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Mortgage-Free Musings: mindful money & FIRE focus
CCW007
Posts: 1,141 Forumite
Time to start a new diary and try to post more to keep myself accountable!
The numbers:
Current mortgage: £279,586.61 on 1.74% fixed for another 6 years.
Little to be gained by OPing so my focus is on savings and WIOTW (what I owe the world) and ATMN (amount to mortgage neutral).
£55k stoozed, £78k in cash savings.
ATMN £256,181
Actual savings: £23,700
FIRE at April 2025:
DB pensions sitting at c£12k PA if left until SPA, forecast to be c£26k PA if I pay in until 55 but defer to SPA
SIPP: £179k
S&S ISA: £14k
Putting £300 a month into S&S ISA and £200 a month into SIPP
The numbers:
Current mortgage: £279,586.61 on 1.74% fixed for another 6 years.
Little to be gained by OPing so my focus is on savings and WIOTW (what I owe the world) and ATMN (amount to mortgage neutral).
£55k stoozed, £78k in cash savings.
ATMN £256,181
Actual savings: £23,700
FIRE at April 2025:
DB pensions sitting at c£12k PA if left until SPA, forecast to be c£26k PA if I pay in until 55 but defer to SPA
SIPP: £179k
S&S ISA: £14k
Putting £300 a month into S&S ISA and £200 a month into SIPP
7
Comments
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Expensive credit card bill incoming in February (card statement should be generated mid next week) with car and house insurance and big bill for work on a car OH couldn't do himself due to needing a car lift.
Therefore January and February need to focus on frugality to offset the bill. Time to inventory the freezers and cupboards and plan accordingly.
I am lucky to have a pressure canner and dehydrator so can process food and meals in lots of different ways, I need to make better use of both so it isn't just food in the fridge or freezer.
Need to complete and post paperwork for new Tesco cash ISA today.5 -
How do you have so much stoozed?4
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That's between two of us, we have historically had good offers on money transfers and then balance transferred before the 0% rate ends.
At one point we had close to £100k but it's become less lucrative as offers have dried up and savings interest rates have dropped.4 -
Happy new diary CCWMy mortgage free diary: +++ Divide by Cucumber Error. Please reinstall universe and reboot+++
GNU Mr Redo3 -
Happy shiny new diary.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*** in ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger.
One debt remaining. Home improvement loan. 19months left.3 -
Happy New Diary
Putting £500 a month away will build up quickly If you are not OPing atm, is the plan to get to 'mortgage neutral' with savings and then pay it off?
KKAs at 21.05.26:
- When bought house £315,995 mortgage debt and end date at start = October 2039 - now £215,607
- OPs to mortgage = £18,925 Estd. interest saved = £9,670 to date
c. 16 months reduction in term
Fixed rate 3.85% ends October 2030
Read 33 books of target 52 in 2026 as @ 20th May.
Produce tracker: £119 of £400 in 2026
Watch your thoughts, they become your words.
Watch your words, they become your actions.Watch your actions, they become your reality.3 -
@KajiKita it depends on how much we owe by then. We can decide when we approach the end of the fix but if we need to remortgage we can pay a chunk off first.
Alternately we might take cash free lump sums to add to savings to clear it completely.
Good day for meal planning and eating out the fridge / cupboards. Dinner will be veggie / fake kebab with flatbread and chips.
Planning on doing some vinted listing this evening, olio collections then collapse into bed as feeling rather tired!3 -
Don't do that, not sure I like the sound of a cash free lump sum 😘😅!CCW007 said:Alternately we might take cash free lump sums to add to savings to clear it completely.
Looking forward to continuing to follow your progress 😀Mortgage start: £65,495 (March 2016)
Cleared 🧚♀️🧚♀️🧚♀️!!! In 5 years, 1 month and 29 days
Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed
Finally earning interest instead of paying it!!!3 -
Oh, good spot!! I completely missed that! 😂South_coast said:
Don't do that, not sure I like the sound of a cash free lump sum 😘😅!CCW007 said:Alternately we might take cash free lump sums to add to savings to clear it completely.
Looking forward to continuing to follow your progress 😀
KKAs at 21.05.26:
- When bought house £315,995 mortgage debt and end date at start = October 2039 - now £215,607
- OPs to mortgage = £18,925 Estd. interest saved = £9,670 to date
c. 16 months reduction in term
Fixed rate 3.85% ends October 2030
Read 33 books of target 52 in 2026 as @ 20th May.
Produce tracker: £119 of £400 in 2026
Watch your thoughts, they become your words.
Watch your words, they become your actions.Watch your actions, they become your reality.3 -
Ha, not sure what it would consist of if it was cash free! Good spot 😄4
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