Mortgage Free: The final countdown

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  • savingholmes
    savingholmes Posts: 27,596 Forumite
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    Best of luck with your new plans
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 236 payments to go - now £183,036 Equity 26.8%
    2) Spend on handyman & external building works & new patio door £12.65K
    3) CC £5.4K on 0% spends card but offset by £33.8K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £10.2K/£127.5K AVC target 8% value at 15/5
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • ohdearhowdidthathappen
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    Belated congrats on being mortgage neutral.... good luck with your new plans, they sound great :)
    Debt - Car loan £19k. New savings goals: Emergency fund £1000/£1000, FFEF £200/£10000
  • mark55man
    mark55man Posts: 7,936 Forumite
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    edited 28 February 2023 at 8:18PM
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    Thanks all - report back for Feb 23

    My Dec 23 mortgage will be 52K owing.  My current balances are:
    * Cash or Cash Equivalents (access within days) - £12K - £1K Up
    * Tax Free Lump sum - £20K - £2K Up  

    So £52K target at 31/12/23 - £29K already saved at 01/01/23 - £3K added this year Leaving (£20K to go). 

    I hope to achieve this by
    * Increase in cash savings: Target 31/12/23 £24K - so £12K away
    * Increase in Tax Free Lump Sum: Target 31/12/23 £28K - so £8K away
    I think I saw you in an ice cream parlour
    Drinking milk shakes, cold and long
    Smiling and waving and looking so fine
  • savingholmes
    savingholmes Posts: 27,596 Forumite
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    All still going well. 
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 236 payments to go - now £183,036 Equity 26.8%
    2) Spend on handyman & external building works & new patio door £12.65K
    3) CC £5.4K on 0% spends card but offset by £33.8K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £10.2K/£127.5K AVC target 8% value at 15/5
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • mark55man
    mark55man Posts: 7,936 Forumite
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    Yes thank you.  I might have to double check at the end of the month as I am a little out of sync on my Reg savers
    I think I saw you in an ice cream parlour
    Drinking milk shakes, cold and long
    Smiling and waving and looking so fine
  • mark55man
    mark55man Posts: 7,936 Forumite
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    edited 2 April 2023 at 9:10AM
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    Thanks all - report back for Mar 23

    My Dec 23 mortgage will be 52K owing.  My current balances are:

    * Cash or Cash Equivalents (access within days) - £8K - £4K Down (Rejiggng, Pensions + Kids)
    * Tax Free Lump sum - £23K - £3K Up  

    So £52K target at 31/12/23 - £29K already saved at 01/01/23 - £2K added this year Leaving (£21K to go). 

    Had a bit of a reset so no real progress on the cash front, but will be able to save a bit more going forward

    End of year targets 
    * cash savings: Target 31/12/23 £24K - so £16K away
    * Tax Free Lump Sum: Target 31/12/23 £28K - so £5K away
    I think I saw you in an ice cream parlour
    Drinking milk shakes, cold and long
    Smiling and waving and looking so fine
  • savingholmes
    savingholmes Posts: 27,596 Forumite
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    The markets aren't being kind at the moment. You are still doing well overall. 
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 236 payments to go - now £183,036 Equity 26.8%
    2) Spend on handyman & external building works & new patio door £12.65K
    3) CC £5.4K on 0% spends card but offset by £33.8K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £10.2K/£127.5K AVC target 8% value at 15/5
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • mark55man
    mark55man Posts: 7,936 Forumite
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    edited 28 April 2023 at 9:12AM
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    Thanks all - report back for Apr 23.  Have slightly rebalanced the cash and pension saving targets to reflect my wobble last month

    My Dec 23 mortgage will be 52K owing.  My current status is:

    * Cash - £10.8K/£20K  - £2.5K Up in April  £9.2K to go
    * Pension (Tax Free Lump sum)  - £24K/£32K  - £1K Up in April £8K to go

    So £52K target at 31/12/23 - £29K had already been saved as of 01/01/23 - £6K added this year Leaving £17K to go. 


    I think I saw you in an ice cream parlour
    Drinking milk shakes, cold and long
    Smiling and waving and looking so fine
  • savingholmes
    savingholmes Posts: 27,596 Forumite
    Name Dropper First Anniversary Photogenic First Post
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    Making steady progress. Is your job one where you get bonuses to speed you along or not?
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 236 payments to go - now £183,036 Equity 26.8%
    2) Spend on handyman & external building works & new patio door £12.65K
    3) CC £5.4K on 0% spends card but offset by £33.8K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £10.2K/£127.5K AVC target 8% value at 15/5
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • mark55man
    mark55man Posts: 7,936 Forumite
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    Hi SH - yes and no.  We get a bonus once a year - which I move straight into my pot as I get tax relief and a NI top up of a few %

    So its more I speed up when I pay attention and slow down when I don't.  But I am happy and lucky to be out my earlier more spendy mindset 
    I think I saw you in an ice cream parlour
    Drinking milk shakes, cold and long
    Smiling and waving and looking so fine
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