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The Case of the Overwhelming Mortgage

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Comments

  • AgathaSquirrel
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    On a city break with the family at the moment. Feet are sore from walking. Think we’ve under budgeted for spends so the credit card will be broken into. No regrets. This was a holiday we wanted to do. The savings will be built up again. Good to see everyone relaxing and enjoying themselves.
    2017 - mortgage of £140,000 and interest rate of £10 a day
    Feb 2021 mortgage of £103000
    May 2021 mortgage of £100000
    July 2021 mortgage of £97000
    November 2021 mortgage of £93000
    July 2022 mortgage of £84000
    December 2022 mortgage of £79000
    December 2023 mortgage of £73000
    March 2024 mortgage of £70000
    May 2024 mortgagee of £68000
  • savingholmes
    savingholmes Posts: 27,901 Forumite
    Name Dropper First Anniversary Photogenic First Post
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    Glad you are enjoying your holiday. Making memories is a good use of money
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 234 payments to go - now £181,773 Equity 27.3%
    2) Spend on handyman & external building works & new patio door £13.45K
    3) CC £8K on 0% spends card but offset by £34.3K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £11.3K/£127.5K AVC target 8.97% value at 15/7//24
    5) FI Age 60 annual income target £13.7/30K 45.7%
    6) SIPP £4.3K at 12/7/24
  • AgathaSquirrel
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    Frugal next week or so until payday. Going to have to move money out of savings to cover us until child benefit money comes in. No regrets. It was a good holiday.
    2017 - mortgage of £140,000 and interest rate of £10 a day
    Feb 2021 mortgage of £103000
    May 2021 mortgage of £100000
    July 2021 mortgage of £97000
    November 2021 mortgage of £93000
    July 2022 mortgage of £84000
    December 2022 mortgage of £79000
    December 2023 mortgage of £73000
    March 2024 mortgage of £70000
    May 2024 mortgagee of £68000
  • savingholmes
    savingholmes Posts: 27,901 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Options
    Glad you had a good time 
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 234 payments to go - now £181,773 Equity 27.3%
    2) Spend on handyman & external building works & new patio door £13.45K
    3) CC £8K on 0% spends card but offset by £34.3K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £11.3K/£127.5K AVC target 8.97% value at 15/7//24
    5) FI Age 60 annual income target £13.7/30K 45.7%
    6) SIPP £4.3K at 12/7/24
  • AgathaSquirrel
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    Down to £83000 now but interest on mortgage has increased. Too depressing to work out what we’re paying per day now. Very glad we’ve been overpaying as our monthly payments are now less, although we will increase over overpayment so won’t actually see it, it’s peace of mind if we ever went down to one wage, we would cope (or just about). We’ve also sorted DH income protection which is again peace of mind.

    Lovely day tidying up the garden. All very low key and relaxing.
    2017 - mortgage of £140,000 and interest rate of £10 a day
    Feb 2021 mortgage of £103000
    May 2021 mortgage of £100000
    July 2021 mortgage of £97000
    November 2021 mortgage of £93000
    July 2022 mortgage of £84000
    December 2022 mortgage of £79000
    December 2023 mortgage of £73000
    March 2024 mortgage of £70000
    May 2024 mortgagee of £68000
  • L9XSS
    L9XSS Posts: 438 Forumite
    First Anniversary Mortgage-free Glee! Name Dropper First Post
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    Just catching up on your diary, re reading from page 3 to 13.....my bad. I think your doing ever so well balancing family life and your “future self”. You’ve made great progress on your mortgage and are getting close to that £77,000 target that you mention earlier. It’s great to have those milestones! Your also balancing pension provision, potential uni costs for your two children and paying down debt (the car loan). Your in a position where if you had to manage on one salary, then you could.....I have to say you’ve achieved all this through working together with your husband to put yourself in a strong position, your future proofing yourself yet still providing and enjoying life, I think you should be proud of where you are currently at so far. Well done, please keep the diary going I’ve enjoyed catching up (my bad) and will cheer you on from now to the finishing line. Have a great Sunday.

  • AgathaSquirrel
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    That’s so lovely. Thank you 😊 
    2017 - mortgage of £140,000 and interest rate of £10 a day
    Feb 2021 mortgage of £103000
    May 2021 mortgage of £100000
    July 2021 mortgage of £97000
    November 2021 mortgage of £93000
    July 2022 mortgage of £84000
    December 2022 mortgage of £79000
    December 2023 mortgage of £73000
    March 2024 mortgage of £70000
    May 2024 mortgagee of £68000
  • savingholmes
    savingholmes Posts: 27,901 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Options
    Ouch to the rate rises. Good that you are keeping the OPs the same on top.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 234 payments to go - now £181,773 Equity 27.3%
    2) Spend on handyman & external building works & new patio door £13.45K
    3) CC £8K on 0% spends card but offset by £34.3K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £11.3K/£127.5K AVC target 8.97% value at 15/7//24
    5) FI Age 60 annual income target £13.7/30K 45.7%
    6) SIPP £4.3K at 12/7/24
  • AgathaSquirrel
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    The price rises are catching up with us, so I’ve made the sad decision to reduce the amount we overpay into the mortgage. It was probably going to be the case anyway once my secondment came to an end. On that front I’m considering some posts I have been advised to apply for. Hopefully something a bit more stable moving forwards. It will likely be less money but car loan is almost gone, mortgage payments are reduced and savings for study are complete, so I think we will break even.
    2017 - mortgage of £140,000 and interest rate of £10 a day
    Feb 2021 mortgage of £103000
    May 2021 mortgage of £100000
    July 2021 mortgage of £97000
    November 2021 mortgage of £93000
    July 2022 mortgage of £84000
    December 2022 mortgage of £79000
    December 2023 mortgage of £73000
    March 2024 mortgage of £70000
    May 2024 mortgagee of £68000
  • savingholmes
    savingholmes Posts: 27,901 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Options
    Good luck with getting a more perm role. It's not easy for anyone at the moment.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 234 payments to go - now £181,773 Equity 27.3%
    2) Spend on handyman & external building works & new patio door £13.45K
    3) CC £8K on 0% spends card but offset by £34.3K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £11.3K/£127.5K AVC target 8.97% value at 15/7//24
    5) FI Age 60 annual income target £13.7/30K 45.7%
    6) SIPP £4.3K at 12/7/24
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