360 Months to go?

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Hi all, I’m a bit of a lurker here, so thought I’d start a diary. We moved in late May, having sold our first home, and bought our “forever home”. We’ve taken a 30 year mortgage, but the goal is to pay if off in 22 years, before we’re 50, with a view to retiring early at 60 (in 2052!). Borrowed 95% on a 5 year fix.
To break it up a bit I’m looking at the next five years. Assuming the house value remains the same, we will be at 85% with normal payments in 2025 so paying off another 5% in that time should secure us a better rate at the 80% mark. That’s a target of £9k in 5 years.
We also need a new bathroom for the new house, so that’s a big expense next month, and aim to have our cash savings back up to £10K by the end of next year, so we will be tightening our belts.
First drop in the ocean; a family wedding has been cancelled, so I’ve got a refund for £70 into the pot.
2025 Running total: £70/£9000
First drop in the ocean; a family wedding has been cancelled, so I’ve got a refund for £70 into the pot.
2025 Running total: £70/£9000
5
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Mortgage ends Aug 2050 MFW: Aug 2027
Current Balance: £63,450
MFW2020 #156 £723.13
MFW2021 #26 £1184.71
MFW2022 #11 £197.87
MFW2023
Backup/ Neutral fund £920/£1000
The new bathroom is now in (except the cabinet that’s delayed by the builders merchant) so our savings is now officially down by £5k. Hopefully it will serve us well over the years though.
Running MFW five year target - £195/£9000
OP Goal 2022 = 3.75% in OPs: £6,975 / £13,200
Emergency Fund Target: 3 months saved ✅
The interest figures can often look daunting at first, but it's a good reason for getting into the habit of over-payments right from the start. It WILL come down.
Good luck!
Aim to be mortgage-free: 31st December 2025