Mortgage Free: The final countdown

savingholmes

Makes sense to make the most of the personal allowance.

mark55man

Reporting back as of start of May 2022 after the first month of tax year 2022/23

• My 06/04/22 OP Mortgage Neutral Pot was £41.1 k, and I have added an additional £2.1K OPs (Pension Savings) this tax year

With the result that 

• My MN Saving pot is £43.2K and my Repayment Mortgage Balance was £81.0K
• I am now £37.8K away from being Mortgage Neutral

savingholmes

All heading in the right direction. Hopefully the work you are having done on the house will help on the equity front long term too.

mark55man

Reporting back as of start of June 2022 

• My 06/04/22 OP Mortgage Neutral Pot was £41.1 k, and I have added an additional £2.7K OPs (Pension Savings) this tax year

With the result that 

• My MN Saving pot is £43.8K and my Repayment Mortgage Balance was £79.6K
• I am now £37.8K away from being Mortgage Neutral

Despite some turbulence in the investment element of my pot, my estimated Mortgage Neutrality date is still in Feb 23.  This is OK unless it gets worse, but the tax relief is a 20% buffer and the existing growth about the same

jennystarpepper

That's great news, well done you.  Keep on pushing... not long now.  

mark55man

Thank you JennySP - the rate this year is going the MN pot will be full in no time, then I will just have to pay the actual mortgage off for real. 

savingholmes

mark55man said:

Thank you JennySP - the rate this year is going the MN pot will be full in no time, then I will just have to pay the actual mortgage off for real. 

How are the house projects coming along? 

Exciting to be on the home straight.

mark55man

thank you SH - the garden is done, the kids shower is done, our bedroom is done, but the decluttering is a long way from done so I'm a little shy of showing pictures just yet, although all are getting good use

savingholmes

When you've finished your declutter - plenty will be left to do at mine if you want to hop over and sort mine too!

Glad your projects are coming along.

mark55man

Bit late for this month - been distracted - Reporting back as of start of July 2022 

• My 06/04/22 OP Mortgage Neutral Pot was £41.1 k, and I have added an additional £8.3K OPs (Pension Savings) this tax year

With the result that 

• My MN Saving pot is £49.4K and my Repayment Mortgage Balance was £78.2K
• I am now £28.8K away from being Mortgage Neutral

The investment element of my pot has continued to be variable, but my increased monthly contributions are ensuring an upward trend.  I am content to continue while the tax relief exceeds the poor performance.  TBH even if the investment shows a net loss, its just buying things at a discount for later.  I can afford to wait.

My estimated Mortgage Neutrality date is still Feb 23.