Mortgage free in 7 years



  • Hi PipPip

    Thanks for the update and it's good to hear how you have been getting on. Well done on your A+ performance review and even better that the financial rewards will follow to help with your mortgage free plans.

    I had my own annual review last week and although not quite an A+ it was the second one from the top so I'm hopeful that I will get a respectable pay rise and bonus although sadly it won't be on the same scale as you ;)

    Keep up the good work

    PS I'm really hungry right now and reading about your kitchen skills and lovely freezer meals has made me quite envious :o

    MFW Start Date 1.4.08. Updated 23.1.18. MFW date 1.8.18
    Original Mortgage o/s £187,643 / £71,904 (-115,739)
    Repay o/s £92,661 / now £55,900 (-36,761)
    Int Only o/s £94,982, now £16,004 (-78,978)
    Total daily interest £1 [a) £0.77 b)£0.23
    Total OP's:2018 target £TBC YTD £1,995
  • Well done on all your MF progress :T:T:T
  • PipPipPipPip Forumite
    129 Posts
    Quick update. A good couple of months. Current mortgage balance £218k and offset account now up to £43k, so net balance £175k.

    Next month the mortgage comes off the fixed rate of 4.9% and onto a tracker at 0.85% above base rate, meaning our rate drops to 1.35%. We will maintain the same monthly payment of £1600 which will significantly accelerate the capital repayment. I have not had time to do any calculations yet of the impact though!
  • PipPipPipPip Forumite
    129 Posts
    Slightly worrying moment this morning when my boss called me into his office and with a solemn look on his face handed me an envelope with a letter in. My heart was racing when I opened it. Turned out to be nothing to worry about, a letter informing me that instead of my cash pay being split salary 77% and "on target" bonus 23%, they have changed the mix so that I get 84% salary and 16% bonus. My total package is the same, just more in the guaranteed salary pot and less in the potentially variable bonus pot. I can't decide if I'm pleased about this or not. On the plus side my monthly pay is higher and part of what was previously variable bonus is now guaranteed, on the negative side I performed well in 2009 and received 110% of my "on target" bonus and if I outperform in 2010 the 10% extra bonus will be a smaller amount. Overall I've decided that I'm indifferent to the change.
  • dimbo61dimbo61 Forumite
    12.9K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Does this mean you are paying more into your pension!Higher salary means you could borrow more for the next house !
  • PipPipPipPip Forumite
    129 Posts
    Its not that simple (nothing ever is in my financial affairs!). I'm based in Paris on an expat contract. My salary is paid and bonus are paid in Euros in France and it is this for which the mix has been modifed. However, I have a "notional" UK salary in £ sterling on which my firm calculates and pays pension contributions into my UK pension scheme. Incidentally this "notional" UK salary is higher than the fixed salary I get in euros in France. The reasons why are another long and boring story!
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