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!!My time to be mortgage free!!

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Comments

  • chicker
    chicker Posts: 142 Forumite
    Fifth Anniversary 100 Posts Name Dropper
    Whooop

    Fave day

    Zero club joined

    43800 mortgage left...app not updated so not sure if its taken any significant term off yet
    Yay! 😃


    Can you explain what the zero club is please? I’m guessing it’s when your mortgage is a multiple of 100 but is there more to it?
    MFW diary Adventures and Overpayments

    Mortgage start: £240,945 Aug 2020
    Mortgage now: 
    £230,738
    2021 OP total: 
    £605.85   1 month off approx

    MFW 2022 #39  £135.68/£1200
  • savingholmes
    savingholmes Posts: 29,034 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Well done on the OP
    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
  • chicker said:
    Whooop

    Fave day

    Zero club joined

    43800 mortgage left...app not updated so not sure if its taken any significant term off yet
    Yay! 😃


    Can you explain what the zero club is please? I’m guessing it’s when your mortgage is a multiple of 100 but is there more to it?
    Yes!

    It means when you commit to round your mortgage down at the end of the month to have 00 at the end of it.  So my mortgage statement was 43881 after the monthly payment was taken out. I then over paid 81 to get it to 43800!

    Xx
    Part time worker.
     Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe
  • chicker
    chicker Posts: 142 Forumite
    Fifth Anniversary 100 Posts Name Dropper
    Thanks happymum! I love things like that to motivate you when you’re trying to save 😊 
    MFW diary Adventures and Overpayments

    Mortgage start: £240,945 Aug 2020
    Mortgage now: 
    £230,738
    2021 OP total: 
    £605.85   1 month off approx

    MFW 2022 #39  £135.68/£1200
  • chicker said:
    Thanks happymum! I love things like that to motivate you when you’re trying to save 😊 
    We used to repay 435 per month so popped it up to 450 so it had a zero.  Couldn't guarantee we could afford 500 so  this is the next best way x 
    Part time worker.
     Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe
  • Transferred 200 into my instant access slush fund.. this isn't counted in our big savings pot . We like to have it at 500 to cover any unplanned things.  Nearly there 

    Paid 50 quid off our holiday next year

    25 each child's savings  .

    Still 500 left of wage pcket. Got hair to get done and a night out or 2 before then next wage packet though.  
    Part time worker.
     Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe
  • Just found out off a brainy mse that my interest is a pound a day. I'm aiming there for to pay off more than the zero club for a while....see if I can make even more of a difference
     
    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
    Good luck with it. Do you still have stuff you can sell to raise funds for OP / pensions?
    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
  • I have nothing really to sell.  I did a huge tidy up in the summer.  The designer clothes my parents buy the kids ( ridiculous I know) all get passed on to relatives... 
    Part time worker.
     Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe
  • 2 weeks till pay day. 

    I have my hair to get done, plus pay for a few little bits but am now aiming to end the month with 
    150 to give towards OH Bank account as its running low
    150 to save........
    Part time worker.
     Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe
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