Mortgage Free: The final countdown

mark55man

Reporting back as of start of August

• My 06/04/21 OP Mortgage Neutral Pot was £7.3k
• I have added an additional £6.2k OPs (Pension Savings) 

This means:

• My Mortgage Balance was £93328 
• My MN Saving pot is £13501 
• I am now £79.8K away from being Mortgage Neutral
• Current target for Mortgage Neutral is unchanged at Jun-23

As you may know from my diary I am a couple of months from clearing my unsecured debt. I will then spend a few months rebuilding my EF/XMAS savings then in 2022 becoming MN is going to be my real focus and will be putting additional regular OP into my pot, with a view to being MN by the end of the year as per the title

juliejim

Sounds like everything is on track for you.

mark55man

Thank you.  I'm not sure it feels like that sometimes, but just at the moment this feels like the right way to make progress.  Like most on this board I want to get to £0 balance ASAP, but just taking a more scenic route than many

mark55man

Reporting back as of start of September 

• My 06/04/21 OP Mortgage Neutral Pot was £7.3k, and I have added an additional £7.6k OPs (Pension Savings)

With the result that

• My MN Saving pot is £14.9K and my Repayment Mortgage Balance was £90.6K
• I am now £77.0K away from being Mortgage Neutral
  
• Current target for Mortgage Neutral is unchanged at Jun-23

LadyWithAPlan

Great  steady progress here .. with mortgages it is definitely a marathon not a sprint.
Thats a great ambitious MN goal date. 

mark55man

Thank you - completely agree, slow but steady is best.  That said, my own trajectory might not show that approach - a few false starts and a slow build up, then 3-4 years ago shortening the term and then a bit of a giddy up last year starting with the MS Pension Pot idea. 

My rough calculation for June 23 is about 20% of salary put into the pension for another 21 months. For Dec 22 I would have to put 40% away, and whilst once free from CC repayments that would be possible - especially as OH and I try on our retirement income for size, it is quite a  step up in contributions and down in monthly income, so will have to see how we go.  

savingholmes

Great progress

mark55man

Reporting back as of start of October

• My 06/04/21 OP Mortgage Neutral Pot was £7.3k, and I have added an additional £9k OPs (Pension Savings) this tax year

With the result that

• My MN Saving pot is £16.8K and my Repayment Mortgage Balance was £90.6K
• I am now £73.8K away from being Mortgage Neutral
  
• Current target for Mortgage Neutral is unchanged at Jun-23

Observant readers will spot I haven't decreased the outstanding mortgage balance - just being prudent, and it lines up better with my XLS.   

savingholmes

Great progress as ever

mark55man

Thanks SH - its just automatic now apart from a bit of number crunching .  I have a decision once I have cleared the final CC as to how much extra to divert into MN pot, but I don't have to decide how, although if I had to my instinct is to redirect all my DFW repayments, but there are other options,