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Mortgage free in 5 years?

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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! 

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  • savingholmes
    savingholmes Posts: 27,857 Forumite
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    Sounds like you are doing well 
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 234 payments to go - now £181,773 Equity 27.3%
    2) Spend on handyman & external building works & new patio door £13.45K
    3) CC £8K on 0% spends card but offset by £34.3K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £11.3K/£127.5K AVC target 8.97% value at 15/7//24
    5) FI Age 60 annual income target £13.7/30K 45.7%
    6) SIPP £4.3K at 12/7/24
  • Flo08
    Flo08 Posts: 8 Forumite
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    Thank you
    I worry we aren't being very savvy! 😀
  • savingholmes
    savingholmes Posts: 27,857 Forumite
    Name Dropper First Anniversary Photogenic First Post
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    The finances in your post look okay. I suppose the question is whether you have your pensions sorted?
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 234 payments to go - now £181,773 Equity 27.3%
    2) Spend on handyman & external building works & new patio door £13.45K
    3) CC £8K on 0% spends card but offset by £34.3K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £11.3K/£127.5K AVC target 8.97% value at 15/7//24
    5) FI Age 60 annual income target £13.7/30K 45.7%
    6) SIPP £4.3K at 12/7/24
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