I wanna be mortgage freeeee!

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  • Flossymuldoo
    Flossymuldoo Posts: 67 Forumite
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    Loan now stands at £16652.81 🎉

    I need to have a think about how I track mortgage @savingholmes . It would be nice to see the total going down rather than just seeing the piddly amount I'm overpaying at the moment. And I’ll probably track from when I became a MWF.  When I’ve figured out to add a signature! 😂
  • Flossymuldoo
    Flossymuldoo Posts: 67 Forumite
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    edited 9 June 2023 at 1:15PM
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    £5 Amazon voucher cashed out from surveys. Added to my Amazon account then then £5 paid off CC. Paid the interest from chip so Just £40 left on it now.
    I’ve got £30 in Amazon vouchers to cash out from another site but my account is “under review” as it’s the first time I’ve cashed out from this one. It’s been 4 days so far. Was hoping to add Amazon account before my subscription pet food delivery (and then pay £30 off the card from spending account) but it’s gonna be tight as I think it ships in 3 or 4 days.

    This weekend I plan to trip to Lidl to get the bits that are cheaper there to shave a few quid off my groceries. Just have to hold my nose and turn my head the other way as I walk bast the bakery 😬
  • savingholmes
    savingholmes Posts: 27,544 Forumite
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    Well done on the free money 
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 236 payments to go - now £183,036 Equity 26.8%
    2) Spend on handyman & external building works & new patio door £12.65K
    3) CC £4.6K on 0% spends card but offset by £33.8K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £10.2K/£127.5K AVC target 8% value at 15/5
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • Flossymuldoo
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    Thanks @savingholmes.

    Managed to cash out the £30 so that means my pet food will be free this month.  However, my budget is looking a bit iffy. I’m also £40 down in my bank account versus my budget so will spend some time tracking that down tomorrow.

    I have also decide to pay private for a consultant appointment rather than wait. It’s been 3 months since the referral and I know that’s not too long, but the Dr marked it as urgent after a recent untrasound and things are just getting worse. I was told to expect a long wait because of covid backlog but I really can’t carry on as I am. It’s really starting to impact my quality of life now. The downside is that I also probably need surgery and that costs about 8k. But, as my husband keeps saying….. one step at a time.  

    So I’m a bit mopey at the moment as things don’t seem to be going to plan. But I think it’s just the pain and discomfort talking.

  • savingholmes
    savingholmes Posts: 27,544 Forumite
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    I think you should always prioritise your health and quality of life. Living in pain and worry - when the delays could be shortened by paying private - doesn't makes sense. It's frustrating though I'm sure
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 236 payments to go - now £183,036 Equity 26.8%
    2) Spend on handyman & external building works & new patio door £12.65K
    3) CC £4.6K on 0% spends card but offset by £33.8K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £10.2K/£127.5K AVC target 8% value at 15/5
    5) FI Age 60 annual income target £13.7/30K 45.7%
  • Flossymuldoo
    Flossymuldoo Posts: 67 Forumite
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    edited 22 June 2023 at 10:02PM
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    Thanks @savingholmes, I totally agree.

    The cost of the inevitable surgery will hamper my financial plans a little bit, but I’m planning on getting a 0% purchases card to pay for it so I can keep my money on the bank and earn some interest. I think the surgery will be around 8k so 4% interest for 24 months is not to be sniffed at.  Saw one on Experian and it’s pre-approved, just just need to figure out the timing and I’ll know that more once I’ve seen the consultant mid July.

    Other than that, spending budget has been going so-so. Still needs a bit of tweaking as it’s still a bit tight for my liking, so will increase it by £100 per month. Then I think it should be almost there.

    I’ve also had good fun with a spreadsheet (oh how I love a spreadsheet!!!!) calculating my mortgage payments based on a few possible interest rates when my deal runs out. It will help me figure out what I should reduce the term to match the monthly payment that’s manageable.  I want to get the balance right between reducing the term to allow me to pay as much as I can, but not tie myself down too tightly incase my financial situation changes.  I can then still overpay up to my yearly allowance.

    Payday in a week where I can pay my next chunk off the loan 🎉
  • savingholmes
    savingholmes Posts: 27,544 Forumite
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    Sounds like a lot of juggling. Health is worth it though.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 236 payments to go - now £183,036 Equity 26.8%
    2) Spend on handyman & external building works & new patio door £12.65K
    3) CC £4.6K on 0% spends card but offset by £33.8K savings (part EF, part future home improvement)
    4) Mortgage neutral by June 2030 AVC £10.2K/£127.5K AVC target 8% value at 15/5
    5) FI Age 60 annual income target £13.7/30K 45.7%
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