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Purchase on first home completed - Time to start making a dent in the mortgage!
Comments
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Thanks CM!
122k mortgage started 10th June 2022.
Mortgage overpayments in 2022 - £3515
Mortgage overpayments in 2023 - £6001 -
I too as saving separately rather than doing much overpaying as the interest rates are better.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £172.5K Equity 36.11%
2) £1.6K Net savings after CCs 14/8/25
3) Mortgage neutral by 06/30 (AVC £25.6K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.4/£127.5K target 24.6% 1/9/25
(If took bigger lump sum = 53.3K or 41.8%)
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 29/7/252 -
My wife recently got a new job, minimum wage but it will help move things a bit quicker:)
Well our first year in our home is next month, and with a few overpayments (£4115 out of a £122k Mortgage) the 25 year term has been reduced to 23 years as of this month, pleased with that!122k mortgage started 10th June 2022.
Mortgage overpayments in 2022 - £3515
Mortgage overpayments in 2023 - £6002 -
Two years off after one year - excellent work 👍!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!!!2 -
Excellent resultAchieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £172.5K Equity 36.11%
2) £1.6K Net savings after CCs 14/8/25
3) Mortgage neutral by 06/30 (AVC £25.6K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.4/£127.5K target 24.6% 1/9/25
(If took bigger lump sum = 53.3K or 41.8%)
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 29/7/251
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