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The Case of the Overwhelming Mortgage

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Comments

  • AgathaSquirrel
    AgathaSquirrel Posts: 291 Forumite
    Fourth Anniversary 100 Posts Photogenic Name Dropper
    Off on our ‘big’ holiday to New York soon. Just Monday to work.

    Happy news at dermatology appointment. Had been referred for an urgent appointment during the summer due to a sinister looking growth on my back. Have been quietly worrying for months but all good. No cancer and two offending growths frozen off. Back is sore but skin will heal over time. Also a referral to maxfax for a basal cell carcinoma. Nothing sinister this time. Just needs removed. I had NHS prescribed UV light treatment in my 20s and I think I am seeing the downside of it now.

    Bit worried we won’t have enough spends on our holiday but I’ll just need to shuffle money around. We’re using my credit card to avoid fees so that allows me to pay off in full after pay day.

    Am currently doing back to back laundry to wash clothes for holiday and get school uniforms clean for return. Need to pack today so we can go to the hotel at the airport straight after work.
    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 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
  • savingholmes
    savingholmes Posts: 29,087 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Hope you are having a lovely holiday. 

    Sorry about the skin concerns but great news not cancerous.
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £171.8K Equity 36.37%
    2) £2.6K Net savings after CCs 10/10/25
    3) Mortgage neutral by 06/30 (AVC £27.9K + Lump Sums DB £4.6K + (25% of SIPP 1.25K) = 34/£127.5K target 26.6% 10/10/25
    (If took bigger lump sum = 60.35K or 47.6%)
    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 £5K updated 10/10/25
  • AgathaSquirrel
    AgathaSquirrel Posts: 291 Forumite
    Fourth Anniversary 100 Posts Photogenic Name Dropper
    Back from our holiday. Feet sore and bank balance depleted but no regrets. As suspected we didn’t have enough spending money so now paying off credit card from various sources but should be paid off by the end of the month. Probably UK holiday for us next year and enjoying our garden. Abroad holidays are very expensive. Back to focusing on paying off the mortgage and saving for university. Open day on Saturday for Edinburgh University then eldest will be submitting UCAS. 
    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 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
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