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Aiming for Mortgage Free!

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  • Good weekend, ate way too much watching the rugby (which was awful, not because we lost, just because we showed so little creativity!). Had a nice 10kms run and some good circuit classes at home though.

    Money wise....was an expensive one with a takeaway, food shop (had to get washing powder and a number of other one offs which made it a very pricy week :-( ) and some clothes shopping. Good news is that payday now means we have a healthy emergency fund of 3 months expenses! So starting to build up a pot to make mortgage OPs, paying this into Premium Bonds and hopefully get a little extra to then pay off a lump sum against the mortgage....Will see how it goes!

    Into my last few weeks at work, thank goodness. Can't wait to get it done and then be off for a week before getting my teeth into the new job :-) 
    Current mortgage (1 Jun 2022): £289,501 - originally £351,999 got to love London sized mortgages!
    OP Goal 2022 = 3.75% in OPs: £6,975 / £13,200
    Emergency Fund Target: 3 months saved ✅
     
  • South_coast
    South_coast Posts: 5,939 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper Photogenic
    Well done on the EF!
    Mortgage start: £65,495 (March 2016)
    Cleared 🧚‍♀️🧚‍♀️🧚‍♀️!!! In 5 years, 1 month and 29 days
    Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed

    Finally earning interest instead of paying it!!!
  • caeler
    caeler Posts: 2,638 Forumite
    Part of the Furniture 1,000 Posts Mortgage-free Glee! Photogenic
    Good job on the emergency fund! @rugbymadfamily
  • savingholmes
    savingholmes Posts: 29,034 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Well done on the EF. That's a great point to hit... I hope to get there later this year. 
    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 29/7/25
  • Thanks @savingholmes, its only 3 months worth at the moment so definitely will need topping up in the future but now want to get on with mortgage OPs now that I have an EF for the first time in my adult life! Normally my CC has been the EF!

    Cheap and quiet weekend here but productive nonetheless! Got lots of jobs done around the place and am well set up for my final week at work. Still a lot to get through but can only do my best, then on to a week off....much needed week off!

    Managed to get a 10km run in which was good, not a very fast one, but got one done!

    Hopefully get some more decorating done this week and get another room started, thats about all lockdown has been helpful for!
    Current mortgage (1 Jun 2022): £289,501 - originally £351,999 got to love London sized mortgages!
    OP Goal 2022 = 3.75% in OPs: £6,975 / £13,200
    Emergency Fund Target: 3 months saved ✅
     
  • savingholmes
    savingholmes Posts: 29,034 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Well done on the run and the decorating.
    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 29/7/25
  • Nearly got blown away on my morning "commute" did an hour cycle before work but was so windy!

    NSD number 5 so going well so far this month. Next bit of decorating should be really cheap as just need to buy paint and found some very well priced in W*lkos. Have everything else we need, just elbow grease now 💪 
    Current mortgage (1 Jun 2022): £289,501 - originally £351,999 got to love London sized mortgages!
    OP Goal 2022 = 3.75% in OPs: £6,975 / £13,200
    Emergency Fund Target: 3 months saved ✅
     
  • Quiet weekend but got my next bit of decorating done, really happy with it especially given used very cheap paint and wallpaper (office space so only me using it lol gone higher quality in other rooms!). 

    Very pleased with the England win 😀  but I've been very un-MSE today... the next Rugby World Cup is in 2023 in France and tickets were released today....snapped some up! But that will form a big part of our 2023 holiday plans (for which there is a budget in place!) so all good as far as I am concerned! 
    Current mortgage (1 Jun 2022): £289,501 - originally £351,999 got to love London sized mortgages!
    OP Goal 2022 = 3.75% in OPs: £6,975 / £13,200
    Emergency Fund Target: 3 months saved ✅
     
  • FtbDreaming
    FtbDreaming Posts: 1,127 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper
    Oooh I don’t think you can pass up the rugby tickets if it’s your passion! Well worth the sacrifice! X
    Mortgage started August 2020 £69,700
    Mortgage ends Aug 2050 MFW: Aug 2027 
    Current Balance: £58,678
    MFW2020 #156 £723.13
    MFW2021 #26 £1184.71
    MFW2022 #11 £197.87
    MFW2023 £785
    MFW 2024 £528.15

    Determined to make it! 
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