Mortgage Free: The final countdown

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  • mark55man
    mark55man Posts: 7,922 Forumite
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    edited 7 November 2021 at 3:49PM
    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) 

    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: 27,334 Forumite
    Name Dropper First Anniversary Photogenic First Post
    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
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26%
    2) Spend on handyman & external building works & new patio door £11.9K
    3) CC £3.9K on 0% spends card but offset by £34.1K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £9.6K/£127.5K AVC target 7.5% value @15/4
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • mark55man
    mark55man Posts: 7,922 Forumite
    Name Dropper First Post First Anniversary
    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
    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: 27,334 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Grumble as much as you like - then we will skit you for it - win win
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26%
    2) Spend on handyman & external building works & new patio door £11.9K
    3) CC £3.9K on 0% spends card but offset by £34.1K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £9.6K/£127.5K AVC target 7.5% value @15/4
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • mark55man
    mark55man Posts: 7,922 Forumite
    Name Dropper First Post First Anniversary
    edited 29 December 2021 at 1:40PM
    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

    I think I saw you in an ice cream parlour
    Drinking milk shakes, cold and long
    Smiling and waving and looking so fine
  • Well done Mark55man!! 18 months to go is impressive and will fly by 
    MFW 2021 #76 £5,145
    MFW 2022 #27 £5,300 
    MFW 2023 #27 £2,000
    MFW 2024 #27 £1,075 /£3,600


  • savingholmes
    savingholmes Posts: 27,334 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Great progress. Almost in touching distance now.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26%
    2) Spend on handyman & external building works & new patio door £11.9K
    3) CC £3.9K on 0% spends card but offset by £34.1K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £9.6K/£127.5K AVC target 7.5% value @15/4
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • mark55man
    mark55man Posts: 7,922 Forumite
    Name Dropper First Post First Anniversary
    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 
    I think I saw you in an ice cream parlour
    Drinking milk shakes, cold and long
    Smiling and waving and looking so fine
  • better thinking better thinking that now rather than in a decades time! 
    MFW 2021 #76 £5,145
    MFW 2022 #27 £5,300 
    MFW 2023 #27 £2,000
    MFW 2024 #27 £1,075 /£3,600


  • savingholmes
    savingholmes Posts: 27,334 Forumite
    Name Dropper First Anniversary Photogenic First Post
    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.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26%
    2) Spend on handyman & external building works & new patio door £11.9K
    3) CC £3.9K on 0% spends card but offset by £34.1K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £9.6K/£127.5K AVC target 7.5% value @15/4
    5) FI Age 60 annual income target £13.7/30K 45.7%
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