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Aiming for Mortgage Free!

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  • rugbymadfamily
    rugbymadfamily Posts: 505 Forumite
    Fourth Anniversary 500 Posts Name Dropper
    edited 10 August 2021 at 11:10PM
    Finally got new phone and mobile banking sorted. Phew! Did well on holiday and came in just over budget which was good. 

    Made another OP on the mortgage today, £1,200 so was pleased with that. It's such a big amount of money...but is only 0.3% of the mortgage balance 😫 but every bit helps that's what I have to keep reminding myself! Be under £310k next month though which is another milestone so still on track to start with a 2 by the 31st Dec!
    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: 28,971 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    That's one huge mortgage. You are making great inroads though
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £174.8K Equity 32.77%
    2) £2.6K Net savings after CCs 6/7/25
    3) Mortgage neutral by 06/30 (AVC £24.3K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 30.1/£127.5K target 23.6% 29/7/25
    4) FI Age 60 income target £16.5/30K 55.1%
    5) SIPP £4.8K updated 29/7/25
  • rugbymadfamily
    rugbymadfamily Posts: 505 Forumite
    Fourth Anniversary 500 Posts Name Dropper
    edited 12 August 2021 at 10:52AM
    Yeah its fairly sizeable (does give me nightmares sometimes lol) given it's a modest 3 bed house....but we live in London so it's expensive. All the more reason to keep the OPs up so we can get it down to a more reasonable size just in case anything goes wrong!

    Went to my new office for the first time this week which was very odd...not been in central London in forever. Nice space and well located, far too many tasty food and coffee places around though so am going to need to be disciplined with bringing my lunch!!
    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: 28,971 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Hopefully you are well enough MSE trained now to be let out near the tasty food places. I must admit it is just as well I'm not near them as I would find them hard to resist too.
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £174.8K Equity 32.77%
    2) £2.6K Net savings after CCs 6/7/25
    3) Mortgage neutral by 06/30 (AVC £24.3K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 30.1/£127.5K target 23.6% 29/7/25
    4) FI Age 60 income target £16.5/30K 55.1%
    5) SIPP £4.8K updated 29/7/25
  • That is definitely the plan, not to be tempted (well at least not too often!). Think will be in the office 2-3 days a week so think will do one bought yummy lunch a fortnight as my treat.

    Am looking forward to the weekend, off to meet a friend who had a baby a few months ago that i havent met yet so picked up a few baby bits in M&S but got thoroughly confused by all the choice 😂 thankfully there was a lady there with her baby so she gave me some good advice on practical present choices!! 

    Got some good cycling in this week and a run, got some more planned for the weekend which should be good.
    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: 5,874 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper Photogenic
    Ooh, helpful lady in the baby section sounds good! I'm dreadful with too much choice, you should see me in the wine aisle 🤣! And when looking at holidays 🤯🤯🤯!
    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!!!
  • savingholmes
    savingholmes Posts: 28,971 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Sounds like a positive trip and some things to look forward to
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £174.8K Equity 32.77%
    2) £2.6K Net savings after CCs 6/7/25
    3) Mortgage neutral by 06/30 (AVC £24.3K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 30.1/£127.5K target 23.6% 29/7/25
    4) FI Age 60 income target £16.5/30K 55.1%
    5) SIPP £4.8K updated 29/7/25
  • Ooh, helpful lady in the baby section sounds good! I'm dreadful with too much choice, you should see me in the wine aisle 🤣! And when looking at holidays 🤯🤯🤯!
    Glad it's not just me lol, give me 3 options and I can make a decision....30 options and I just flap 😂

    Had lovely baby cuddles, she's less than a month old so was very squishy and adorable!

    Went out Fri night for my brothers birthday, he has expensive tastes so it was an expensive evening, enjoyable but definitely over priced drinks! Rest of weekend should be cheap so it all balances out I guess.
    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: 28,971 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Babies are adorable... when you get to give them back LOL. 
    Ouch to the expensive night out but after the year or so we've all had I suppose it balances out a little.
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £174.8K Equity 32.77%
    2) £2.6K Net savings after CCs 6/7/25
    3) Mortgage neutral by 06/30 (AVC £24.3K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 30.1/£127.5K target 23.6% 29/7/25
    4) FI Age 60 income target £16.5/30K 55.1%
    5) SIPP £4.8K updated 29/7/25
  • LadyWithAPlan
    LadyWithAPlan Posts: 3,748 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper

    Went to my new office for the first time this week which was very odd...not been in central London in forever. Nice space and well located, far too many tasty food and coffee places around though so am going to need to be disciplined with bringing my lunch!!
    Have a look at TOO GOOD TO GO app when you are central - so many places doing offers on it every day
    DON'T BUY STUFF (from Frugalwoods)
    No seriously, just don’t buy things. 99% of our success with our savings rate is attributed to the fact that we don’t buy things... You can and should take advantage of discounts.... But at the end of the day, the only way to truly save money is to not buy stuff.    Money doesn’t walk out of your wallet on its own accord.
    https://forums.moneysavingexpert.com/discussion/6289577/future-proofing-my-life-deposit-saving-then-mfw-journey-in-under-13-years#latest
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