Not a spring chicken!!!

Lois_E

Hi stedwell.

Well, I'm nowhere near 50 yet, but I'm another one who's past 40 and sometimes feels a little wistful at all the threads on here from people hoping to be MF by 40. But we're all different, and we've all had different paths through life. Any OP is better than none. Any decrease in interest or term is a good thing, even if it's small. We do what we can. When it turns out differently from how we expected, we pick ourselves up and carry on.

stedwell

You are so right Lois and I think those of us who came through the high interest rates and mis sold endowments of the eighties have quite often had a bumpy ride. However I was not so financially savvy in those days. I wiah I had been!
I think we all take different routes too. I am 47 and my friends are now looking to early retirement having worked full time all their lives. I did 10 years of part time work to be with the children and have just a year ago returned full time. i will probably continue until retirement age and in a way that doesn't bother me. I like to work and have a role other than mum and wife. However I have many female friends who have never worked...................but that's another story!;)

AvidSaver

Hi, another "more mature" MFW - 48 and 47. High mortgage - £220K, but overpaying £450 monthly and an endowment policy maturing next year - mortgage now full repayment so will help to drop balance. Also save extra money through year and make extra overpayments. Have 3 teenage children - DD1 possibly off to Uni in September - which seem to cost a fortune, though each has a job and are encouraged to budget to pay for socials with mates and clothes. Although mortgage high, console myself with fact at least 50% equity in house so if disaster struck could sell and buy outright.

tootallulah

Well I am 53, it's the new 40 you know! Once I am 55 I am fortunate to be able to access a very generous pension but I can't retire unless I have paid off the mortgage, which will probably be when I am 60. However without overpaying it will be 65 so I am keeping going and yes I do wish I had started this a bit earlier, and that I was more committed. I did pay off the mortgage on my flat eight years ago and the short time that I was mortgage free was very energising.

Getting a handle on your finances is liberating, whatever age you are. Good luck.

Catslovelycats

Oh.

I'm 43 in July. Does that mean you class me as an oldie?

(I'm 1 year into a 23 year mortgage.)

stedwell

Thank you for all your replies. :j I feel so happy knowing I am not the only 'mature' person still paying a hefty mortgage!

catslovelycats - don't do as I do which is to make yourself a year older by always looking towards your next birthday. You are still 42 and that is by no means old! I worry more about DH paying the mortgage until he is 60. He has a very active job so we have to keep him in tip top condition!

AvidSaver - How expensive are teenagers? Mind you we too encourage them to budget and work for their 'extras'. My 16 year old DD is saving for her car insurance. (Her choice - she will share my car :eek:) It was so funny the other day when she realised that she had to pay it every year.:rotfl:

Tootallulah - do you think 60 will become the new 50 too?

Off to have a family cheesy dip with a glass of wine and try not to think about work tomorrow.

tootallulah

Good Lord, obviously 60 will be the new 43!

ally18

Hiya stedwell and welcome to the board.

I'm 44, a single parent and steadfastly trying to be a mfw! I wish I had started to pay off my mortgage earlier but it is really only since becoming single that I have started to worry about the future and that of my 2 children as my job is perilous at the mo but as everyone says on here, every little bit helps.

You just have to take a step at a time. I have only just today finally finished paying off a car loan early so now I can start to tackle my m2 target. I had to increase my m to buy out my oh 4 years ago and I am scared to death of having to work until I'm 70 to pay it off. I have about £61k on my m1 and about £16k on my m2 so m2 is my big target to get rid of first.

I only have my salary plus child tax credits and I imagine ctc won't be around for long so everything I have is going on the m2!

We will get there in the end so keep smiling

misscousinitt

I'm not really an oldie as such at 39 and our mortgage is quite small - but I am sure that it won't be small for long as we do intend to move in the not too distant future.

Just wanted to wish you loads of luck with your journery - this forum is full of great support for everyone. I find the small things thread a great inspiration and motivator.

Good Luck.

Lady_Tara

OP I'm glad you posted, I was getting really disheartened by all the younger posters

I'm 43 but still got 21 years to go on my mortgage - I thought I'd got my life all planned out when I bought my first house 22 years ago at a tender age, but a divorce 10 years later, then having a baby, then getting married to DH number 2 have all changed my path. I divorced at a time of negative equity, also having lived through the double digit interest rates so I was no further forward after over a decade of working hard and making payments on the first mortgage.

I have also recently been having wobbles about overpaying and have stopped - 2 people passed away - not close relatives, but people I knew and its made me realise I must value the "today's" more - one of them was only 30 years old and its kind of reinforced the fact that you must strike a balance. I vary between being really careful and having a bit of a spendathon! But, we both work full time, don't smoke or drink (much!), don't really go out much due to DH's shifts; our vice is that we do like pricey holidays! We've also decided to treat ourselves to concert tickets over the next couple of months - Take That coming up (woo hoo!) – which is an expensive day/night out! Anyway, I am struggling to commit to overpayments and not sure how to get back into doing them....

Sorry for the ramble, but just to say I'm really pleased you posted