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The Case of the Overwhelming Mortgage

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Comments

  • savingholmes
    savingholmes Posts: 29,130 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    £13K reduction is phenomenal. Well done. I sympathise with the EF / Savings. I'm trying to raise my standards - they say you get your musts but not your shoulds. So trying to set it as a must that I have at least £2K savings - once I master that - my next step is £3K and so on.
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £171.3K Equity 36.55%
    2) £2.6K Net savings after CCs 10/10/25
    3) Mortgage neutral by 06/30 (AVC £30.9K + Lump Sums DB £4.6K + (25% of SIPP 1.25K) = 35.5/£127.5K target 27.8% 14/11/25
    (If took bigger lump sum = 62K or 48.6%)
    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 £5.1K updated 14/11/25
  • AgathaSquirrel
    AgathaSquirrel Posts: 308 Forumite
    Fourth Anniversary 100 Posts Photogenic Name Dropper
    Down to £5.29 interest per day.
    2017 - mortgage of £140,000 and interest rate of £10 a day
    Feb 2021 mortgage of £103000
    July 2021 mortgage of £97000
    November 2021 mortgage of £93000
    December 2022 mortgage of £79000
    December 2023 mortgage of £73000
    March 2024 mortgage of £70000
    May 2024 mortgage of £68000
    October 2024 mortgage of £65000
    February 2025 mortgage of £63000
    March 2025 mortgage of £45000 and interest of £6.07 per day
    November 2025 mortgage of £41000 and interest of £5.62 per day
  • AgathaSquirrel
    AgathaSquirrel Posts: 308 Forumite
    Fourth Anniversary 100 Posts Photogenic Name Dropper
    Recovering from stupid Covid. Think someone else has my brain. Fitness has gone down the drain. 😡.Hopeful I’m still in recovery phase and this will improve.

    Paid soon, should manage an overpayment this week.
    2017 - mortgage of £140,000 and interest rate of £10 a day
    Feb 2021 mortgage of £103000
    July 2021 mortgage of £97000
    November 2021 mortgage of £93000
    December 2022 mortgage of £79000
    December 2023 mortgage of £73000
    March 2024 mortgage of £70000
    May 2024 mortgage of £68000
    October 2024 mortgage of £65000
    February 2025 mortgage of £63000
    March 2025 mortgage of £45000 and interest of £6.07 per day
    November 2025 mortgage of £41000 and interest of £5.62 per day
  • Orangetoes
    Orangetoes Posts: 361 Forumite
    Fifth Anniversary 100 Posts Name Dropper
    Hope your recovery is quick x 
  • savingholmes
    savingholmes Posts: 29,130 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Hope you feel better soon.
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £171.3K Equity 36.55%
    2) £2.6K Net savings after CCs 10/10/25
    3) Mortgage neutral by 06/30 (AVC £30.9K + Lump Sums DB £4.6K + (25% of SIPP 1.25K) = 35.5/£127.5K target 27.8% 14/11/25
    (If took bigger lump sum = 62K or 48.6%)
    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 £5.1K updated 14/11/25
  • AgathaSquirrel
    AgathaSquirrel Posts: 308 Forumite
    Fourth Anniversary 100 Posts Photogenic Name Dropper
    Overpayment made. Now down to £90,000. Next month should get down to below £90000 which is first goal and £50000 off original mortgage.
    2017 - mortgage of £140,000 and interest rate of £10 a day
    Feb 2021 mortgage of £103000
    July 2021 mortgage of £97000
    November 2021 mortgage of £93000
    December 2022 mortgage of £79000
    December 2023 mortgage of £73000
    March 2024 mortgage of £70000
    May 2024 mortgage of £68000
    October 2024 mortgage of £65000
    February 2025 mortgage of £63000
    March 2025 mortgage of £45000 and interest of £6.07 per day
    November 2025 mortgage of £41000 and interest of £5.62 per day
  • savingholmes
    savingholmes Posts: 29,130 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Great progress. Fantastic.
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £171.3K Equity 36.55%
    2) £2.6K Net savings after CCs 10/10/25
    3) Mortgage neutral by 06/30 (AVC £30.9K + Lump Sums DB £4.6K + (25% of SIPP 1.25K) = 35.5/£127.5K target 27.8% 14/11/25
    (If took bigger lump sum = 62K or 48.6%)
    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 £5.1K updated 14/11/25
  • greent
    greent Posts: 10,906 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Fab progress!

    Hope you're feeling better now x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NIL
    Net sales 2024: £20
  • glass_half_full
    glass_half_full Posts: 696 Forumite
    Tenth Anniversary 500 Posts Name Dropper Debt-free and Proud!
    Great progress !
    Aiming to early retire August 31st 2026.
  • powerspowers
    powerspowers Posts: 1,371 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    Wow! That’s amazing 
    MFW 2021 #76 £5,145
    MFW 2022 #27 £5,300 
    MFW 2023 #27 £2,000
    MFW 2024 #27 £6,055
    MFW 2025 #27 £3,600/£5,000


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