Mortgage Free: The final countdown

mark55man

Reporting back as of start of November

• My 06/04/21 OP Mortgage Neutral Pot was £7.3k, and I have added an additional £12.6k OPs (Pension Savings) this tax year

With the result that

• My MN Saving pot is £19.9K and my Repayment Mortgage Balance was £89.2K
• I am now £69.3K away from being Mortgage Neutral
  
• Current target for Mortgage Neutral has changed to May-23 (from June, due to increasing investment returns as the pot is getting bigger, and the markets are progressing - as they usually, but not always, do) 

savingholmes

Sounds fabulous - £69.3K away from Mortgage neutrality. Target of May 23. Stuff of dreams. Remember to appreciate where you are and how far you've come

mark55man

18 months still seems long, but when it took me 18 years to even start to make a dent in it .... as you say, mustn't grumble

savingholmes

Grumble as much as you like - then we will skit you for it - win win

mark55man

Reporting back as of start of December My 06/04/21 OP Mortgage Neutral Pot was £7.3k, and I have added an additional £12.6k OPs (Pension Savings) this tax year With the result that My MN Saving pot is £19.9K and my Repayment Mortgage Balance was £87.8K I am now £67.9K away from being Mortgage Neutral Now I am ready to pull the trigger (in December) on clearing my final CC Unsecured debt I have decided to direct the money going to repayments into this OP/MN target.  Personally, I think that we won't be fully unlocked for months yet so although its grim, I am just going to soldier on being cheap and not going out much.    Assuming I can stick to my plan, this will bring my target for Mortgage Neutral forward to Mar-23 (from May) on the basis of the more I pump in the quicker it will fill up  For transparency, my MN Saving Point had got a month ahead of itself (again) so have removed the double counting of one of the monthly contributions which is way POT looks same as last month but mortgage balance is down by the usual amount

powerspowers

Well done Mark55man!! 18 months to go is impressive and will fly by 

savingholmes

Great progress. Almost in touching distance now.

mark55man

Thank you both - it feels scary to be so close , and frustrating in that earlier mistakes means I would be there by now, and that I wouldn't be playing semantic games with mortgage pots, it would just be done.  However, this next year is still likely to be grim from a COVID point of view (IMHO) so buckle down, and then maybe see where we are this time next year 

powerspowers

better thinking better thinking that now rather than in a decades time! 

savingholmes

You've got your head screwed on in time Mark - there are some that just never do. Don't beat yourself up. You've achieved a lot.