Woohoo!

L9XSS

18 months to go. I’ve halted the overpayments on my mortgage as the tax breaks for paying extra into my SIPP make more financial sense plus I can access part of my pension in 18 months, so it’s a win win. Once the mortgage is clear then I can start to rebuild my savings. I will only have a lowly £4K in savings for “rainy days” but I’d like to think I can get this to £10k in a year. For the moment it’s all calculated in my head, but looks doable.
i wish I could accelerate the 18 months remaining to 12 months but I can’t see where this extra money would come from. I’ve returned to FT work after going PT for approximately 18 months. The reasoning being that I could retire earlier if I “push myself” for the next 3 years. Having the ability to choose my lifestyle will be the biggest gain, emotionally. The years of being frugal, overpaying (11 years reduced term) have paid off and 3ven when I’m feeling down I just have to remember as I type this I could have over 15 years off mortgage payments to go.
we all have ups and downs, I read many of the diaries, but ultimately we have a goal and support each other along the way!

FtbDreaming

You’re doing great! And you are correct we all have our ups and downs so there no point putting extra pressure on unnecessarily. 18 months is nothing! You’re gonna have so much freedom when it’s done. Minimal outgoings (hopefully) and a forever roof over your head no matter what! Well done. 

Same with the ft work.., 3 years will be short term pain for the longer term gain of a long happy retirement! 

L9XSS

FtbDreaming said:

You’re doing great! And you are correct we all have our ups and downs so there no point putting extra pressure on unnecessarily. 18 months is nothing! You’re gonna have so much freedom when it’s done. Minimal outgoings (hopefully) and a forever roof over your head no matter what! Well done. 

Same with the ft work.., 3 years will be short term pain for the longer term gain of a long happy retirement! 

Thanks so much for the positive vibes, I’m following your progress too! Lots of virtual support heading your way! (Lex).

SWSEGirl

This is incredible, congratulations! Your achievements remind people like me that it is possible - and worth it! I hope you can really enjoy the sense of freedom that being mortgage free will bring.

caeler

You are making great progress, I’m sure it feels thrilling. I’m on a similar timeline to you and it’s all I can think about. I want my mortgage free day so much. Like you I will then rebuild savings after, not like it’s getting interest right now! 

L9XSS

Not checked in for a while, 47 months of the mortgage term remains, or 14 months if I use some savings to clear. I’m in two minds what to do, Either way I’m close to closing off the mortgage to the bank and owning my home. No more mortgages or loans after this!

L9XSS

Ok payments at £1050 a month (which is a struggle). Any overpayments would need to come out of emergency savings built up. Used the £200 (spare) I had this month to pay into my private pension. I figured the extra £50 from the tax man was more beneficial.
i can remortgage in 8 months time, will probably stay with NatWest.
3 years and 11 months term left.

caeler

Definitely better in your pocket than HMRC!  I am going to turn my attention to pension soon.  

L9XSS

Ok spoke with the NatWest I can remortgage in 6 months time. Best rate at present (not guaranteed to be available in 6 months) is 1.55% fixed for 2 years and also a “small” discount on this for being with them. If it’s available then I will take it and reduce the term to 3 years (shaving another 4 months off) and continue to pay into my SIPP.  My rationale being the 25% uplift every time I add cash to my pension which is “growing” at more than 1.55% annually. Theoretically I will be mortgage neutral at May 2022. That’s good enough for me. I’m happy to watch mortgage rates, inflation, pension performance etc and re-evaluate at the end of year 1.

L9XSS

Under 13 months to go now. I will start my “proper” countdown when I hit the final 12 months of this marathon, and then I can really believe “it’s the Final countdown” “time after time” and of course “Freedom”