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!!My time to be mortgage free!!

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  • savingholmes
    savingholmes Posts: 29,034 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Is it hard to get another role in his industry?
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £172.5K Equity 36.11%
    2) £1.6K Net savings after CCs 14/8/25
    3) Mortgage neutral by 06/30 (AVC £25.6K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.4/£127.5K target 24.6% 1/9/25
    (If took bigger lump sum = 53.3K or 41.8%)
    4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
    (If bigger lump sum £15.8/30K 52.67%)
    5) SIPP £4.8K updated 29/7/25
  • Is it hard to get another role in his industry?
    Very. We can't get income protection or anything. But he is a total worrier with money  . Like petrified of spending 😉  
    Part time worker.
     Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe
  • Got 65 in my surveys.  Nearly at the zero club amount 
    Part time worker.
     Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe
  • savingholmes
    savingholmes Posts: 29,034 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    It sounds like you are doing well with the savings though.

    I don't know what your 65 in surveys meant - is that £s?
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £172.5K Equity 36.11%
    2) £1.6K Net savings after CCs 14/8/25
    3) Mortgage neutral by 06/30 (AVC £25.6K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.4/£127.5K target 24.6% 1/9/25
    (If took bigger lump sum = 53.3K or 41.8%)
    4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
    (If bigger lump sum £15.8/30K 52.67%)
    5) SIPP £4.8K updated 29/7/25
  • It sounds like you are doing well with the savings though.

    I don't know what your 65 in surveys meant - is that £s?
    Yes!!! It's the most I have ever earned.  I was going to use it towards the mortgage but Mr scaredy-cat wants to put it in savings lolll
    Part time worker.
     Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe
  • savingholmes
    savingholmes Posts: 29,034 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Could you do half and half or does that feel like you both lost?
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £172.5K Equity 36.11%
    2) £1.6K Net savings after CCs 14/8/25
    3) Mortgage neutral by 06/30 (AVC £25.6K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.4/£127.5K target 24.6% 1/9/25
    (If took bigger lump sum = 53.3K or 41.8%)
    4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
    (If bigger lump sum £15.8/30K 52.67%)
    5) SIPP £4.8K updated 29/7/25
  • Could you do half and half or does that feel like you both lost?
    I think that's exactly what we will do . He busy need to calm a bit then will be OK x
    Part time worker.
     Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe
  • Blooming expensive month.  Again. House insurance. Pantos to pay for.  A long weekend away TOTALLY WORTH IT with the kids. Hubby flapping like mad at credit card bill. 

    Thankfully just got child benefit in. And I get paid a week today so as long as I can stretch it out till then he needs to chill 😌 

    I'm on target for 81 pound off mortgage as well for my zero club x
    Part time worker.
     Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe
  • jimjames
    jimjames Posts: 18,764 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Is it hard to get another role in his industry?
    Very. We can't get income protection or anything. But he is a total worrier with money  . Like petrified of spending 😉  
    It's a reasonable situation to be in if redundancy is looming and roles are hard to come by. I'd certainly want to make sure that I have sufficient in savings if that was a possibility for me. If the worst does happen, does he qualify for redundancy pay? If so and he can get a new job quickly then that could be a boost to the overpayment fund.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • savingholmes
    savingholmes Posts: 29,034 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Good luck with making the money stretch to payday and still meeting your OP target. Glad you had a good time at the panto
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £172.5K Equity 36.11%
    2) £1.6K Net savings after CCs 14/8/25
    3) Mortgage neutral by 06/30 (AVC £25.6K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.4/£127.5K target 24.6% 1/9/25
    (If took bigger lump sum = 53.3K or 41.8%)
    4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
    (If bigger lump sum £15.8/30K 52.67%)
    5) SIPP £4.8K updated 29/7/25
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