Mortgage Free: The final countdown

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  • Great progress @mark55man, no point being annoyed at what you could have done before, you can only take action here and now which is what you are doing. Keep the good work up!
    Current mortgage (1 Jun 2022): £289,501 - originally £351,999 got to love London sized mortgages!
    OP Goal 2022 = 3.75% in OPs: £6,975 / £13,200
    Emergency Fund Target: 3 months saved ✅
     
  • mark55man
    mark55man Posts: 7,922 Forumite
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    very true @rugbymadfamily - although if you can't give yourself a good talking to now and again - who can??

    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: 27,305 Forumite
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    mark55man said:
    very true @rugbymadfamily - although if you can't give yourself a good talking to now and again - who can??

    but sometimes we need to be as kind to ourselves as we would be to other Mark!
    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 £3.7K on 0% spends card but offset by £34K 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
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    edited 29 December 2021 at 4:25PM
    Reporting back as of start of January 2022
    • My 06/04/21 OP Mortgage Neutral Pot was £7.3k, and I have added an additional £24.6k OPs (Pension Savings) this tax year
    With the result that
    • My MN Saving pot is £31.9K and my Repayment Mortgage Balance was £86.5K
    • I am now £54.5K away from being Mortgage Neutral
    The observant amongst you will see that is a £10K+ improvement over last month.  Let me explain - alongside my MN pension pot is my main pension pot, which is differently invested and whose purpose is essentially to cover the period between retirement and able to draw on my other pensions.  Although its been turbulent  that pot has had a goodish year (7% growth) so I decided to take the growth of that pot in excess of inflation and allocate it to the MN pot alongside a small bonus which I had paid into the pension of a few £K.  This in combination with increasing my contributions this year now I am clear from my CC debt brings forward my MN date to Feb 2023.  

    My OH and I are happy that the main pot will be enough to support us from about the end of 2023 unless anything more terrible happens.  Thus MN in early 2023 and retired by early 2024 are my continued focus this year

    I know its a bit of magic money shuffling mixed in with new money, but a direct contribution to removing the worry of mortgage from my budget is in the spirit of MFW I think, as is the decision to prioritise it over other investments.

    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: 27,305 Forumite
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    Congratulations. That's a really hefty addition to your mortgage neutral pot. Good that your plans are all on track
    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 £3.7K on 0% spends card but offset by £34K 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
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    Thank you SH - it is so nice not to be just talking to myself on here, especially as this is a non standard way of dealing with OPs. 
    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: 27,305 Forumite
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    HI Mark - over time I hope to be increasing my pensions as part of my route to mortgage neutrality / freedom too so I get it. There's a lot to be said for investing in something that continues to give you an income rather than something static like the house...
    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 £3.7K on 0% spends card but offset by £34K 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
    Reporting back as of start of Feb 2022
    • My 06/04/21 OP Mortgage Neutral Pot was £7.3k, and I have added an additional £26.3k OPs (Pension Savings) this tax year
    With the result that
    • My MN Saving pot is £36.5K and my Repayment Mortgage Balance was £85.0K
    • I am now £48.5K away from being Mortgage Neutral
    As planned last month I have kicked up my salary sacrifice this year to redirect my 2021 Debt busting money into my MN pot.  This was about £1K/m - with pension higher rate tax rebate this adds £1.666K/m to my MN pot although as I will pay basic rate tax on 75% of that on withdrawal that is equivalent to a net OP into MN on £1.4K or an extra £400 paid to the mortgage and not the revenue

    My estimated Mortgage Neutrality date is now in Feb 23.
    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: 27,305 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Only one year. That's fantastic
    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 £3.7K on 0% spends card but offset by £34K 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 SH - just goes to show when I stopped faffing around with CC debt, but stayed equivalently frugal, then building the MN pot with help from the tax man is just going so quickly.  Something that would have been better done years ago, but not beating myself up, just gently tutting at my former self
    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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