We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
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
-
Sounds like you are doing wellAchieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £175.8K Equity 32.38%
2) £4.3K Net savings after CCs 13/5/25
3) Mortgage neutral by 06/30 (AVC £20.6K + Lump Sums DB £4.6K + (25% of SIPP 1.1K) = 26.3/£127.5K target 20.63% updated 16/5
4) FI Age 60 income target £16.5/30K 55.1%
5) SIPP £4.4K updated 16/51 -
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 in 2030
1) MFW Nov 21 £202K now £175.8K Equity 32.38%
2) £4.3K Net savings after CCs 13/5/25
3) Mortgage neutral by 06/30 (AVC £20.6K + Lump Sums DB £4.6K + (25% of SIPP 1.1K) = 26.3/£127.5K target 20.63% updated 16/5
4) FI Age 60 income target £16.5/30K 55.1%
5) SIPP £4.4K updated 16/50
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.4K Banking & Borrowing
- 252.9K Reduce Debt & Boost Income
- 453.3K Spending & Discounts
- 243.4K Work, Benefits & Business
- 598K Mortgages, Homes & Bills
- 176.6K Life & Family
- 256.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards