Any Single MFWs?

Luv2Budget

Wow Kustard - that is impressive! if you can clear £82k in 3 years that will be amazing. I'm trying to clear £91k in 5 years!

Good luck

Hi Snippa - don't feel guilty about holidays or night outs at least your overpaying also. We all have to have fun sometimes, otherwise it would be boring just being addicted to overpaying our mortgages!

dorisday

hi all just want to add, well done to all of you for thinking this way. Not many of you will remember years ago when interest rates were 15% just imagine if they went up to this now would you be able to pay your mortgage, so keep at it its well worth in the long run.

never-in-doubt

dorisday wrote: »

hi all just want to add, well done to all of you for thinking this way. Not many of you will remember years ago when interest rates were 15% just imagine if they went up to this now would you be able to pay your mortgage, so keep at it its well worth in the long run.

I remember it was around 17% when the Iron Lady was in charge :eek::eek::eek:

Snippa

Not many of you will remember years ago when interest rates were 15% just imagine if they went up to this now would you be able to pay your mortgage, so keep at it its well worth in the long run.

That's the way I'm trying to think right now. With IRs as low as they are, the actual amount you have to pay to pay off the mortgage in 25 years is at a historic low. What I'm overpaying at the moment is roughly what I would have to pay if rates were up at, say 10%, and it would be for 25 years. So to be able to have the choice of paying that, and finish the mortgage in half the time is a massive luxury. Looking at it as a lovely luxury we happen to have at this time, rather than a bind and extra money going out makes it feel much nicer :cool:

cannyClaire

Another mortgage free singleton here:j

I paid mine off at the age of 39, on a low wage too, after just 11 years (I had trouble getting a mortgage because of my low wage, only one lender offered me one) . It enabled me to drop a day at work which means I have more time for leisure, and money saving of course!

I did have an endowment mortgage though, and kept paying the endowment as it was quite good. However, I cashed it in 2 years ago to have an extension to the kitchen. All my neighbours think I'm well off, if only they knew I earn less than 10k take home pay!

I would say the golden rule for paying off a mortgage is this: A mortgage is 3 times your salary so as soon as you can live on half your pay you are six years off being mortgage free.

You cannot buy the feeling of relief at owning your own home outright:cool:

before_hollywood

well i'm single and according to my mortgage company i have 24 and a bit years and 56000 to go

well we'll just see about that wont we

never-in-doubt

before_hollywood wrote: »

well i'm single and according to my mortgage company i have 24 and a bit years and 56000 to go

well we'll just see about that wont we

Hmmmm, i'd love a 56,000 mortgage! :rotfl::rotfl::rotfl:

before_hollywood

never-in-doubt wrote: »

Hmmmm, i'd love a 56,000 mortgage! :rotfl::rotfl::rotfl:

buy a house round here then

never-in-doubt

before_hollywood wrote: »

buy a house round here then

ahh but mate you're in one cosmopolitan city and i'm in the other - (Leeds).... I can come to Manc whenever - likewise can you to Leeds.... :D

Good pubs though - I must admit :beer::beer:

before_hollywood

never-in-doubt wrote: »

ahh but mate you're in one cosmopolitan city and i'm in the other - (Leeds).... I can come to Manc whenever - likewise can you to Leeds.... :D

Good pubs though - I must admit :beer::beer:

we have one or two nice pubs

never been to leeds, one of my friends at work lives in huddersfield and she thinks nothing of a quick drive to leeds