Mortgage Free: The final countdown

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  • mark55man
    mark55man Posts: 7,922 Forumite
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    edited 29 July 2021 at 9:24AM
    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
    I think I saw you in an ice cream parlour
    Drinking milk shakes, cold and long
    Smiling and waving and looking so fine
  • juliejim
    juliejim Posts: 7,943 Forumite
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    Sounds like everything is on track for you.
    NST #10 Steps 7K 2/30 10K 2/12 5 a day 3/30 NSD 0/20
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  • mark55man
    mark55man Posts: 7,922 Forumite
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    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
    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: 7,922 Forumite
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    edited 30 August 2021 at 12:35PM

    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
    I think I saw you in an ice cream parlour
    Drinking milk shakes, cold and long
    Smiling and waving and looking so fine
  • Great  steady progress here .. with mortgages it is definitely a marathon not a sprint.
    Thats a great ambitious MN goal date. 
    There will always be a (beautiful stilettoed) foot in fabulous in LaPlan's life.
    I am choosing to be fabulously frugal to support some wonderful life changing and affirming financial goals including buying a London home I love.

    DON'T BUY STUFF (from Frugalwoods)
    No seriously, just don’t buy things. 99% of our success with our savings rate is attributed to the fact that we don’t buy things. You can’t really hack your way to frugal. You can and should take advantage of discounts, coupons, rewards points, and the like. But at the end of the day, the only way to truly save money is to not buy stuff.    Money doesn’t walk out of your wallet on its own accord.

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    https://forums.moneysavingexpert.com/discussion/6289577/future-proofing-my-life-deposit-saving-then-mfw-journey-in-under-13-years#latest
  • mark55man
    mark55man Posts: 7,922 Forumite
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    edited 30 August 2021 at 7:38PM
    Thank you - completely agree, slow but steady is best.  That said, my own trajectory might not show that approach :sunglasses: - 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.  
    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: 27,259 Forumite
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    Great progress
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26% (lower post move compensated by EF) plus spent £10K+ on home improvements/emergency repairs
    2) Mortgage neutral by June 2030 AVC £8.063/£127,466 AVC target 6.32%
    3) FI Age 60 annual income target £12,500/30,000 41.66%
    Achievements: CC free since April 22. 1 year EF from Jan 24 & dedicated pot for home improvements
  • mark55man
    mark55man Posts: 7,922 Forumite
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    edited 2 October 2021 at 5:19PM
    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.   
    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: 27,259 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Great progress as ever
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26% (lower post move compensated by EF) plus spent £10K+ on home improvements/emergency repairs
    2) Mortgage neutral by June 2030 AVC £8.063/£127,466 AVC target 6.32%
    3) FI Age 60 annual income target £12,500/30,000 41.66%
    Achievements: CC free since April 22. 1 year EF from Jan 24 & dedicated pot for home improvements
  • mark55man
    mark55man Posts: 7,922 Forumite
    Name Dropper First Post First Anniversary
    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,  
    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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