We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Mortgage Free: The final countdown

12467…19

Comments

  • mark55man
    mark55man Posts: 8,044 Forumite
    First Post Name Dropper Third Anniversary
    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
    First Anniversary 10 Posts Combo Breaker
    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
    MBNA £5500
  • mark55man
    mark55man Posts: 8,044 Forumite
    First Post Name Dropper Third Anniversary
    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: 8,044 Forumite
    First Post Name Dropper Third Anniversary
    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
  • LadyWithAPlan
    LadyWithAPlan Posts: 2,581 Forumite
    Third Anniversary 1,000 Posts Name Dropper
    Great  steady progress here .. with mortgages it is definitely a marathon not a sprint.
    Thats a great ambitious MN goal date. 
    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 and should take advantage of discounts.... 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.
    https://forums.moneysavingexpert.com/discussion/6289577/future-proofing-my-life-deposit-saving-then-mfw-journey-in-under-13-years#latest
  • mark55man
    mark55man Posts: 8,044 Forumite
    First Post Name Dropper Third Anniversary
    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: 28,155 Forumite
    First Post First Anniversary Photogenic Name Dropper
    Great progress
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 233 payments to go - now £180,463 Equity 27.81%
    2) Spend on handyman, external building works & new patio door £13.45K
    3) CC £9.35K on 0% spends card & offset by £34.9K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £12.1K/£127.5K AVC target 9.51% value at 17/9/24
    5) FI Age 60 annual income target £13.7/30K 45.7%
    6) SIPP £4.2K at 15/9/24
  • mark55man
    mark55man Posts: 8,044 Forumite
    First Post Name Dropper Third Anniversary
    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: 28,155 Forumite
    First Post First Anniversary Photogenic Name Dropper
    Great progress as ever
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 233 payments to go - now £180,463 Equity 27.81%
    2) Spend on handyman, external building works & new patio door £13.45K
    3) CC £9.35K on 0% spends card & offset by £34.9K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £12.1K/£127.5K AVC target 9.51% value at 17/9/24
    5) FI Age 60 annual income target £13.7/30K 45.7%
    6) SIPP £4.2K at 15/9/24
  • mark55man
    mark55man Posts: 8,044 Forumite
    First Post Name Dropper Third 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
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 345.8K Banking & Borrowing
  • 251K Reduce Debt & Boost Income
  • 451K Spending & Discounts
  • 237.9K Work, Benefits & Business
  • 612.7K Mortgages, Homes & Bills
  • 174.3K Life & Family
  • 251K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture