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GAP and LMG, can we become mortgage free?
Comments
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Just logging in quickly before bed.
I did go out with bf today but he paid for coffee. He had to buy a new phone so we went for that. He's not great with technology but he is a fruitphone person like me so I know exactly how to set one of those up. The excitement of a new phone day but without having to spend any money.
The £16 and change is still in my purse intact.
I moved some money recently and have only just seen £7.11 interest that went in after I moved it. Have TT'd the 11p and declaring a nice PAD today of £7.
I've miscalculated the PAD pot in my signature slightly. I think I added an interest payment twice as it is about £4 more than it should be. I'm just about to adjust it and add in the £7. I've got another interest payment due on another FT account tomorrow so I'll PAD that when I get a chance to log back in.
Current PAD pot = £3,121.21/£40,000
£878.79 away from the next £1,000Mortgage 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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Have the best week.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 -
It's lovely to be receiving interest isn't it. It still feels very novel for me.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 -
Receiving interest just seems ridiculous to me - both from the perspective of "if I'm getting interest then that means I have savings!" and also because for so many years interest rates have been pants - so while we had the savings, it didn't feel like they were doing much for us!
Loving the "meant to be" factor of the random number this week too - couldn't have worked out more perfectly could it!🎉 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. You too.beanielou said:Have the best week.
It is lovely, I really like it.savingholmes said:It's lovely to be receiving interest isn't it. It still feels very novel for me.
It feels a little unfair that you didn't have a mortgage for so long and yet didn't benefit from savings as much as we are now. I guess it's all just how life works, but still.EssexHebridean said:Receiving interest just seems ridiculous to me - both from the perspective of "if I'm getting interest then that means I have savings!" and also because for so many years interest rates have been pants - so while we had the savings, it didn't feel like they were doing much for us!
Loving the "meant to be" factor of the random number this week too - couldn't have worked out more perfectly could it!
I didn't think anyone would believe about the random number. I could barely believe it myself. I think that's what has triggered my extra gratitude these past few days.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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Interest landed on one of my fixed term accounts today so a PAD today of £4.03.
My wage slip is in, although pay day is not until Wednesday. With the backdated pay and the pay increase, I have £836.98 more to play with this month than last. This is great news. I have already allocated £500 to the buy out fund (when the backdated pay was confirmed earlier in the month) so I need to replace that in the EF I borrowed it from. With the rest I will top up the other pots so that they are nice and healthy, and I'll give LMG some money for a treat. I'll take a little treat money too but I'm keen to save what I can.
The wage slip confirms my new salary and using the take home pay calculator on here I reckon I'm going to be about £95 per month better off now. Our next rise should be April this year and I also should go up a point on the salary scale for progression (I'll be really annoyed if I don't as we all work our a$$es off). We shouldn't need to wait long for these since the pay award has already been agreed.
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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That's great
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.3 -
That's a nice little extra lump isn't it, and all sounding very positive on the income front going forwards as well!🎉 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/her3 -
Lovely to have extra money coming in and glad to see you are so focused !DON'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#latest2 -
Fab news on the bonus money!MORTGAGE BALANCE when we moved Aug 2024, £120,000. January 1st £118,267.06. May 1st, £116, 123, June 1st, £115,536, New mortgage added for extension- £165,000 July 1st!Mortgage Overpayments - September-December, £152.46. J- £103.27, F- £115, M- £91.50, A- £100, M- £200, J- £200. J- £200. Aug-£200.
Total- £1362.23
Goal pay off 1% of current mortgage in 1 year. £1650
EF- first goal £300
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