£80,000 in 4 years

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  • try_harder
    try_harder Posts: 1,527 Forumite
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    Thank you themadvix ,im just having a bad day today with a glass half empty kind of feeling ..Good lesson for anyone thinking of paying their mortgage off in the final years after being on an interest free mortgage ..Dont do it ! Dont leave it so late ,it puts enormous pressure on you .
  • try_harder
    try_harder Posts: 1,527 Forumite
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    Interest only mortgage i meant to say ..Interest free !!! If only
  • savingholmes
    savingholmes Posts: 27,580 Forumite
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    I agree with you on that one. We were on interest only pre-divorce and I couldn't get one when I came to remortgage - so I'm paying a fortune now - where we should have got it gone much sooner.
    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 £4.6K 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%
  • try_harder
    try_harder Posts: 1,527 Forumite
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    Thank you savingholmes ,its good to speak to someone on the subject openly ..I think we will have to sell up and move at some point soon as its not fair on my husband working this hard and none of it his fault i was just so hopeless with money
  • savingholmes
    savingholmes Posts: 27,580 Forumite
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    Presumably you could extend the mortgage and convert it to repayment if needed? Or perhaps even get interest only again but just for a smaller proportion - given the level of over-payments you are making. How is the new job going?
    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 £4.6K 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%
  • try_harder
    try_harder Posts: 1,527 Forumite
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    I dont think we could savingholmes ..My husband only has six years until retirement .Also we dont really want another mortgage which could mean another however many years working after the three and a half remaining years are up..No we have decided moving will be the best option but i shall keep working hard at the overpaying all the same .

    Thank you ,the job is going very well and definitely helping to ramp up the savings
  • savingholmes
    savingholmes Posts: 27,580 Forumite
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    It's both a good and a bad time to move currently. How soon are you thinking of marketing your home? Just be aware that if you need any mortgage on the next place you may not be able to 'port' it - so you need to be sure it's worth doing. You may need to say you plan working longer just to get the mortgage even if you intend to over-pay just to give yourself some budget wriggle room.
    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 £4.6K 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%
  • try_harder
    try_harder Posts: 1,527 Forumite
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    Thank you savingholmes for your very sensible advice ..We are going to downsize so we will have no mortgage ,well thats the plan anyway .We are hoping to go in the next two years ..I still want to continue overpaying as much as i can .I need to do this in order to have the right amount of money left to clear this mortgage and have enough for the next house 
  • savingholmes
    savingholmes Posts: 27,580 Forumite
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    Good you have time to 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 £4.6K 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%
  • try_harder
    try_harder Posts: 1,527 Forumite
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    End of week 23 numbers 

    Nothing to the mortgage this week nor next as we are on holiday 

    MC has continued as still selling on Ebax and this weeks number was £143.34 making a total of £3888.04.so far this year 

    There may be yet another change of plan as we have decided to definitely downsize ..I will probably start another new diary with the two year plan once i get home from my holiday 


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