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Ninety months to pay off mortgage - or as near as dammit!

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Comments

  • savingholmes
    savingholmes Posts: 29,200 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Nice to meet up with friends. 

    Good luck with the tip and your decluttering.
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £167.4K Equity 38% 3/4/26
    2) £2.1K Net savings after CCs 14/5/26 (but owed £1.3K) so £3.4K
    3) Mortgage neutral by 06/30 (AVC £41.6K + Lump Sums DB £4.6K + (25% of SIPP 1.4K) = 47.6K of £127.5K target 37.33% 16/5/26 (If took bigger lump sum = 69.5K or 54.5%)
    4) FI Age 60 income target min £17.1/30K 57% (may need more) If bigger lump sum £15.8/30K 52.67%
    5) SIPP £5.6K updated 16/5/26
  • skint_spice
    skint_spice Posts: 13,747 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I must really get to the decluttering...
    Mortgage OP 2026 £860/2000
    Mortgage balance: £31,763

    Make £50 a month Jan £20, Feb £0, March £31, Apr £20, May £20


  • skint_spice
    skint_spice Posts: 13,747 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Bless me MSE for I have spent... way too much this month! This is what happens when you go way too frugal then dip your toe into spending.  I think going forward I should probably allow a regular clothing budget in my savings but there's just too many expenses right now.

    Must stop moaning as life is really quite good, I have been doing a fair bit of overtime though but think I will cut down on this in december as it is tiring me out and work requires a lively, cheery persona not a tired old grump. Money isn't everything...

    Energy company have just cut my DD despite not having taken a payment since they put it up...

    Off today so and it's dry so the bedding is getting done, it's been pouring almost non stop lately and it's so hard trying to dry things.

    Waiting on payslip coming through so I can make a proper budget for november and the onslaught of the pressie buying.
    Mortgage OP 2026 £860/2000
    Mortgage balance: £31,763

    Make £50 a month Jan £20, Feb £0, March £31, Apr £20, May £20


  • elantan
    elantan Posts: 21,022 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Ok, let's hear all the confessions, let's wipe the slate clean and start a wee clothes budget 
  • skint_spice
    skint_spice Posts: 13,747 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    elantan said:
    Ok, let's hear all the confessions, let's wipe the slate clean and start a wee clothes budget 
    Oh let’s see… two coats, two pairs of boots and two dresses… a shirt and a cardi. Think that’s me😂

    £50 a month from here on in?


    Mortgage OP 2026 £860/2000
    Mortgage balance: £31,763

    Make £50 a month Jan £20, Feb £0, March £31, Apr £20, May £20


  • beanielou
    beanielou Posts: 99,708 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    Not much then  :lol:
    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*** in ~~Japanese proverb.     ***Keep plodding*** Out of debt, out of danger.
    One debt remaining. Home improvement loan. 19months left.
  • savingholmes
    savingholmes Posts: 29,200 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Oh bless me father for I have sinned... 

    It sounds like it was well overdue Skinty.
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £167.4K Equity 38% 3/4/26
    2) £2.1K Net savings after CCs 14/5/26 (but owed £1.3K) so £3.4K
    3) Mortgage neutral by 06/30 (AVC £41.6K + Lump Sums DB £4.6K + (25% of SIPP 1.4K) = 47.6K of £127.5K target 37.33% 16/5/26 (If took bigger lump sum = 69.5K or 54.5%)
    4) FI Age 60 income target min £17.1/30K 57% (may need more) If bigger lump sum £15.8/30K 52.67%
    5) SIPP £5.6K updated 16/5/26
  • elantan
    elantan Posts: 21,022 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 25 October 2022 at 10:16PM

    oooft you kept that quiet 🤣🤣🤣

    £50 sounds doable and realistic, so what you gonna do to afford it ? 
  • elantan
    elantan Posts: 21,022 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 25 October 2022 at 10:17PM
    P.s 

    I'm needing a mate date .   I'm awfy needy just now 🤣🤣
  • skint_spice
    skint_spice Posts: 13,747 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    beanielou said:
    Not much then  :lol:
    Could have been worse I suppose 😂 and I used my discount card for most of it.
    Mortgage OP 2026 £860/2000
    Mortgage balance: £31,763

    Make £50 a month Jan £20, Feb £0, March £31, Apr £20, May £20


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