My mortgage-free 'plan'

AdmanPea

Hi all

Just thought I'd post here re my financial situation as I'm very interested in the FIRE movement (although I'm not extreme enough to really dig into it fully). 

I've got 22 years left on a mortgage that currently stands at about £123k owed. 

My long term partner is about to move in properly post selling her property and I'll be getting approx 19k from here for her to get onto the mortgage. (We are both 37). 

Rather than overpay mortgage I've been motivated by saving and investing (passively). 

Other than mortgage, my only debt is about 7k on student loan but the informed advice is to just pay this down through wage. 

I earn 'good' money currently and I have a 10k emergency fund, a 7k current account buffer for all things house and I currently have about 12.5k in a Vanguard ISA which I pay £240 per month into.

Once partner is fully in my costs will go down further and we will both look at saving more and trying to maximise interest. 

My hope is to do the best I can with money savings etc... just in case my job situation ever changes but with a view to having as comfortable a life as possible and potentially being in a position to retire early with funding behind me/us! Not having kids will also help here I think! 

I'd look at more risky investments (bitcoin etc..) but I like to understand what I'm doing and with the best will in the world I can't quite get my head around it. 

Any further thoughts welcome!

Thanks

Mark_d

Sounds like you're similar to me except that I'm not planning to repay the mortgage early...though we may end up doing this.
My partner and I have an outstanding mortgage balance of £260k and a remaining term of 17 years.  I have a £10k current account buffer, a £50k emergency fund and a very healthy investment portfolio.  Technically I could repay the mortgage now but my partner cannot contribute an equal share to the repayment, so we're not considering repaying the mortgage just yet.
We are both naturally frugal.  We have the cheapest mobile deals.  We don't have sky/cable tv.  I have one magazine subscription and gym membership, but other than that it's just the essentials.  We go out to pub/restaurant maybe once per month.
Our current thinking is to get an interest-only mortgage.  This will allow my partner to build up savings/investments whilst I don't need to - so I would have more free cash to put towards my priorities in life.
Something to think about.

harlequinnyc

Having done so myself, I would say do everything you can to get your mortgage paid off. It's this that gives you such freedom and peace of mind.  I was able to stop working at 50 years old and haven't had any of the current stress of cost of living, crazy mortgage rates, etc.

I overpaid my mortgage *and* saved and just didn't (& still don't) waste money on things I don't need - I would include "risky" investments in this! I still managed holidays, new car every 3 years (PCP) and my love of wine

And you're right - definitely don't have kids!