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Mortgage free in 5 years?
Flo08
Posts: 8
Forumite
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!
3
Comments
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Sounds like you are doing wellAchieve FIRE/Mortgage Neutrality
1) MFW Nov 21 £202K now £165K Equity 38.88% 6/9/26
2) £1.5K Net savings after CCs 29/8/26 (but owed £130) so £1.6K
3) 47/82K @29/8/26 = 57.31% AVC Goal by mid 20281 -
Thank you
I worry we aren't being very savvy! 😀1 -
The finances in your post look okay. I suppose the question is whether you have your pensions sorted?Achieve FIRE/Mortgage Neutrality
1) MFW Nov 21 £202K now £165K Equity 38.88% 6/9/26
2) £1.5K Net savings after CCs 29/8/26 (but owed £130) so £1.6K
3) 47/82K @29/8/26 = 57.31% AVC Goal by mid 20280
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