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The Case of the Overwhelming Mortgage

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  • savingholmes
    savingholmes Posts: 27,618 Forumite
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    Hugs. I think all firsts are hard. It's good that you have strategies in place to help you get through.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 236 payments to go - now £183,036 Equity 26.8%
    2) Spend on handyman & external building works & new patio door £12.65K
    3) CC £5.4K on 0% spends card but offset by £33.8K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £10.2K/£127.5K AVC target 8% value at 15/5
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • AgathaSquirrel
    AgathaSquirrel Posts: 165 Forumite
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    Into the £68000s
    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
  • AgathaSquirrel
    AgathaSquirrel Posts: 165 Forumite
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    Have started running again recently. Now managing 30 minutes. Aiming for 5k soon, then start incorporating that with gym routine. Gym time has suffered in last month as focusing on running.

    Off to supermarket soon. Going to get the slow cooker out and cook a bolognese for dinner. I’m out this afternoon so need to get organised.

    Ideally I’ll get into the garden today as well.

    Was checking university savings yesterday. Had hoped mortgage would be paid off by the point eldest goes but not to be. We will need to juggle mortgage and university together for 3 years. We will have £11000 saved by this summer. Eldest is sitting national 5s just now so will potentially go to university in 2 years.
    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: 27,618 Forumite
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    Well done on the savings. Wish we'd been that organised. I'd encourage your eldest to get a job too. No reason for the burden to fall all on you.

    Well done on the mortgage progress.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 236 payments to go - now £183,036 Equity 26.8%
    2) Spend on handyman & external building works & new patio door £12.65K
    3) CC £5.4K on 0% spends card but offset by £33.8K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £10.2K/£127.5K AVC target 8% value at 15/5
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • AgathaSquirrel
    AgathaSquirrel Posts: 165 Forumite
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    Thank you. Yes, there would be an expectation they work too. According to Martin Lewis we need £3000 per year parental contributions just to bring them up to the full loan amount. So £24000 needed for both 😱. I know this won’t be enough. Cost of living is extreme. However we both work and will have a smaller mortgage in a couple of years. We’ll manage. We’re fortunate we can support higher education if that’s what they decide to do.

    They are also extremely fortunate my dad saved money for them. Ideally I don’t want them to touch it and have it there for a car or towards a house deposit but it is there if they need it.

    In other news I ran 5k this week. First time in over a decade.

    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
  • glass_half_full
    glass_half_full Posts: 581 Forumite
    First Anniversary First Post Name Dropper Debt-free and Proud!
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    Well done on the 5k! I also do a bit of running, find it helps with clearing the mind.
    Aiming to early retire in April 2025 - DC pension currently £356k 
  • savingholmes
    savingholmes Posts: 27,618 Forumite
    Name Dropper First Anniversary Photogenic First Post
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    Well done on the run.

    Uni costs are scary. Good you have a plan.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 236 payments to go - now £183,036 Equity 26.8%
    2) Spend on handyman & external building works & new patio door £12.65K
    3) CC £5.4K on 0% spends card but offset by £33.8K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £10.2K/£127.5K AVC target 8% value at 15/5
    5) FI Age 60 annual income target £13.7/30K 45.7%
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