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Aiming for Mortgage Free!

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  • rugbymadfamily
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    Aw sorry to hear about your kitties. We only put a bit aside each month so it should be enough for any simple bits (like this....Still £150 roughly expected total bill). If it were something bigger then would have to use the EF but hopefully won't come to that!
    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 ✅
     
  • mark55man
    mark55man Posts: 7,948 Forumite
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    yes it does add up doesn't it.  It always made me wonder how deep into the EF we would have gone, but fortunately we never found out the hard way.   
    I think I saw you in an ice cream parlour
    Drinking milk shakes, cold and long
    Smiling and waving and looking so fine
  • rugbymadfamily
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    My boy is definitely doing a bit better today, saw the vet again and his temperature is down and tummy looking better. Back again tomorrow for what I hope is the final visit. Hes playing a bit more today which I think is a good sign!
    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: 27,697 Forumite
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    Hope kitty recover s soon
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 235 payments to go - now £182,428 Equity 27.02%
    2) Spend on handyman & external building works & new patio door £13.45K
    3) CC £7.4K on 0% spends card but offset by £34.25K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £10.1K/£127.5K AVC target 8% value at 15/5
    5) FI Age 60 annual income target £13.7/30K 45.7%
    6) SIPP £4.1K
  • rugbymadfamily
    rugbymadfamily Posts: 505 Forumite
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    edited 22 June 2021 at 9:30PM
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    Kittie is all better, antibiotics all finished and he seems all the way back to his normal nutter self!

    Finances doing well on food shop, will finish the month with about £15 left in that pot which is the first time in forever! Few pots are slightly in the negative which isn't great but its been a spendy month, hopefully will rectify in July. Payday at the end of the week and will include some of the month at my new pay rate having passed my probation - yay!

    Done some good exercise this week and even got my first ever meditation session in! Have signed up to some online yoga and mediation classes on the Peloton app (free trial for 60 days so will see how much I use it) but hoping it will help with tight muscles and joint ache from too much sitting!
    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: 27,697 Forumite
    Name Dropper First Anniversary Photogenic First Post
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    Congratulations on passing probation
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 235 payments to go - now £182,428 Equity 27.02%
    2) Spend on handyman & external building works & new patio door £13.45K
    3) CC £7.4K on 0% spends card but offset by £34.25K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £10.1K/£127.5K AVC target 8% value at 15/5
    5) FI Age 60 annual income target £13.7/30K 45.7%
    6) SIPP £4.1K
  • rugbymadfamily
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    Have now been in our house 3 years! Which means officially there are 22 years of our mortgage to pay....OPs to date have knocked 5 months off of that which is good. Been recently reading more around investing etc and how paying off the mortgage currently doesn't make as much sense given low interest rates.

    I think the difference for me is that our mortgage is such a huge balance that we really need to make some inroads into it so that if anything happened to one of us/ our jobs it would be less of an issue. Both have reasonable contributions into our pensions and monthly we are putting aside £100 into long term savings (for pre retirement), £500 into general savings (for kitchen refurb / new car etc) vs about £1,100 into mortgage OPs. I think once the mortgage balance drops below the £250k mark (forecast for early 2025) we may well change things up and get more into investing/ saving to aim for mortgage neutral. But for now, mortgage OPs make more sense for us. 
    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 ✅
     
  • remote_control
    Options
    I always debate this too but I agree, at the moment our mortgage is so massive I just want to break the back of it.
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