FIRE Through The Mortgage - MF by 55 - LATEST

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  • Firegirl
    Firegirl Posts: 926 Forumite
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    £75000 off being mortgage neutral! I wont be paying much more into the mortgage now but I’m on track for this years targets!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022 — Target for May 2024 14 Year Target Balance MF50 = £89,535 — Mortgage Balance £106, 000—Target for May 2024! £89,535

    Retirement Planning
    Starting Position : Pension 1-£165,000/Pension 2-£50,000/Pension 3-£9,500/ISA-£87,000/Total-£311,500
  • Firegirl
    Firegirl Posts: 926 Forumite
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    Anyone else gutted about interest rate rises, but so grateful to have had so long with low rates!!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022 — Target for May 2024 14 Year Target Balance MF50 = £89,535 — Mortgage Balance £106, 000—Target for May 2024! £89,535

    Retirement Planning
    Starting Position : Pension 1-£165,000/Pension 2-£50,000/Pension 3-£9,500/ISA-£87,000/Total-£311,500
  • greent
    greent Posts: 10,671 Forumite
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    Firegirl wrote: »
    Anyone else gutted about interest rate rises, but so grateful to have had so long with low rates!!

    Yes! :( We're on an old SVR so it's cheaper than any fixes I can find for our BTL mtge, but I'm still peeved about the rise!:p
    x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NIL
    Net sales 2024: £20
  • Firegirl
    Firegirl Posts: 926 Forumite
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    I really want to put as much into the mortgage as I can!!! I!!!8217;m sure there will be more rises and while Im in work I really should go for it!!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022 — Target for May 2024 14 Year Target Balance MF50 = £89,535 — Mortgage Balance £106, 000—Target for May 2024! £89,535

    Retirement Planning
    Starting Position : Pension 1-£165,000/Pension 2-£50,000/Pension 3-£9,500/ISA-£87,000/Total-£311,500
  • A_Frayed_Knot
    A_Frayed_Knot Posts: 3,296 Forumite
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    Firegirl wrote: »
    Anyone else gutted about interest rate rises, but so grateful to have had so long with low rates!!


    Received my notification telling me my interest rate will go up by 0.25%, only to be followed by . . . .
    Your mortgage payment will be reduced by £10 per month :rotfl::rotfl::rotfl: :eek: :j :beer:


    Follow that one if you can :D
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • Firegirl
    Firegirl Posts: 926 Forumite
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    Into the £183000 bracket now!

    You did an overpayment AFK?
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022 — Target for May 2024 14 Year Target Balance MF50 = £89,535 — Mortgage Balance £106, 000—Target for May 2024! £89,535

    Retirement Planning
    Starting Position : Pension 1-£165,000/Pension 2-£50,000/Pension 3-£9,500/ISA-£87,000/Total-£311,500
  • Firegirl
    Firegirl Posts: 926 Forumite
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    I can’t decide what to do:

    Take money from my company and pay 7.5% tax on it and pay to the mortgage or to pay lump sum to my pension where I save tax rather than pay it and I can access at 55.

    Obviously I’m better off in long run to pay to a pension but struggling with this change of mindset to paying off my mortgage!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022 — Target for May 2024 14 Year Target Balance MF50 = £89,535 — Mortgage Balance £106, 000—Target for May 2024! £89,535

    Retirement Planning
    Starting Position : Pension 1-£165,000/Pension 2-£50,000/Pension 3-£9,500/ISA-£87,000/Total-£311,500
  • gallygirl
    gallygirl Posts: 17,228 Forumite
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    Whichever you do, it's a great position to be in :j.


    Why do you want to pay off your mortgage? I know it seems obvious but try putting it in writing and let's see what it reveals, it can be interesting!
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • A_Frayed_Knot
    A_Frayed_Knot Posts: 3,296 Forumite
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    Firegirl wrote: »
    Into the £183000 bracket now!

    You did an overpayment AFK?

    Oh, Yes - who wouldn't with their mortgage under £ 90 :cool::rotfl::rotfl: :D
    Firegirl wrote: »
    I can’t decide what to do:

    Take money from my company and pay 7.5% tax on it and pay to the mortgage or to pay lump sum to my pension where I save tax rather than pay it and I can access at 55.

    Obviously I’m better off in long run to pay to a pension but struggling with this change of mindset to paying off my mortgage!

    I know the feeling, sometimes it is just nice to see a chunk off the mortgage - especially the rounding down I have been doing, just itching to get that extra zero in there at times.

    If it was me - and depending on how much we are talking about . . . I would go for a payment to each, don't think it would be a 50-50 split though, but would adjust to have the feel good factor with the balances and myself.

    No wrong or right - just what you are happy with, could be next year you want more in your pension.

    Interesting to hear what you decide.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • Firegirl
    Firegirl Posts: 926 Forumite
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    GG- I want rid of my mortgage because I have MS. I’m good at the moment but I am unlikely to work til I’m 60, so want to get myself and family in as good a position as possible.

    AFK- still haven’t decided what to do but I won’t really need to think or decide until the end of the tax year.

    I’m starting a new contract and it has a significant rise in the day rate! I honestly can’t believe it. I was approached by another company so I’m on the move! Super excited but nervous at the same time!!!! Good news is Mortgage/Pension/property investment is fast tracked!!!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022 — Target for May 2024 14 Year Target Balance MF50 = £89,535 — Mortgage Balance £106, 000—Target for May 2024! £89,535

    Retirement Planning
    Starting Position : Pension 1-£165,000/Pension 2-£50,000/Pension 3-£9,500/ISA-£87,000/Total-£311,500
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