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Mortgage free mayhem
mathilde
Posts: 95 Forumite
Hi everyone!
Really excited to track my mortgage-free journey at 52.
Before becoming a uni lecturer this year, I've worked in charities my whole life.
I've got a pension of £60K, an easy-access savings pot of £3000, and a mortgage of £84206. I want to see how quickly I can pay off the mortgage with my new higher income.
Currently I'm overpaying £1000 a month, and having taken up a side hustle of fitness instructor, I'm hoping to get an additional £300/month in that.
I'm hoping this will be a good way to stay accountable with others! I'm also going to add in personal goals because why not?
Goals for July 2023:
1. Overpay mortgage by £1500
2. Consolidate pension from previous employer
3. Get more cardio in my routine
Really excited to track my mortgage-free journey at 52.
Before becoming a uni lecturer this year, I've worked in charities my whole life.
I've got a pension of £60K, an easy-access savings pot of £3000, and a mortgage of £84206. I want to see how quickly I can pay off the mortgage with my new higher income.
Currently I'm overpaying £1000 a month, and having taken up a side hustle of fitness instructor, I'm hoping to get an additional £300/month in that.
I'm hoping this will be a good way to stay accountable with others! I'm also going to add in personal goals because why not?
Goals for July 2023:
1. Overpay mortgage by £1500
2. Consolidate pension from previous employer
3. Get more cardio in my routine
Mortgage in July 2023: £84206
Mortgage in February 2025: £70928
Side quest! Build emergency fund to £3000 by the end of 2024.
EF July 2024: £11
EF August 2024: £250
EF September 2024 £1192
EF October 2024: £1583
EF November 2024: £1533
EF December 2024 £1800
EF January 2025 £2441
EF February 2025 £2514
EF March 2025 £2480
EF April 2025 £2829
Mortgage in February 2025: £70928
Side quest! Build emergency fund to £3000 by the end of 2024.
EF July 2024: £11
EF August 2024: £250
EF September 2024 £1192
EF October 2024: £1583
EF November 2024: £1533
EF December 2024 £1800
EF January 2025 £2441
EF February 2025 £2514
EF March 2025 £2480
EF April 2025 £2829
6
Comments
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Wishing you well on your journey
I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.2 -
Sounds like you have a good plan. Welcome.Mortgage start date Dec 2015 - $64,655.00
Mortgage end date Dec 2045 - NOT!!!!
Mortgage balance - $4600.00
Business Savings $43,310/100k
Hope to be mortgage-free by end of 20232 -
Just wishing you well on your journey.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £176.1K Equity 32.26%
2) £2.9K Net savings after CCs, Garage (£1.4K), Holiday (£1.2K) & Art course (£2.9K) + materials
3) Mortgage neutral by 06/30 (AVC £18.2K + Lump Sums DB £4.6K + (25% of SIPP 1K) = 23.8/£127.5K target 18.66% updated 26/4
4) FI Age 60 income target £16.5/30K 55.1%
5) SIPP £4K approx 26/4/251 -
Hi everyone! Thanks for the encouragedment. As promised, an update:
1. I overpaid mortgage by £1892, so now the balance is £81,786.
2. Got cardio in 3 days/week and lost 5 pounds.
3. I consolidated pension funds.
This month's goals, August 2023:
1. Start the Pilates instructor qualification course.
2. Overpay mortgage by £1000
3. Replenish savings account by £300
XMortgage in July 2023: £84206
Mortgage in February 2025: £70928
Side quest! Build emergency fund to £3000 by the end of 2024.
EF July 2024: £11
EF August 2024: £250
EF September 2024 £1192
EF October 2024: £1583
EF November 2024: £1533
EF December 2024 £1800
EF January 2025 £2441
EF February 2025 £2514
EF March 2025 £2480
EF April 2025 £28293 -
Great achievements there.
Good luck with your goals.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £176.1K Equity 32.26%
2) £2.9K Net savings after CCs, Garage (£1.4K), Holiday (£1.2K) & Art course (£2.9K) + materials
3) Mortgage neutral by 06/30 (AVC £18.2K + Lump Sums DB £4.6K + (25% of SIPP 1K) = 23.8/£127.5K target 18.66% updated 26/4
4) FI Age 60 income target £16.5/30K 55.1%
5) SIPP £4K approx 26/4/251 -
Gosh, this is going to be an exciting journey! If you can maintain £1k a month as an overpayment you will be mortgage free in under 6 years if I have calculated it right 😉
Good luck, will be following your journey!:j Proud Member of Mike's Mob :j2 -
Thanks for the support! You've all really inspired me.
Yes I'm trying really hard to live as though I'm still on my old income, and put the rest towards my mortgage.
One hack that works for me is that I have all my mortgage accts and current accts on Nationwide. Any little amount I can spare each week goes into the mortgage as an additional overpayment.Mortgage in July 2023: £84206
Mortgage in February 2025: £70928
Side quest! Build emergency fund to £3000 by the end of 2024.
EF July 2024: £11
EF August 2024: £250
EF September 2024 £1192
EF October 2024: £1583
EF November 2024: £1533
EF December 2024 £1800
EF January 2025 £2441
EF February 2025 £2514
EF March 2025 £2480
EF April 2025 £28293 -
Excellent goals and achievements.Mortgage start date Dec 2015 - $64,655.00
Mortgage end date Dec 2045 - NOT!!!!
Mortgage balance - $4600.00
Business Savings $43,310/100k
Hope to be mortgage-free by end of 20232 -
Met my goal for the summer: Mortgage now at £80011. Got a work bonus and a refund from my energy supplier, both of which went straight into the Mortgage.
I also put £250 into savings.
Goals for September:
1. Pay off credit card bill of £800 after booking flight to see family
2. £250 into savings
3. At least £100 Mortgage overpaymentMortgage in July 2023: £84206
Mortgage in February 2025: £70928
Side quest! Build emergency fund to £3000 by the end of 2024.
EF July 2024: £11
EF August 2024: £250
EF September 2024 £1192
EF October 2024: £1583
EF November 2024: £1533
EF December 2024 £1800
EF January 2025 £2441
EF February 2025 £2514
EF March 2025 £2480
EF April 2025 £28293 -
Well done to you 😊I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.2
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