Mortgage free by 50!!!!

I'm 36 now and a single mum.....I have a mortgage of 152,572 which is IO....I am overpaying by £70 per month already and I'm determined to pay it off by the time I'm 50!!!:T
Original mortgage £154,850 (2013)
Mortgage now £148,370.15:beer:

Original savings £0 (2013)
Savings now £3000 in ISA and premium bonds
£60 in mini savings pot, £600 in Xmas vouchers
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Comments

  • I am trying to save in small ways and take inspiration from Martin:money:and the other wise people on this site!
    I have a big mortgage for a single girl but my son is settled where we live and we have amazing neighbours....a move is not an option
    Today I had his mates over to play (free!!:j) and we went to the cinema using our vouchers that I got from the neilsen shopping survey that I do so that was also free!!:beer:
    Original mortgage £154,850 (2013)
    Mortgage now £148,370.15:beer:

    Original savings £0 (2013)
    Savings now £3000 in ISA and premium bonds
    £60 in mini savings pot, £600 in Xmas vouchers
  • edinburgher
    edinburgher Posts: 13,450
    Name Dropper First Anniversary First Post
    Forumite
    Welcome to the board - do you have investments in ISAs/other that will pay off part of the IO mortgage?

    Otherwise it might take you quite a while :eek:
  • yes I do....I'm also just clearing the last of my debts and then I will be able to pay a minimum of £260 overpayment a month....I have a long term savings plan that comes out of my wages every month which will start to mature in a couple of years paying some chunks off!!
    Original mortgage £154,850 (2013)
    Mortgage now £148,370.15:beer:

    Original savings £0 (2013)
    Savings now £3000 in ISA and premium bonds
    £60 in mini savings pot, £600 in Xmas vouchers
  • money spent today....69p in Tesco on coriander, nappy bags (cheaper than doggy doo bags) and a French stick....and £1.10 on the sunday paper

    overpayment £71.69....debt repayment £260 this month
    Original mortgage £154,850 (2013)
    Mortgage now £148,370.15:beer:

    Original savings £0 (2013)
    Savings now £3000 in ISA and premium bonds
    £60 in mini savings pot, £600 in Xmas vouchers
  • Good for you!
    Stats: 152k owed
    14 years to go till you're 50 = 168 months.

    That means if you are able to save approx 1k a month will result in a cleared mortgage on schedule.

    All the very best to you and your plans :)
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
  • your post is really inspiring.....I'm so impressed that you're mortgage free!! well done!!

    I'm plodding on....and I really hope to be in your shoes one day!!

    I had to spend a bit today...dinner money for my son and his school disco...£21! Am hoping to have some left over from this months pay to squeeze of the mortgage too.

    Had a payrise...a paltry 8 pounds a month but that will go off the mortgage too....every little helps!
    Original mortgage £154,850 (2013)
    Mortgage now £148,370.15:beer:

    Original savings £0 (2013)
    Savings now £3000 in ISA and premium bonds
    £60 in mini savings pot, £600 in Xmas vouchers
  • Tahlullah
    Tahlullah Posts: 1,086 Forumite
    Welcome Sleepygirl. Good luck with your plan to repay by 50, if you want it bad enough, you can do it!

    Congratulations on the pay rise. I bet you can't contain your excitement!

    As you say, every little helps, and that £8 off the mortgage is £8 they can't charge you interest on!
    Still striving to be mortgage free before I get to a point I can't enjoy it.

    Owed at the end of -
    02/19 - £78,400. 04/19 - £85,000. 05/19 - £83,300. 06/19 - £78,900.
    07/19 - £77,500. 08/19 - £76,000.
  • emmita
    emmita Posts: 715 Forumite
    Good luck SleepyGirl! You have the right approach. To be MF by 50 would be fantastic!!! Currently due to be MF by 60 :( 3 months into a mortgage but I'm overpaying when I can. Good luck on your journey
    MFW 2013 #146 Target £6000
    Sealed pot challenge 6 member #1663 / £167.76
    Sealed pot challenge 5 member #1663 / £153.19
  • sleepygirl126
    sleepygirl126 Posts: 279
    First Anniversary Combo Breaker
    Forumite
    edited 27 October 2013 at 7:54PM
    took my son to the cinema today....£1 each for the kids am showing!!
    Everyone in work had a pizza last night but I bought mine from Mr T on the way in and saved a fiver!!
    I've got 12 quid left in my purse til payday...all bills are paid and I've got food and petrol....if I don't need anything else then this will go off the mortgage too!
    Thanks for all the messages of support!!

    debt 11,789
    mortgage owed 152,572
    Original mortgage £154,850 (2013)
    Mortgage now £148,370.15:beer:

    Original savings £0 (2013)
    Savings now £3000 in ISA and premium bonds
    £60 in mini savings pot, £600 in Xmas vouchers
  • had a lovely chat with my neighbours who are 72...they bought their house for 5k when they were built....they are 1960s houses so that was a fortune then...they paid their mortgage off in 6 years which they said was a huge struggle but the best thing they ever did!!!
    very inspiring!!
    Original mortgage £154,850 (2013)
    Mortgage now £148,370.15:beer:

    Original savings £0 (2013)
    Savings now £3000 in ISA and premium bonds
    £60 in mini savings pot, £600 in Xmas vouchers
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