Mortgage Free: The final countdown

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  • edinburgher
    edinburgher Posts: 13,469 Forumite
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    3 months off will be wonderful, enjoy 😀
  • mark55man
    mark55man Posts: 7,936 Forumite
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    Thank you @edinburgher - Its a practice retirement - :lol:

    sabbaticals are normally a mid career option, but I couldn't afford it then.  I guess its like a step ladder into retirement rather than jumping in at the deep end.  I may regret not going 100% but I don't think so and my OH needs to work her job over winter so I may as well top up the coffers.  My job is one where there is always something to do and a wide team able to do it so we can be quite flexible
    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: 27,544 Forumite
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    I can see why with your imminent trip you are holding on to cash. How lovely to be about to have 3 months off.
    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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    edited 27 March at 7:04PM
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    Monthly report back at the end of March -

    Highlight  £650 paid into Reg Savers for OP in Jan 26 - (Yes I know I said I would start OP for real but I just can't resist the reg savers at nearly 5% net interest return over mortgage cost) - so I'm heading back to doing them rather than actual OP.  That didn't last long I know

    Start position  - 31/12/23 - Mortgage £52.9K - Reg Savers  = £0/£16.5K 

    Month 01 - 
    31/01/24 - Mortgage £51.5K - OP/Reg = £0/£16.5K - Cash Neutral Savings £47.3K
    Month 02 - 29/02/24 - Mortgage £50.0K - OP/Reg = £0/£16.5K - Cash Neutral Savings £50.9K
    Month 03 - 31/03/24 - Mortgage £48.7K - OP/Reg = £650/£16.5K - Cash Neutral Savings £52.3K

    Target Position -  
    31/01/26 - Mortgage £16.5K - OP/Reg = £16.5K/£16.5K - Cash Neutral Savings (TBD but > £0K)

    For those wondering my Cash Neutral savings will take a battering as I do my sabbatical but the mortgage is factored in and I should be able to get to 31/01/26 with an OP fund equal to the balance.  My EF might be a little low, but at that point I will be happy to dig into my pension big style
    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: 27,544 Forumite
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    Well your plans seems to be coming on well. How are you enjoying your time off?
    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 OH has been somewhat struck down with a Viral thing - nothing more than that, but still pretty terrible - so been pottering rather than enjoying
    I think I saw you in an ice cream parlour
    Drinking milk shakes, cold and long
    Smiling and waving and looking so fine
  • Humboldt
    Humboldt Posts: 92 Forumite
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    Morning @mark55man I hope that you do not mind me popping by.  Just wanted to say that I hope that your OH is feeling better.  Not the best of starts to your time off, but at least you are in a position to be able to help whilst they recover. 
  • mark55man
    mark55man Posts: 7,936 Forumite
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    getting there slowly thank you -not great but it is what it is and what it is is nothing serious, just needing rest
    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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