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!!My time to be mortgage free!!

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Comments

  • savingholmes
    savingholmes Posts: 29,034 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Good to have targets. Hope you are having a positive week
    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
  • happymum37
    happymum37 Posts: 340 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    savingholmes said:
    Good to have targets. Hope you are having a positive week
    And your Mrs. Loving the diary I am following you x
    Part time worker.
     Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe
  • happymum37
    happymum37 Posts: 340 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    Whoooop mortgage payment day

    Drum roll.....

    £43381 remaining in total and 8yrs 5 month / 8yr 10month remaining in on each. 

    Will over pay next week to get it down to zero club x
    Part time worker.
     Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe
  • happymum37
    happymum37 Posts: 340 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    My aim is still to get the mortgage paid off in 2027 so need to shave 3 years and 10 months max off the term!!!
    . 
    Part time worker.
     Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe
  • beanielou
    beanielou Posts: 95,944 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    Just keep overpaying  :)
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.     ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • savingholmes
    savingholmes Posts: 29,034 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    How much extra do you need to pay to bridge the gap?

    Thanks for following me too.
    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
  • happymum37
    happymum37 Posts: 340 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    savingholmes said:
    How much extra do you need to pay to bridge the gap?

    Thanks for following me too.
    Think it works out an extra 200 a month....I can but try!!
    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
    Is it spare or do you have a plan to bring in extra income?
    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
  • happymum37
    happymum37 Posts: 340 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    savingholmes said:
    Is it spare or do you have a plan to bring in extra income?
    I do lots of surveys but they average maybe 20 a month.  It would be trying to scrimp or save the rest
    Part time worker.
     Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe
  • happymum37
    happymum37 Posts: 340 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    Whooop December over payment made. It has been tight this month.  Hope I can make it in January with the Christmas credit card needing to be paid off 

    ZERO CLUB over payment of £81
    Takes me to £43,300

    Really want to be under 40k mortgage for the new tax year. 

    Part time worker.
     Plug that SAHM pension gap & Retire in style in 12-15 years. .. maybe
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