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Burning the mortgage and kindling FIRE

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Comments

  • Edgeoftheburn
    Edgeoftheburn Posts: 82 Forumite
    Fourth Anniversary 10 Posts Mortgage-free Glee! Photogenic
    Thanks @powerspowers, well done reaching the £108's you must feel that double figures is within touching distance!
  • powerspowers
    powerspowers Posts: 1,349 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    Yes it feels close, if we chucked our savings at it we’d be under £100k so that’s a win 🏆 
    MFW 2021 #76 £5,145
    MFW 2022 #27 £5,300 
    MFW 2023 #27 £2,000
    MFW 2024 #27 £6,055
    MFW 2025 #27 £2,850/£5,000


  • South_coast
    South_coast Posts: 5,964 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper Photogenic
    Wow, congrats on the neutrality 😀😀😀!!! 
    Mortgage start: £65,495 (March 2016)
    Cleared 🧚‍♀️🧚‍♀️🧚‍♀️!!! In 5 years, 1 month and 29 days
    Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed

    Finally earning interest instead of paying it!!!
  • Cornish_mum
    Cornish_mum Posts: 670 Forumite
    Sixth Anniversary 500 Posts
    Congratulations 
  • Edgeoftheburn
    Edgeoftheburn Posts: 82 Forumite
    Fourth Anniversary 10 Posts Mortgage-free Glee! Photogenic
    Thanks South_coast and Cornish_mum!

    We have enjoyed a nice bottle of wine tonight to celebrate 🎉. 
  • savingholmes
    savingholmes Posts: 29,051 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Congrats on being mortgage neutral. 

    Chuckled at the bank person querying the small overpayment amounts.
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £172.5K Equity 36.11%
    2) £1.8K Net savings after CCs 13/9/25
    3) Mortgage neutral by 06/30 (AVC £26.8K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 32.6/£127.5K target 25.6% 13/9/25
    (If took bigger lump sum = 54.5K or 42.7%)
    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 £4.8K updated 13/9/25
  • beanielou
    beanielou Posts: 96,272 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    Amazing result  :)
    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*** ~~Japanese proverb.     ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • Edgeoftheburn
    Edgeoftheburn Posts: 82 Forumite
    Fourth Anniversary 10 Posts Mortgage-free Glee! Photogenic
    It's been a while since I last posted, mortgage burning down nicely and fingers crossed will be gone in the next 7 paydays. It feels incredibly surreal and will be down to a combination of chucking everything at it, an old endowment maturing and my brother sharing some good fortune.
    Beginning to think about how to best save the current mortgage payment to edge towards fire, all while racing against my Mum's dementia decline. I hope to have enough saved so I can care for her full time when needed. The bonus of living well below income for so long is that we can survive on one salary quite well but a nice buffer would help with the scariness of stopping work.
  • Edgeoftheburn
    Edgeoftheburn Posts: 82 Forumite
    Fourth Anniversary 10 Posts Mortgage-free Glee! Photogenic
    Still ticking along and putting every penny to the mortgage. Hoping the wind stays behind us and if so we should be opening a bottle of fizz in 5 months. I applied for parental leave for October, just for 2 weeks, but it will be possible as the mortgage will be gone, kids are growing so want to make the most of the holidays with them from now on.
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