We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Cutting it Fine - the challenge is on!
Comments
-
Your options give you choices - and you will be grateful for those down the line.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 29/7/252 -
Thanks @savingholmes. I love having a back up plan. I've explained the plan to DH and he is on board. Well, I did use my frozen DB pension to help buy our home. The initial aim is to pay off the mortgage without the pensions, but they are there as back up in case life happens. We will definitely look into the different pension/draw down options nearer the time though.
Its funny how, when we were in £30k+ of debt, I thought we'd never have enough cash for a comfortable debt-free life - it seemed impossible. But, when we were well and truly on the debt-free journey (3rd lightbulb moment), but some £10/15k still owing, small amounts just kept cropping up. These eventually added up and helped us pay off the debt more quickly than I'd ever anticipated. A few PPI cheques and we were free - it was a sort of shock it happened so quickly. We didn't need that big lottery win or huge windfall to get there, we just focussed on the end goal, and it eventually happened. Its the same with the mortgage isn't it, focus on paying each small amount and we'll get there. At one time I would have thought even a £1m win on the lottery wouldn't have made us happy, but these days I celebrate just to win my occasional £2 ticket back, although anything above that would be wonderful and £100k would set us up for a fantastic life. Feeling much more contented recently."Think of many things, do one"
Mortgage 30 Aug'25 est. £209,500 £309,749 2020 (current ends 2038)
Seven Goals; 12.5lbs lost in 4 months (5.5lbs to go); walk/run/exercising/weights/yoga3 -
Great to be content and grateful. I have listed mortgage payments to go to have a greater feeling of progress. My relative yesterday had no clue when their mortgage ended. Boggled my mind.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 -
I’m leaning towards option 4 to be honest…DFW (08/08) £64,346.53 Gone (02/19)
MFW (08/08) £118k Gone (09/23)3 -
It is reassuring to be in control isn’t it. I feel so much more settled for retirement facing first our debt and now our mortgage.DFW (08/08) £64,346.53 Gone (02/19)
MFW (08/08) £118k Gone (09/23)3 -
Definitely option 4 debtfree. And so much better when it will be all ours and not have to pay any debts off first
But yes, being in control of the finances (rather than the other way around) is a much more peaceful existence. Fewer sleepless nights thank goodness."Think of many things, do one"
Mortgage 30 Aug'25 est. £209,500 £309,749 2020 (current ends 2038)
Seven Goals; 12.5lbs lost in 4 months (5.5lbs to go); walk/run/exercising/weights/yoga2 -
First mortgage OP made for 2022 - a grand total of £2.30. You know when you just have to round it down to 0000s
Will log in tomorrow to see what the daily interest is and multiply by 28, to work out the Feb overpayment. I've a piece of furniture up for sale which will cover that. Nice short month so our budgets should last the whole month this time. In my personal saves I've a DD set up to PBs (now at £500), plus another £200 in the S&S ISA. Mr Shores just spends all his money on his interests, but at least he can save a bit in advance for his purchases these days. I think the state of our personal accounts just underlines that I am definitely the right person to be FD in our house"Think of many things, do one"
Mortgage 30 Aug'25 est. £209,500 £309,749 2020 (current ends 2038)
Seven Goals; 12.5lbs lost in 4 months (5.5lbs to go); walk/run/exercising/weights/yoga2 -
Logged into my mortgage account and the interest hasn't been added - its lovely to see all of those zeros, but I'll need to check again tomorrow. Some good news - the piece of furniture sold, all collected so we have space again and the money has already been OPd to the mortgage.
My ToDo list has been stagnating for a little while, some things are partially crossed off, some added and the odd one deleted. Everything on the list now is going to take some time, some effort, or is waiting for something to happen before I can move to the next step. The list is still at 17 items, but I am now in a place where I've a bit of time to make a start on some of them.
The sewing didn't happen again this weekend, but some good things were done and I spent time on healthy activities, keeping fit and having a bit of a giggle. I ought to have a look for some fabric online tomorrow. White fabric is okay, but a pattern is much more fun.
"Think of many things, do one"
Mortgage 30 Aug'25 est. £209,500 £309,749 2020 (current ends 2038)
Seven Goals; 12.5lbs lost in 4 months (5.5lbs to go); walk/run/exercising/weights/yoga2 -
Well done on the sale. Well done on the OPs. Brilliant that you are practicing self care.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 29/7/252 -
Hi savingholmes, thanks for popping by 👋
I've been pretty tired this week after all the weekend activities, but it was worth it. Things slotting into place in other areas of my life so its definitely time to spend time on me
Had a reasonably productive day at work and made some bread this evening.
Just been looking through my list of things to do, and its interesting that there are a lot of things that are my creative, personal/learning things that are building up. A good sign that I need to rebalance that."Think of many things, do one"
Mortgage 30 Aug'25 est. £209,500 £309,749 2020 (current ends 2038)
Seven Goals; 12.5lbs lost in 4 months (5.5lbs to go); walk/run/exercising/weights/yoga2
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.6K Banking & Borrowing
- 253.3K Reduce Debt & Boost Income
- 453.9K Spending & Discounts
- 244.5K Work, Benefits & Business
- 599.8K Mortgages, Homes & Bills
- 177.2K Life & Family
- 258.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards