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Mortgage free in 5 years?

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Flo08
Flo08 Posts: 8 Forumite
Name Dropper First Post
in Mortgage-free wannabe
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! 

Comments

  • savingholmes
    savingholmes Posts: 28,971 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Sounds like you are doing well 
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £174.8K Equity 32.77%
    2) £2.6K Net savings after CCs 6/7/25
    3) Mortgage neutral by 06/30 (AVC £24.3K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 30.1/£127.5K target 23.6% 29/7/25
    4) FI Age 60 income target £16.5/30K 55.1%
    5) SIPP £4.8K updated 29/7/25
  • Flo08
    Flo08 Posts: 8 Forumite
    Name Dropper First Post
    Thank you
    I worry we aren't being very savvy! 😀
  • savingholmes
    savingholmes Posts: 28,971 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    The finances in your post look okay. I suppose the question is whether you have your pensions sorted?
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £174.8K Equity 32.77%
    2) £2.6K Net savings after CCs 6/7/25
    3) Mortgage neutral by 06/30 (AVC £24.3K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 30.1/£127.5K target 23.6% 29/7/25
    4) FI Age 60 income target £16.5/30K 55.1%
    5) SIPP £4.8K updated 29/7/25
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