An update on where we finished at the end of 2008 and our mortgage goals for 2009:
Our mortgage balance finished at £125,847 for 2008. We had the goal of £119,000 for the year end, which we’ve sort of achieved as we currently have £6,600 sitting in ISA’s.
We took the decision to keep some money back just to provide us with a some security in case something drastic happened with our jobs, now we are going to be saving not over paying for the time being, as our mortgage rate dropped to 2.49%.
Financially we are better off saving the money than paying off the mortgage.
This will obviously throw out my tracking, but I’m still going to update the freedom meter on my blog as the more we have in savings, the nearer we are to mortgage free living. The motivation to save is still the same as the motivation to pay off the mortgage.
Target year end balance: Mortgage – Savings = £104,000
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{ 4 comments… read them below or add one }
Well done. I think you are wise about your savings. If disaster happened and there was a job loss this will give some breathing space until you find another.
Margaret
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Well done you! Great stuff!
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Happy New Year and great job with the mortgage. I love your bucket list!
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Nice work. I like the Mortgage – Savings equation. Makes perfect sense.
I am jealous of your 2.49% rate. I am stuck with a 6% fixed rate on my mortgage right now!
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