Onwards towards mortgage free living

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  • Final overpayment for November completed! Ended up with £200 to add to the bucket (with the remaining £34 going towards my credit card).

    Meant I overpaid by £800 this month which is the most I have ever managed...will be interesting to see what next month brings!
    Mortgage: £116,060 (Apr 2024)
    Initial MF date: Apr 2048
    Current MF date: Dec 2044

    MFW 2022 #98 £2,2000/£1,800
    MFW 2023 #35 £7,510/£7,500
    MFW 2024 #24 £1,225/£5,000
    MFi3-T6 #41  £21,231/£27,495 (Mortgage Target £110,000)

    Weight Loss Q1 24: 5/12lbs
  • South_coast
    South_coast Posts: 4,909 Forumite
    First Anniversary First Post Name Dropper Photogenic
    That's a cracking result, well done you 👍
    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!!!
  • Well done on all the OPs! Hope the wall cracks are not too expensive to fix
    There will always be a (beautiful stilettoed) foot in fabulous in LaPlan's life.
    I am choosing to be fabulously frugal to support some wonderful life changing and affirming financial goals including buying a London home I love.

    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’t really hack your way to frugal. You can and should take advantage of discounts, coupons, rewards points, and the like. 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.

    My March  streaks to track
    Track Minimalist game  items (Nov 310)   (Dec  95)  (Jan 90)   Feb 50
    Exercise streak  
    YNAB days:: Target 50 days -Age of money 29
    Track my NSD's - Target 13 days/ 0/13

    https://forums.moneysavingexpert.com/discussion/6289577/future-proofing-my-life-deposit-saving-then-mfw-journey-in-under-13-years#latest
  • savingholmes
    savingholmes Posts: 27,323 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Fantastic result. Hope you manage to get a low cost fix for the cracks.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26%
    2) Spend on handyman & external building works & new patio door £11.9K
    3) CC £3.7K on 0% spends card but offset by £34K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £9.6K/£127.5K AVC target 7.5% value @15/4
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • Thanks all!

    I haven't had much interest from builders/companies about the wall (posted on a few of the tradesmen sites) - got one that I'm waiting on a call back for but my dad has offered to come round and do some "DIY" on it. We know what needs to be done I just wanted to first see if there was anyone local as everything is a bit mad time wise at the moment in our lives. 

    I did however get the £50 referral for my sister getting Virgin Media so that should hit my bank soon. Was a nice surprise as I had forgotten about it. Won't be putting it towards mortgage yet as it may be helpful to buy supplies/pay to fix the crack. Thankfully I do a have "home renovation" fund so when things do go a bit wrong with the house I can take from that first.
    Mortgage: £116,060 (Apr 2024)
    Initial MF date: Apr 2048
    Current MF date: Dec 2044

    MFW 2022 #98 £2,2000/£1,800
    MFW 2023 #35 £7,510/£7,500
    MFW 2024 #24 £1,225/£5,000
    MFi3-T6 #41  £21,231/£27,495 (Mortgage Target £110,000)

    Weight Loss Q1 24: 5/12lbs
  • savingholmes
    savingholmes Posts: 27,323 Forumite
    Name Dropper First Anniversary Photogenic First Post
    Nice win on the £50
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26%
    2) Spend on handyman & external building works & new patio door £11.9K
    3) CC £3.7K on 0% spends card but offset by £34K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £9.6K/£127.5K AVC target 7.5% value @15/4
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • So I did find a builder to come and do a quote for the work but he didn't turn up to actually do the quote. So looks like it's going to be a DIY job.

    Since I lasted posted I've overpaid by £300 for the month. I did have a bit of a disaster with my phone as it broke. It meant I had to buy a new one but didn't want to use all my savings in one go so I used curry's "buy now pay in 6 months" scheme. I've done this before and it worked really well. Will look to pay £100-£150 a month to clear in less than 6 months. I've made the first payment with £100 from my savings.

    If I have £50 left at the end of the month then I'll add that to the due credit too. The way I budget means my overpayments are basically accounted for already but I only put money across weekly. This means if sh*t really hits the fan I have quick access to "additional" money.

    According to my current forecast I currently have about £280 to play with for the rest of the month (i.e. food/fuel/fun). So about £180 if I take about £100 for food and fuel for the rest of the month. This should leave me with some money for the phone and to put back in savings. 
    Mortgage: £116,060 (Apr 2024)
    Initial MF date: Apr 2048
    Current MF date: Dec 2044

    MFW 2022 #98 £2,2000/£1,800
    MFW 2023 #35 £7,510/£7,500
    MFW 2024 #24 £1,225/£5,000
    MFi3-T6 #41  £21,231/£27,495 (Mortgage Target £110,000)

    Weight Loss Q1 24: 5/12lbs
  • So opened up an account with Zopa this afternoon as they have 2.86% interest with instant access which is 1.7% more than Chip are offering for their easy access that I have. Added in £500 to start from my holiday savings as I wait for a good chunk of the Chip money to make it into my bank account. (Will then replace the funds I took and add the rest to Zopa) 

    Will keep the Chip account open as using their auto payments based on bank account level is really helpful in ensuring I save something every month. 

    Also moved £160 out of the Prize Fund account I had opened with them too. Put £60 towards my savings, £50 towards my curry's loan, and £50 towards my mortgage. 

    With that £50 it will mean £400 so far on overpayments this month. Looking to probably add another £400-450 to that by the end of the month. 
    Mortgage: £116,060 (Apr 2024)
    Initial MF date: Apr 2048
    Current MF date: Dec 2044

    MFW 2022 #98 £2,2000/£1,800
    MFW 2023 #35 £7,510/£7,500
    MFW 2024 #24 £1,225/£5,000
    MFi3-T6 #41  £21,231/£27,495 (Mortgage Target £110,000)

    Weight Loss Q1 24: 5/12lbs
  • Flo08
    Flo08 Posts: 8 Forumite
    Name Dropper First Post
    In 4.5 years we will be 55
    We have 4.5 years left on a 5 year 1% fixed rate
    The balance on our mortgage will be approx: £55k
    We currently have £25k saved in a high interest rate account
    We also have £5k in an emergency fund
    We intend to keep saving so that in 4.5 years we can pay off the mortgage balance
    Only debt is a 0% interest loan which has £6k remaining (will be paid off in 18 months)
    Not sure is this is the best plan...or if there is a more obvious/more efficient way?

    Thanks for any advice! 
  • Flo08
    Flo08 Posts: 8 Forumite
    Name Dropper First Post
    (Should add we can access the money twice in a year without losing the rate)
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