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Cheer Leaders needed on the final stretch

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Hi

As a regular reader of these threads I need some encouragement of my own.  Whether thats keeping track of myself and proving to myself Im doing all I can or others helping me along

Single lady on an interest only mortgage coming to an end, the mortgage not me!!!.  Don't judge Ive been through difficult times and only managed to keep my house by going interest only years ago and then after time off with illness could never make the step back up to repayment.  Asked many times if I could go part and part but always had obstacles put in my way.

Ive made overpayments and it stands at £54,500 at present.  House value approx value £150,000.  Ive looked at down sizing but nothing I would like to live in.  Ive had new boiler & kitchen paid for getting ready for when I dont have an full time income.

Ive decided to drop one day a week in 6 months and retire when I get my state pension in 12 months time so thats my timeline.  The mortgage runs for just under 2 years.  Ive enquired about a re fix rate but they want me to extend the mortgage, so i'll be on a variable after January 23.  Its a bit scary payments already going up £150 a month if interest rates don't rise any higher!  Ive paid my 10% maximum this year so starting to save any spare and pay off in January.

I don't have any dependants so equity release wouldn't be any hardship but I would rather it be as low as possible as a last resort.

Sorry for the long post - needed to get it all down and stop it all going round in my head!
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Comments

  • powerspowers
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    Happy to cheer lead!! 

    Can you give us some context on how doable the 54k challenge is? How much are you able to save a month at the min? Have you worked out a budget for when you drop a day? 

    All the best with your mf journey x
    MFW 2021 #76 £5,145
    MFW 2022 #27 £5,300 
    MFW 2023 #27 £2,000
    MFW 2024 #27 £1,850 / £3,600


  • savingholmes
    savingholmes Posts: 27,720 Forumite
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    All the best on your journey.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 235 payments to go - now £182,428 Equity 27.02%
    2) Spend on handyman & external building works & new patio door £13.45K
    3) CC £7.4K on 0% spends card but offset by £34.25K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £10.8K/£127.5K AVC target 8.47% value at 23/6/24
    5) FI Age 60 annual income target £13.7/30K 45.7%
    6) SIPP £4.2K at 23/6/24
  • skye_blue
    skye_blue Posts: 301 Forumite
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    Hi

    Thanks for your replies

    I usually save between £500 - £600 a month, I do have an emergency fund in PBonds and Ive started tilly tidy pennies everyday to a separate account lately to try to get a month ahead - im going ok with that

    Im a bit on/off with surveys and selling stuff - I need to do more regular.  Saying that ive sold some books & a couple of other things this week that has made £27.50 which is going to my future mortgage payment after January.  The only good thing about a variable mortgage account is that you can pay as much as you like and if you could pay it all off (wish) no ERC

    Re working 4 days I think I would loose around £200 on my initial calculation after tax/NI deductions - im ok with this.  Its not set in stone if I changed my mind - but after working from home since before lock down and now permantly as the office is closed. Im struggllng a bit and feel work/life balance isn't working, hence slow down to stop.

    Take care everyone






  • skye_blue
    skye_blue Posts: 301 Forumite
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    Another little win today - sold an item to my friend for £10 (Total £37.50) in a few days - I can see this getting addictive.  May the little wins keep going

    Take care everyone
  • savingholmes
    savingholmes Posts: 27,720 Forumite
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    Sales can really help boost your momentum. Well done.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 235 payments to go - now £182,428 Equity 27.02%
    2) Spend on handyman & external building works & new patio door £13.45K
    3) CC £7.4K on 0% spends card but offset by £34.25K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £10.8K/£127.5K AVC target 8.47% value at 23/6/24
    5) FI Age 60 annual income target £13.7/30K 45.7%
    6) SIPP £4.2K at 23/6/24
  • skye_blue
    skye_blue Posts: 301 Forumite
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    2 pluses today = 

    A sale on the bay - paid and wrapped to post tomorrow but waiting for final figures.  Got email re reduced fees so will put some higher value items on this weekend

    Withdraw £6.35 from survey site £5 towards mortgage pot & 1.65 tilly account

    I did a bit of shopping tonight as Im challenging myself to a no shopping month for November - wow how did November come round so fast

    Little by little, I love it

    Take care everyone









  • skye_blue
    skye_blue Posts: 301 Forumite
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    The Bay payment came in today, just short of £10 so rounded up & added to mortgage pot (£52.50)

    Another item with a bid - its going better than I hoped at the moment

    Take care everyone
  • savingholmes
    savingholmes Posts: 27,720 Forumite
    Name Dropper First Anniversary Photogenic First Post
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    Congrats on the sales.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 235 payments to go - now £182,428 Equity 27.02%
    2) Spend on handyman & external building works & new patio door £13.45K
    3) CC £7.4K on 0% spends card but offset by £34.25K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £10.8K/£127.5K AVC target 8.47% value at 23/6/24
    5) FI Age 60 annual income target £13.7/30K 45.7%
    6) SIPP £4.2K at 23/6/24
  • skye_blue
    skye_blue Posts: 301 Forumite
    First Anniversary Name Dropper First Post
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    Just back with another sale rounded up to £10 & treated myself to a scratch card - won £5 - (£67.50 in pot)

    Slowly slowly but progress being made

    Take care everyone
  • skye_blue
    skye_blue Posts: 301 Forumite
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    Ok pay day happened - looks good before payments all go out on the 1st

    No more bay sales unfortunately, might add some more or might look into Vinted.  I know a few people who sell on there but no bids just the price and then mostly offer for even lower price

    Had a payday treat of fish & chips, not cheap but a lovely treat.  Must admit you normally have to queue out into the street on a Friday tea.  Walked straight in today hope this isn't a sign of things to come for them, 

    Take care everyone
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