Mortgage free by 2025

Mickyh-s

Last day at work today for 10 days and I'm so happy! 5 days NS - will try to do a couple more days. I have plenty of food in, I don't need petrol and and we have no plans this weekend which involves spending money. We are away for a couple of nights next week and I'm sure it will be a spendy couple of days! 

I have been out in the garden this evening tidying up and will continue tomorrow as the forecast is sunny and dry here in Cambs. Will get a few loads of washing out on the line too.

Also have some life admin to sort out this weekend and I also need to do the tax return for the BTL but I doubt that will get done this weekend. 

Will pop to see my parents at some point this weekend too.

Enjoy the weekend. 

savingholmes

Enjoy your time off!!

Mickyh-s

Thanks @savingholmes

Today is the day the interest is added to the mortgage. £65.85 for the month. It's low, but I still don't like this day as the mortgage figure goes up inside of down!! 🤣

Hopefully, after sorting and shuffling savings and spare cash, I should be able to pay off a considerable amount this month maybe even taking me close to 10% allowance. Just need to wait until payday at the end of the month. 

Mickyh-s

My short term goal which I would like to achieve before the end of 2022 is to pay off the 10% allowed off the mortgage. So far, I have paid £650/£5997.

savingholmes

Fab goal. Where are you with your plans to sell the BTL?

Mickyh-s

That's definitely going ahead @savingholmes but will probably not go through till just before or just after Christmas. Also, we my be 1-2k short to pay off mortgage and car loan so paying them off may need to wait a couple of months. The ERC is only £300 odd pounds, whereas the interest on the mortgage until the rate ends is around £400 so makes sense to pay mortgage off as soon as we can make up the shortfall. 

I then will increase my pension again (just increased it slightly this month) and build up an EF (DH is also building up an EF) then I can look into other savings and investments - I need to do some reading/researching.

Mickyh-s

Having re-done the figures, once we sell the BTL and paid our mortgage off, I was hoping to some funds left to pay off my car loan but I think I got my figures incorrect and it doesn't look like there will be any spare funds. But, the money I was contributing to paying the mortgage and what I was using monthly to OP will be directed to the loan. So, my goal to pay off the car loan is end of August 2023.

greent

That's still a brilliant result 👏 

savingholmes

Love that you've updated your signature. Good luck with the selling.

badmemory

I can't remember - is your car loan on 0% ?