Mortgage free in 5 years? 18 December 2022 at 8:00PM in Mortgage-free wannabe 3 replies 209 views

Flo08

Flo08 said:

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! 

savingholmes

Sounds like you are doing well 

Flo08

Thank you
I worry we aren't being very savvy! 😀

savingholmes

The finances in your post look okay. I suppose the question is whether you have your pensions sorted?