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GAP and LMG, can we become mortgage free?
Comments
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They really do. I got a mortgage statement recently - and my interest costs me around £285 a month - but I currently earn about £25 in interest a month that I get to see plus annual interest so I feel that is offsetting the cost slightly.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £174.8K Equity 32.77%
2) £1.6K Net savings after CCs 14/8/25
3) Mortgage neutral by 06/30 (AVC £25.3K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.1/£127.5K target 24.4% 15/8/25
4) FI Age 60 income target £16.5/30K 55.1%
5) SIPP £4.8K updated 29/7/250 -
Oh my gosh, how has it been a week since I was last on? Work is ridiculous right now. I've worked so many extra hours (flexi time though) and I'm just exhausted every night. I didn't even realise it had been a week.
I have made a PAD every day though so £7 to declare this week.
We have just received an offer for our pay for 23/24 and 24/25. The union need to discuss it but if it is implemented then I'm looking at about £600 in back pay to April this year and what I think is an okay increase up to end of March 2025. Of course, I think they should pay me £millions for the amount of work I do but that's not going to happen soon.
I will get back pay whatever the decision and that will hopefully arrive in January's wage so looking forward to getting to the next £1k.Mortgage at 12/07/2022 = £175,000
Mortgage today = £161,690.76
300 271 payments to go.House buyout fund £21,000/£40,000
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Back pay is always lovely when it comes even if frustrating while waiting for it.
Have you got much time off over Xmas?Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £174.8K Equity 32.77%
2) £1.6K Net savings after CCs 14/8/25
3) Mortgage neutral by 06/30 (AVC £25.3K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.1/£127.5K target 24.4% 15/8/25
4) FI Age 60 income target £16.5/30K 55.1%
5) SIPP £4.8K updated 29/7/251 -
I've just caught up with your diary and I know you have had similar timings with the back pay. We usually get it in our December salary but it apparently took longer for them to pull it all together this year and it is now with the union to discuss. We are hoping to get it in January pay.savingholmes said:Back pay is always lovely when it comes even if frustrating while waiting for it.
Have you got much time off over Xmas?
Yes, I finish up this Tuesday coming and I'm not back until 9th January. I didn't take a lot of time off over the summer, just a few days here and there, then a week in October so I'm really looking forward to the break and I really, really need it. Are you saving your holidays up for moving? I've just finished your diary but there was so much else going on I've blanked on that.Mortgage at 12/07/2022 = £175,000
Mortgage today = £161,690.76
300 271 payments to go.House buyout fund £21,000/£40,000
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You need & so deserve your break.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.2 -
beanielou said:Proof 😂😂😹
It looks slightly better the way up!! 😹😹It’s almost a work of art and I feel it should be in the TateSo good to know I am not alone in the sometimes shockingly bad gift wrappingDON'T BUY STUFF (from Frugalwoods)
No seriously, just don’t buy things. 99% of our success with our savings rate is attributed to the fact that we don’t buy things... You can and should take advantage of discounts.... But at the end of the day, the only way to truly save money is to not buy stuff. Money doesn’t walk out of your wallet on its own accord.
https://forums.moneysavingexpert.com/discussion/6289577/future-proofing-my-life-deposit-saving-then-mfw-journey-in-under-13-years#latest3 -
Hi GAP yes I'm keeping some of my holidays for moving.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £174.8K Equity 32.77%
2) £1.6K Net savings after CCs 14/8/25
3) Mortgage neutral by 06/30 (AVC £25.3K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.1/£127.5K target 24.4% 15/8/25
4) FI Age 60 income target £16.5/30K 55.1%
5) SIPP £4.8K updated 29/7/251 -
That's a nice long break you have for christmas then - I had something similar a couple of years ago when I still had holiday accumulated during Covid to use - it was fabulous!🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her2 -
Thank you. I really need it. I was supposed to finish at 3.30pm today but I'm not finished all the work I have to do. I'm at the hairdressers now so need to log back on later to finish off.beanielou said:You need & so deserve your break.
It seems to be a hit or miss for people. My bf is a "hospital corners" wrapper but I get tired quickly and do a "Beanielou" job.LadyWithAPlan said:beanielou said:Proof 😂😂😹It looks slightly better the way up!! 😹😹It’s almost a work of art and I feel it should be in the TateSo good to know I am not alone in the sometimes shockingly bad gift wrapping
I'm going to catch up on the last few days of your diary shortly. It will be good to have extra time off for moving.savingholmes said:Hi GAP yes I'm keeping some of my holidays for moving.
I tend to take the longest break of the year at Christmas.EssexHebridean said:That's a nice long break you have for christmas then - I had something similar a couple of years ago when I still had holiday accumulated during Covid to use - it was fabulous!
Oh yes, the Covid holidays. They were quite hard to use up when all we could do was pretty much what we were doing already, sitting at home. We were forced to use them so that there weren't hundreds of days of holiday to be taken all at the one time. Nice that you could save them up and make them worthwhile.Mortgage at 12/07/2022 = £175,000
Mortgage today = £161,690.76
300 271 payments to go.House buyout fund £21,000/£40,000
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Sorry, I completely missed this before. It's good to offset where you can.savingholmes said:They really do. I got a mortgage statement recently - and my interest costs me around £285 a month - but I currently earn about £25 in interest a month that I get to see plus annual interest so I feel that is offsetting the cost slightly.Mortgage at 12/07/2022 = £175,000
Mortgage today = £161,690.76
300 271 payments to go.House buyout fund £21,000/£40,000
1
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