage-freedom#latest
2023 MFW #40
MFiT-T6 #16
Goals for 2023
Mortgage: £16k overpayments, £151k left owing on mortgage by end of 2023 (£16000/£16000 so far) - goal met!
Decluttering: 2023 items decluttered by end of 2023 (1823/2023 items decluttered so far)
Saving for remortgage: £30000 saved by end of December (£31900/£30000 so far) - goal met!
Weight: 12lb lost by end of 2023 (0/12lbs so far)
Energy usage: Reduce usage, from £120 per month average use to £100 per month average use - goal met!2 -
I’ve just gained online access to my mortgage and have started with my first OP this month. We’ve not been in a position to until now.Exciting to follow your journey. I’m a tiny bit ahead of you in terms of how much we have left to pay on our mortgage, but you’ll leap frog me in no time - we are still building up an emergency fund so putting more money into that right now.
Plus I’m due a restructure at work and I don’t feel very safe OPing too much right now.Reduction in daily mortgage interest October 23 - £0.11 (started new mortgage)
% of house owned/% of mortgage paid off. October 23 - 31.67%/23.67%
MFiT-T6 #5
MFW 2022 #6
MF Date: Oct 37 May 370 -
eat_that_frog said:Hope everyone had a good Christmas. Ours was very quiet and unusual, but still nice in its own way.
As predicted, it's been easy to not spend anything under tier 4 lockdown - it's the 10th NSD in a row for me. I never was a big shopper before this anyway, but I'm even less of one now; not sure if that's down to Covid or this mortgage overpayment challenge/MSE and Martin Lewis. Possibly all factors combined.
We received some money for Xmas plus my husband got his end of year bonus. Not a massive amount but hoping to get another OP on the mortgage this week to up my 2020 OP total a bit more, with a few days to spare...
well done on your year of overpayments 🙂MFW 2021 #76 £5,145
MFW 2022 #27 £5,300
MFW 2023 #27 £2,070/ £2,023 target2 -
I overpayed another chunk off the mortgage yesterday. That takes me a bit closer to my 2020 OP target. When I hit the £225k total outstanding mortgage mark l will celebrate having paid off around a tenth of the mortgage
Only 9 tenths to go!!!
Original mortgage total: £250,000 (Feb 2019)
Current mortgage total: £149,000 (Nov 2023)
Original mortgage end date: Feb 2044
Current mortgage end date: Nov 2038
Mortgage free start date: 13th July 2020
https://forums.moneysavingexpert.com/discussion/6168574/quest-for-mortgage-freedom#latest
2023 MFW #40
MFiT-T6 #16
Goals for 2023
Mortgage: £16k overpayments, £151k left owing on mortgage by end of 2023 (£16000/£16000 so far) - goal met!
Decluttering: 2023 items decluttered by end of 2023 (1823/2023 items decluttered so far)
Saving for remortgage: £30000 saved by end of December (£31900/£30000 so far) - goal met!
Weight: 12lb lost by end of 2023 (0/12lbs so far)
Energy usage: Reduce usage, from £120 per month average use to £100 per month average use - goal met!5 -
Well done! XMortgage started August 2020 £69,700
Mortgage ends Aug 2050 MFW: Aug 2027
Current Balance: £61,300
MFW2020 #156 £723.13
MFW2021 #26 £1184.71
MFW2022 #11 £197.87
MFW2023 £785
Backup/ Neutral fund £1736/£1000Determined to make it!2 -
Well done @eat_that_frogGreat way to end the year and a great way to start the year!!1
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