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GAP and LMG, can we become mortgage free?

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Comments

  • astrocytic_kitten
    astrocytic_kitten Posts: 811 Forumite
    Part of the Furniture 500 Posts Name Dropper
    Caught up and followed you over GAP. You're doing great with the OP fund! 
    Debt at LBM (Dec 2018): £23,167
    Debt free Feb 2021
  • girlatplay
    girlatplay Posts: 3,884 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    astrocytic_kitten said:
    Caught up and followed you over GAP. You're doing great with the OP fund! 
    Thank you.  It feels a bit slow but I'm only a couple of days in.

    We have ordered a sofa.  I had to compromise on where the dining table is in the room but I'm looking forward to having something comfortable to sit on in around 6 weeks.  That wasn't cheap, even though we chose the cheaper option.  One thing ticked off the list though.

    Was hoping to have a bit more to OP today but not had payouts yet so today = another £1.
    Mortgage at 12/07/2022 = £175,000
    Mortgage today = £161,690.76
    300 271 payments to go.
    House buyout fund £21,000/£40,000
  • beanielou
    beanielou Posts: 96,285 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    Good news on the forthcoming sofa  :)
    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.
  • savingholmes
    savingholmes Posts: 29,051 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Sofa will be worth it. You spend a lot of your life on it. 

    Your mortgage is making great progress already.
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £172.5K Equity 36.11%
    2) £1.8K Net savings after CCs 13/9/25
    3) Mortgage neutral by 06/30 (AVC £26.8K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 32.6/£127.5K target 25.6% 13/9/25
    (If took bigger lump sum = 54.5K or 42.7%)
    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 13/9/25
  • girlatplay
    girlatplay Posts: 3,884 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    I'm so looking forward to sitting on a sofa again @beanielou and @savingholmes.  Getting a bit sick of the garden chairs.  Good for lounging in, in the garden but not so much when you want to cozy in in front of the telly of an evening.  Not that we have telly, no wifi so no TV, but you know what I mean.

    Just another small OP today = £1.
    OPs up to £15 now.  Hoping I'll put a wee bit more in next week.
    Mortgage at 12/07/2022 = £175,000
    Mortgage today = £161,690.76
    300 271 payments to go.
    House buyout fund £21,000/£40,000
  • joedenise
    joedenise Posts: 17,877 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Is LMG matching your OPs or are you just putting them into a savings account for the time being?

  • savingholmes
    savingholmes Posts: 29,051 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Glad you have something to sit on while you wait - but it will make you appreciate the new sofa all the more. 

    Well done on the OPs.
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £172.5K Equity 36.11%
    2) £1.8K Net savings after CCs 13/9/25
    3) Mortgage neutral by 06/30 (AVC £26.8K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 32.6/£127.5K target 25.6% 13/9/25
    (If took bigger lump sum = 54.5K or 42.7%)
    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 13/9/25
  • girlatplay
    girlatplay Posts: 3,884 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    joedenise said:
    Is LMG matching your OPs or are you just putting them into a savings account for the time being?

    I'm putting them into a savings account so they are not actually true OPs, I'm just calling them that.  I've added the last line to my signature as it seems that my brain likes to see balances reducing.

    savingholmes said:
    Glad you have something to sit on while you wait - but it will make you appreciate the new sofa all the more. 

    Well done on the OPs.
    Yes, it could be worse, but garden chairs are not a long term solution for seating requirements.  I do feel lucky and appreciate that we are in a position to buy new furniture.
    Mortgage at 12/07/2022 = £175,000
    Mortgage today = £161,690.76
    300 271 payments to go.
    House buyout fund £21,000/£40,000
  • girlatplay
    girlatplay Posts: 3,884 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    I had an Italian afternoon tea with my sister this afternoon.  Was my gift to her for her birthday last month.  That was us just getting around to having it.  We had an extra drink which came to more than I anticipated.  Payday is not until Friday so I had to dip the dipping account a little.  No big drama and we had a lovely afternoon.

    I had a survey payout today so OP = £7
    Mortgage at 12/07/2022 = £175,000
    Mortgage today = £161,690.76
    300 271 payments to go.
    House buyout fund £21,000/£40,000
  • beanielou
    beanielou Posts: 96,285 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    Italian afternoon tea sounds a delight  :grin:
    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.
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