Mortgage Free: The final countdown

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  • mark55man
    mark55man Posts: 7,936 Forumite
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    Thanks all - report back for May 23.  

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

    * Cash - £12.2K/£20K  - £2.2K Up this month £7.8K to go
    * Pension (Tax Free Lump sum)  - £24K/£32K  - £0K Up this month £8K to go

    So £52K target at 31/12/23 - £29K had already been saved as of 01/01/23 - £7.4K added this year Leaving £15.6K 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: 27,580 Forumite
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    You're still doing well. Is the remaining amount achieveable in your desired timescale?
    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 £4.6K 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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    I Hope so SH.  A year is ambitious but if I don't have too many wobbles - and things go as planned I should be good to get there or get close.  Basically 7 months to go £15K to go. 

    Regular Savings  £500/ month
    Ad hoc savings variable but averaging £500 / month
    available Pension rising £1k/month

    So that should do it, but
    - swings - Support to kids and unexpected domestic spends
    - roundabouts - bonus

    On top of that Mortgage going down £1500/month so the net is closing in
    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: 27,580 Forumite
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    Sounds really good. Touching distance.
    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 £4.6K 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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    My Dec 23 mortgage will be £52K owing.  My target is to have matched this with cash savings to derisk my mortgage payments and avoid getting caught out for the last 12 months which will be at SVR (a few years away)

    Report back for June 23.  

    This report is rebalanced from May report as I had a major juggle round and converted some of my Pension savings into Tax free lump sum to provide the cash to utilise savings tax free bands for OH and I - all in accounts providing interest in excess of mortgage rate.  This will also balance my OH's ability to access cash with my own:

    Current status 

    * Cash - £38.2K/£45K  -  £6.8K to go  (Last month 7.8K to go)
    * Pension (Tax Free Lump sum)  - £1K/£7K  -  £6K to go  (Last Month £8K to go)

    So £52K target at 31/12/23 - Leaving £12.8K to go (last Month £15.8K). 
    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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    My Dec 23 mortgage will be £52K owing.  My target is to have matched this with cash savings by Dec 23

    Report back for start August 23.  I missed July (oops) so compared back with June - 2 months ago

    Current status 

    * Cash - £41.2K/£45K  -  £3.8K to go  (June £6.8K to go)
    * Pension (Tax Free Lump sum)  - £2K/£7K  -  £5K to go  (June £6K to go)

    So £52K target at 31/12/23 - Leaving £8.8K to go (June £12.8K). 
    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: 27,580 Forumite
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    Still getting closer by the day.
    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 £4.6K 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
    Name Dropper First Post First Anniversary
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    My Dec 23 mortgage will be £52K owing.  My target is to have matched this with cash savings by Dec 23

    Report back for start September 23. 

    Current status 

    * Cash - £41.2K/£45K  -  £3.8K to go  (August  £3.8K to go) - No change
    * Pension (Tax Free Lump sum)  - £3.5K/£7K  -  £3.5K to go  (August £5K to go)- £1.5K increase

    So £52K target at 31/12/23 - Leaving £7.3K to go (August  £8.8K). 

    These numbers are OK, but next month will sting as there will be some significant unplanned household and family draws on these savings - but at least I have them to draw on.  
    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: 27,580 Forumite
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    Lovely to be so close to the end of the mortgage. Good as you say that you have savings to draw on for family and household spends. 

    How are your steps coming along now?
    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 £4.6K 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
    Name Dropper First Post First Anniversary
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    My Dec 23 mortgage will be £52K owing.  My target is to have matched this with cash savings by end Dec 23

    Report back for start October 23. 

    Current status 

    * Cash - £39.8K/£45K  -  £5.2K to go  (Sep £3.8K to go) - Going backwards - but some large spends for kids and entertainment
    * Pension (Tax Free Lump sum)  - £4.5K/£7K  -  £2.5K to go  (Sep £4.5K to go)- £1.0K increase

    So £44.3K out of £52K target at 31/12/23 - Leaving £7.7K to go (Sep £7.3K). 

    So as predicted  tough month for savings, but ending up only £400 down is actually better than expected.  I know that a true Mortgage OP has the benefit of being done and dusted but for me the possibility of recovering from over commitments allows me to put away more, even if now and again I have to claw it back.  And the 4% extra interest doesn't hurt.  I hope to make better progress next month although a small overhand of committed spend remains for some DIY help 
    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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