Mortgage free by 2025

savingholmes

Lovely when you get little MSE wins like that. 

Enjoy your weekend.

Mickyh-s

Our tennant called yesterday to say he may be moving out. It is unexpected as he hasn't been there long but if he does go, we have decided to sell up. We have enough equity in the property to pay our mortgage off and pay my car loan off too. That frees up approx. £1700 per month to put into pensions and savings for a few years. 

The end of our two year fix on our home property is the end of August 2023. I have worked out, if we pay the mortgage off before the end of the fix and pay the ERC, it's still less than the interest we would be paying. 

I need to do last year's tax return on the btl property today. I'm going to sit in the shade, in the garden and try to get it done - another job ticked off the list ✅

We went out with friends last night for pizza. We haven't been out/done much for the last four weeks so it was really nice and wasn't a late night. Not sure why I have been up since 4.30am!!!

I have this coming week at work and then a week off which I am really looking forward to. We have had high temperatures here in Cambs and it makes everyday life a real effort. Cooler temperatures are on the way apparently. 

Enjoy the rest of the weekend!

L9XSS

Wow great focus with the mortgage overpayments and you can now possibly pay off the mortgage fully if your BTL tenant moves out! Great opportunity now as you say to build savings and pension, your in a great position, well done!

savingholmes

Fantastic that you could very soon be mortgage and car loan free. Can you cover the mortgage for the period while you are selling it and after they move out?

Mickyh-s

Thanks @L9XSS and @saving@savingholmes

Yes, @savingholmes, we can cover all that. He is a great tennant and has said we can do any viewings whilst he is still there. DH has already given him a reference for his next property so we will see how quickly things happen. Since DH received his cancer diagnosis, he wanted to sell the BTL but I didn't want to potentially inconvenience the tenant as he has been so good. DH wants to get rid of our mortgage and my loan to streamline our finances - I can go with that! 

greent

We had a BTL and sold when our last tenant moved out (last year) - it's actually been great not having it anymore - very freeing! Some of the equity was spent in a new car for DH after he wrote his old one off, some on a new car for me (additional car - my old car is now used by the adult children) and the rest banked (possibly funding an earlier retirement before DB pensions) I don't regret selling up at all!

Mickyh-s

Yes, I agree @greent. The mortgage and the loan are like a noose around my neck so it will be a massive relief to get rid. Also, our tenant has been great and I'm not sure we would get another good one. 

savingholmes

Sounds like good timing then. I can totally understand wanting to streamline your lives and finances in the circumstances. 

Great if you don't have to wait to do viewings.

LadyWithAPlan

Great to see your progress on your OPs and the tenant moving on which will spring board you to the finishline.
Very motivating

Mickyh-s

Once the mortgage and loan are cleared, I need to  pay more into my personal pension (I also have a work pension). I have just received a small pay rise so I am putting the extra into it but I would like to maybe put another £150 in.

I also need to do some serious saving and investing. Because we have never had much in the way of savings, it's something I need to look into - I don't really know where to start!