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MF Date 2037 - MOP it up by 2030?!?
Comments
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I'll log in and check it again.Debt Free - 4th June 20250
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Just caught up with your diary - well done on your savings so far and be kind to yourself with your goals. You’ve got quite a list there, across different parts of your life, and it’s a big juggle going for them all at once. All the best going forwardDebt = £8017/£8017 (100% paid - cleared 26th August 2020) Boiler Fund = £2500/£2500 (100% saved - 26th August 2021)Emergency fund = £5000/£5000 (100% saved - 5th Jan 2025) | MFW Goal 2025: £6429/£3000 | Mortgage = £88,102/£132,469 (33% paid)Goal for 2026:1) MFW £1940/£36001
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Oh I know @seventh88 I am a totally all or nothing person though so gonna try my best!
Managed to get myself a new 5 year deal the other day - will post details later and a plan to pay it all off in that time.Debt Free - 4th June 20252 -
Ha ha, all or nothing then! Go for it!Nice one on the five year deal 👍Debt = £8017/£8017 (100% paid - cleared 26th August 2020) Boiler Fund = £2500/£2500 (100% saved - 26th August 2021)Emergency fund = £5000/£5000 (100% saved - 5th Jan 2025) | MFW Goal 2025: £6429/£3000 | Mortgage = £88,102/£132,469 (33% paid)Goal for 2026:1) MFW £1940/£36001
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Okay so the plan is to overpay by £5,000.00 a year until it's paid in full.
Will be trying to pay an additional £416.00 a month to hit this goal.
Now I do have around £3,000.00 in the bank but I want to keep that as an emergency fund.
I'll make my first OP this week.Debt Free - 4th June 20251 -
Just made my first mortgage overpayment of £416.
59 more to go!Debt Free - 4th June 20253 -
Woo - actually so happy about it.
Transferring some money around in the accounts and I've already topped up the MOP account by another £424. Now the way my brain works is that I've allocated this to December 2026 but will just hold it in the account in case of emergencies.
What I'm going to do is try and top up the MOP account with as many additional payments as I can so that whenever I get to the same amount of months left as I've got saved I can just do a lump sum.
Why do I feel like that made perfect sense in my brain but won't too anyone else.Debt Free - 4th June 20250 -
Just topped it up by another £416 - I'm all in for this now.
£840 - MOP accountDebt Free - 4th June 20252 -
well done with the top ups!
Debt = £8017/£8017 (100% paid - cleared 26th August 2020) Boiler Fund = £2500/£2500 (100% saved - 26th August 2021)Emergency fund = £5000/£5000 (100% saved - 5th Jan 2025) | MFW Goal 2025: £6429/£3000 | Mortgage = £88,102/£132,469 (33% paid)Goal for 2026:1) MFW £1940/£36001 -
Jeez I'm so bad at keeping up with this diary! Will try to do better.
I made a huge OP this morning (£3,000) which brings my total for the year to £3,504.
I had savings sitting in the account but it's been niggling at me for weeks on end so I decided today to just OP the mortgage.
So happy!
Debt Free - 4th June 20252
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