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Burning the mortgage and kindling FIRE
in Mortgage-free wannabe
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Counting down the days to payday it's so satisfying to refresh the budget, shuffle money and review progress.
- Mortgage now £185,500 was £320,000
- New solar panel and battery loan £7,500 (fitted today and part of our self sufficiency plan, interest rate is lower than the mortgage rate)
- Savings (Emergency fund, Shares, ISAs and old endowment policy) £59,740
- Overall net balance £-133,260
Mortgage Neutral projection Oct 2024, Mortgage Free projection Oct 2025
Had another EPC rating done to demonstrate the change solar system has made and was very happy that we have moved from just into B to very solid A rating, this should get us a slightly reduced mortgage rate. Our lender bases rate on eco ratings of homes. We have also dramatically reduced our electricity from grid usage to between 3 and 10 units a day depending on the light intensity.
Looking at our daily mortgage interest from May 2020 to May 2021 we have managed to reduce it by £5.19. This and the reduced interest rate will hopefully help us decrease the mortgage faster.
Anyone else play with figures regularly in different ways to break this marathon down into small wins?
We chose this system as it is able to work as back up power when there is a power cut which we have frequently enough as we are rural with overhead cables.
It will take about 5ish years to pay for itself but has a warranty for twice that and energy prices are only going to go up. You can use the battery to buy energy cheaply from the grid with Octopus and a few other suppliers, there are 5p night time tariffs which we still need to figure out once our smart meter is installed. The biggest driver for us is really mostly about self sufficiency.
Mortgage is indeed with Ecology, we choose to stay with them because they are amazing, rates are higher but we couldn't have built without them and they are so easy to deal with.