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Woohoo!
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Wise words Thankyou. I’ve taken some advice and researched fully. I can take up to three small pots in my lifetime, under 10k in each without triggering the MPAA, thus maintaining pension contributions going forward.savingholmes said:Nearly there. Be careful on the pension that it doesn't limit how much you can put into your pension moving forward unless you are absolutely certain you won't be.. The question you need to check is whether it will trigger your max input into your pension per year of around £4K or not... Some people who 'retire' end up returning...1 -
Glad you've looked into it.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £172.5K Equity 36.11%
2) £1.6K Net savings after CCs 14/8/25
3) Mortgage neutral by 06/30 (AVC £25.6K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.4/£127.5K target 24.6% 1/9/25
(If took bigger lump sum = 53.3K or 41.8%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
(If bigger lump sum £15.8/30K 52.67%)
5) SIPP £4.8K updated 29/7/250 -
Made a £1000 overpayment today. Balance stands at £32.5k to go. Next overpayment is scheduled for middle of May, then I’m down to the last 12 months. Happy Easter everyone.2
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12 payments, home straight now!L9XSS said:Made a £1000 overpayment today. Balance stands at £32.5k to go. Next overpayment is scheduled for middle of May, then I’m down to the last 12 months. Happy Easter everyone.Dec 2010=£160k.
Mortgage free date 9th Apr 22 😎
E fund - £10,005/£20,0001 -
Woohoo - such a fab position to be in. Well done.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £172.5K Equity 36.11%
2) £1.6K Net savings after CCs 14/8/25
3) Mortgage neutral by 06/30 (AVC £25.6K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.4/£127.5K target 24.6% 1/9/25
(If took bigger lump sum = 53.3K or 41.8%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
(If bigger lump sum £15.8/30K 52.67%)
5) SIPP £4.8K updated 29/7/251 -
Mortgage payment comes out tomorrow and I drop under 30k remaining to pay. Roll on middle of May 2023. I’m not sure I will be able to change my acquired frugal skill set when I become mortgage free!1
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Great position to be inAchieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £172.5K Equity 36.11%
2) £1.6K Net savings after CCs 14/8/25
3) Mortgage neutral by 06/30 (AVC £25.6K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.4/£127.5K target 24.6% 1/9/25
(If took bigger lump sum = 53.3K or 41.8%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
(If bigger lump sum £15.8/30K 52.67%)
5) SIPP £4.8K updated 29/7/250 -
Ok so an overpayment of £4000 tomorrow morning and my monthly normal payment on the 25th of this month will see me “hit” a balance of £25k remaining with 2 years and 6 months left. I plan a further overpayment of £8000 in June. With June’s payment I’m looking at £16k remaining with the plan for it to be ZERO balance in 11 months (May 2023).
its doable just have to stick to the frugal plan! Then the “savings” pot rebuild starts.1 -
Congratulations 🎉🎉🎉
Great progressAchieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £172.5K Equity 36.11%
2) £1.6K Net savings after CCs 14/8/25
3) Mortgage neutral by 06/30 (AVC £25.6K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.4/£127.5K target 24.6% 1/9/25
(If took bigger lump sum = 53.3K or 41.8%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
(If bigger lump sum £15.8/30K 52.67%)
5) SIPP £4.8K updated 29/7/251 -
Didn’t quite hit my overpayment target of £4000 but managed to overpay by £3000. My mortgage stands at £27,630 with 2 years and 8 months to go. It’s nice t drop under the £30k mark, next step is to go under £20k. My plan is to reduce that to May 2023.......13 payments and some overpayments along the way. Previously I would have reduced the term but I may happy to see my payments drop and can then budget what I’m going to overpay and when. Mays payment is due In 8 days time, I probably won’t be able to make another overpayment till July of this year. Weather looks better today, back to work later in the week.2
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