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  • FIRST POST
    • Firegirl
    • By Firegirl 12th May 15, 8:29 AM
    • 736Posts
    • 2,974Thanks
    Firegirl
    FIRE Through The Mortgage - MF by 55 - LATEST
    • #1
    • 12th May 15, 8:29 AM
    FIRE Through The Mortgage - MF by 55 - LATEST 12th May 15 at 8:29 AM
    Hi Everyone,

    I've started a brand new diary!!!! I have decided I want to recalc my figures in line with retiring by 55.

    I'll keep you in suspense for now but I'll pop back later with some figures.

    19 Years - MF at 55
    May Year - Remaining debt
    May 2015 - £239,992
    May 2016 - £228,450
    May 2017 - £216,793
    May 2018 - £205,020
    May 2019 - £193,132
    May 2020 - £181,125
    May 2021 - £169,000
    May 2022 - £156, 754
    May 2023 - £144,388
    May 2024 - £131,898
    May 2025 - £119,286
    May 2026 - £106,548
    May 2027 - £93,684
    May 2028 - £80,693
    May 2029 - £67,574
    May 2030 - £54,324
    May 2031 - £40,943
    May 2032 - £27,430
    May 2033 - £13,783
    May 2034 - £0
    Last edited by Firegirl; 12-05-2015 at 10:21 AM. Reason: Adding Detail
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £183,681
    Target for May 2019 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £193, 132
    14 Year Target Balance MF50= £174, 766
Page 21
    • shangaijimmy
    • By shangaijimmy 10th Apr 18, 7:29 AM
    • 2,782 Posts
    • 13,893 Thanks
    shangaijimmy
    Such a great feeling to hit our targets isn't it. Even more pleasing to know you'll hit your target so far in advance! Great work.
    MFW: Turning June 2036 into March 2025... 41//120 Payments Challenge, Diary Reduction £44,136.86
    Aug 2009: £163,051 // Current: £91,863.15 // Avg Daily Interest £4.13
    MFiT-T4 #8 - 80.74% of £41,000
    • greent
    • By greent 10th Apr 18, 10:43 AM
    • 7,354 Posts
    • 74,543 Thanks
    greent
    Fingers crossed for contract extension and mortgage smashing!

    My OH has just had an extension until end of June from end of this month - not bad when the original end date was mid July last year
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £6100/£7500
    Net sales 2018 £655.15/£1000 PAYDOX18 (#15) Done £18918.90
    • Firegirl
    • By Firegirl 15th Apr 18, 8:44 AM
    • 736 Posts
    • 2,974 Thanks
    Firegirl
    AFK - the brilliant thing and the worst thing about contracting is the end date. It gets you through the most difficult days!!! I only have to take this beep until the end of June!!!! Lol

    shangai- meeting targets is great! I do feel like I could put more effort into get it down even further. Ive started enjoying getting coffees and nice lunches which I could cut out and save a fortune!

    Greent- well done to your husband getting extended. It!!!8217;s the best complement a contractor can get. He must be doing a great job!

    So my plan for the next few months is to cut down the coffee runs in work. I am also in a new tax year and can now pay myself a set salary from my company. So credit card is cut up and I stick to a monthly amount of salary. This will naturally reign in the coffees. Interest free period lasts until April 2020 so Ill just let that tick away rather paying it off with dividends from my company account. I could stooze with it but hate being in debt so have ruled that out!

    Happy Sunday everyone!
    Last edited by Firegirl; 15-04-2018 at 9:09 AM.
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £183,681
    Target for May 2019 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £193, 132
    14 Year Target Balance MF50= £174, 766
    • Firegirl
    • By Firegirl 18th Apr 18, 7:01 PM
    • 736 Posts
    • 2,974 Thanks
    Firegirl
    4K moved from savings off set to come off balance and sig updated.

    When the mortgage payment comes off at the end of this month Ill be in the £180k bracket. I met my target 1 month ahead of schedule and for the MF by 50 plan.

    Im so pleased!!!!
    Last edited by Firegirl; 18-04-2018 at 7:03 PM.
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £183,681
    Target for May 2019 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £193, 132
    14 Year Target Balance MF50= £174, 766
    • greent
    • By greent 18th Apr 18, 7:06 PM
    • 7,354 Posts
    • 74,543 Thanks
    greent
    Whoop - fab stuff! Well done!
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £6100/£7500
    Net sales 2018 £655.15/£1000 PAYDOX18 (#15) Done £18918.90
    • Firegirl
    • By Firegirl 12th May 18, 8:51 AM
    • 736 Posts
    • 2,974 Thanks
    Firegirl
    Boss has asked if he was able to would I extend til the end of December. Said Id be delighted! Have to wait a few weeks to see if it actually happens now!

    Planning to do a car boot sale with my kids. Teach them about ways to make some extra cash by selling things they dont want. We do a lot of eBay and gumtree but for some reason I havent had much luck recently so stuff is piling up.

    Went to charity shop and got loads of stuff - I was delighted! £30 for 3 dresses, 2 tops and a pair of trousers. I needed work trousers so thatss that sorted and a few dresses for holidays. One of the tops Ive been complemented on 3 times already. Not sure why I cant contain the place of purchase and price!!!
    Last edited by Firegirl; 12-05-2018 at 9:00 AM.
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £183,681
    Target for May 2019 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £193, 132
    14 Year Target Balance MF50= £174, 766
    • Firegirl
    • By Firegirl 3rd Jun 18, 3:51 AM
    • 736 Posts
    • 2,974 Thanks
    Firegirl
    Smashed this years target! Delighted!!!

    Sig updated and I will leave it for a while before updating May 2019 target!
    Last edited by Firegirl; 03-06-2018 at 4:08 AM.
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £183,681
    Target for May 2019 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £193, 132
    14 Year Target Balance MF50= £174, 766
    • Firegirl
    • By Firegirl 3rd Jun 18, 4:05 AM
    • 736 Posts
    • 2,974 Thanks
    Firegirl
    Next target May 2019 is £174, 000!!!!
    Last edited by Firegirl; 03-06-2018 at 4:07 AM.
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £183,681
    Target for May 2019 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £193, 132
    14 Year Target Balance MF50= £174, 766
    • di-di-di-dah-di-dah
    • By di-di-di-dah-di-dah 3rd Jun 18, 7:10 AM
    • 13 Posts
    • 23 Thanks
    di-di-di-dah-di-dah
    Excellent progress. We have very similar target date so I will keep checking on this diary to stay motivated myself.
    • Firegirl
    • By Firegirl 23rd Jul 18, 2:56 PM
    • 736 Posts
    • 2,974 Thanks
    Firegirl
    Updated my signature - this year Im aiming for the MF by 50 Target.

    The amount I need to pay to meet targets below is:
    MF by 55=£3799
    MF by 50=£14567

    Aiming high this year!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £183,681
    Target for May 2019 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £193, 132
    14 Year Target Balance MF50= £174, 766
    • Firegirl
    • By Firegirl 25th Jul 18, 1:56 PM
    • 736 Posts
    • 2,974 Thanks
    Firegirl
    Moved some funds from the offset savings to the mortgage balance.

    Balance now £184833
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £183,681
    Target for May 2019 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £193, 132
    14 Year Target Balance MF50= £174, 766
    • Firegirl
    • By Firegirl 25th Jul 18, 2:04 PM
    • 736 Posts
    • 2,974 Thanks
    Firegirl
    £75000 off being mortgage neutral! I wont be paying much more into the mortgage now but Iím on track for this years targets!
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022
    Current Mortgage Balance £183,681
    Target for May 2019 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £193, 132
    14 Year Target Balance MF50= £174, 766
    • Firegirl
    • By Firegirl 13th Aug 18, 9:44 PM
    • 736 Posts
    • 2,974 Thanks
    Firegirl
    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
    Current Mortgage Balance £183,681
    Target for May 2019 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £193, 132
    14 Year Target Balance MF50= £174, 766
    • greent
    • By greent 14th Aug 18, 5:05 PM
    • 7,354 Posts
    • 74,543 Thanks
    greent
    Anyone else gutted about interest rate rises, but so grateful to have had so long with low rates!!
    Originally posted by Firegirl
    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!
    x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786. 2018 OPs (#18) £6100/£7500
    Net sales 2018 £655.15/£1000 PAYDOX18 (#15) Done £18918.90
    • Firegirl
    • By Firegirl 19th Aug 18, 2:08 AM
    • 736 Posts
    • 2,974 Thanks
    Firegirl
    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
    Current Mortgage Balance £183,681
    Target for May 2019 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £193, 132
    14 Year Target Balance MF50= £174, 766
    • A Frayed Knot
    • By A Frayed Knot 19th Aug 18, 10:07 PM
    • 2,473 Posts
    • 10,939 Thanks
    A Frayed Knot
    Anyone else gutted about interest rate rises, but so grateful to have had so long with low rates!!
    Originally posted by Firegirl

    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


    Follow that one if you can
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Target 14 months 10/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69, 2016/£3186.80, 2017 £4068.97

    • Firegirl
    • By Firegirl 7th Sep 18, 12:24 AM
    • 736 Posts
    • 2,974 Thanks
    Firegirl
    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
    Current Mortgage Balance £183,681
    Target for May 2019 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £193, 132
    14 Year Target Balance MF50= £174, 766
    • Firegirl
    • By Firegirl 18th Sep 18, 4:34 AM
    • 736 Posts
    • 2,974 Thanks
    Firegirl
    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
    Current Mortgage Balance £183,681
    Target for May 2019 - Somewhere inbetween 2 figures below!!
    19 Year Target Balance MF55= £193, 132
    14 Year Target Balance MF50= £174, 766
    • gallygirl
    • By gallygirl 18th Sep 18, 7:45 AM
    • 16,646 Posts
    • 109,861 Thanks
    gallygirl
    Whichever you do, it's a great position to be in .


    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
    • By A Frayed Knot 18th Sep 18, 9:35 PM
    • 2,473 Posts
    • 10,939 Thanks
    A Frayed Knot
    Into the £183000 bracket now!

    You did an overpayment AFK?
    Originally posted by Firegirl
    Oh, Yes - who wouldn't with their mortgage under £ 90

    I canít 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 Iím better off in long run to pay to a pension but struggling with this change of mindset to paying off my mortgage!
    Originally posted by Firegirl
    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
    Target 14 months 10/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69, 2016/£3186.80, 2017 £4068.97

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