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£80,000 in 4 years

try_harder · 2022-01-01 19:22:59

Four years left to pay £80,000..I am aiming to do this by saving £400 a week .This is going to be hard but no alternative as we are on an interest only mortgage Looking forward though to the challenge and must try to stay focused this year.

Comments

savingholmes Posts: 29,135 Forumite

7 June 2022 at 6:10PM

Well done on the MC. Enjoy your break

Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £169.8K Equity 37.1%
2) £1.3K Net savings after CCs 16/1/26 (but owed £1.1K) so £2.4K
3) Mortgage neutral by 06/30 (AVC £34.8K + Lump Sums DB £4.6K + (25% of SIPP 1.3K) = 40.6/£127.5K target 31.8% 16/11/25
(If took bigger lump sum = 62.7K or 49.2%)
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 £5.2K updated 16/1/26
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try_harder Posts: 1,532 Forumite

19 June 2022 at 9:02AM

Thank you savingholmes , we had an amazing couple of weeks

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