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OMG - I think I CAN be 'mortgage free at 40'!!!
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FairyElephant_2
Posts: 1,117 Forumite
I always planned to finish my mortgage when I was 40 - well I took out my first one at 20, and it was a 20-year mortgage....well, life took may strange tirns over the last 16 and a half years (moves, redundancies, divorce...etc. etc) so I had begun to think that I would never reach my target - having just over 11 years left to go on present mortgage...
But I've just done some re-jigging of the finances, and taking into account our modest overpayments, and praying for no further financial disasters on the horizon.......I think I can make it!
I'm going to pay off a lump sum of 5K from my savings now, leaving me enough top up mine and DH's cash ISA's with 3k each in April, then if we keep paying at the current rate, and don't have to touch our ISA's for any reason, when we get the end of our fixed rate in June 2010 we should have enough in savings (tax-free, so getting a little bit more than the 5.19% interest rate on the mortgage) to pay off the mortgage.........I'll be 40 & DH will be 49!
I AM SO EXCITED THAT I JUST DRAGGED HUBBY OUT OF THE BATH TO CHECK MY CALCULATIONS!!!!!!!!!!!!!!!!!!!
But I've just done some re-jigging of the finances, and taking into account our modest overpayments, and praying for no further financial disasters on the horizon.......I think I can make it!
I'm going to pay off a lump sum of 5K from my savings now, leaving me enough top up mine and DH's cash ISA's with 3k each in April, then if we keep paying at the current rate, and don't have to touch our ISA's for any reason, when we get the end of our fixed rate in June 2010 we should have enough in savings (tax-free, so getting a little bit more than the 5.19% interest rate on the mortgage) to pay off the mortgage.........I'll be 40 & DH will be 49!
I AM SO EXCITED THAT I JUST DRAGGED HUBBY OUT OF THE BATH TO CHECK MY CALCULATIONS!!!!!!!!!!!!!!!!!!!
The best advice you can give your children: "Take responsibility for your own actions...and always Read the Small Print!"
..."Mind yer a*se on the step!"
TTC with FI - RIP my 2 MC Angels - 3rd full ICSI starts May/June 2009 - BFP!!! Please let it be 'third time lucky'..... EDD 7th March 2010.
..."Mind yer a*se on the step!"
TTC with FI - RIP my 2 MC Angels - 3rd full ICSI starts May/June 2009 - BFP!!! Please let it be 'third time lucky'..... EDD 7th March 2010.
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That's great! I'd love to be mortgage free by forty but it's not going to happen that soon for me I'm afraid so good luck and I hope you manage it.(Oh and hope you gave dh a flannel
)
Lotta"One hundred years from now, it will not matter what my bank account was, how big my house was, or what kind of car I drove. But the world may be a little better, because I was important in the life of a child."0 -
I was mortgage free at 34.2008 Comping ChallengeWon so far - £3010 Needed - £230Debt free since Oct 20040
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black-saturn wrote:I was mortgage free at 34.
Any chance you'll tell us how its done? :j legally:T
well done to the 1st poster, thoughts and ideas for us all.0 -
I was mortgage free at 4
But not at 44!0 -
well done you, i should be mortgage free at 52! (am 30 now), hoping to at least to clear it by the time i am 45 if i keep chipping away at it.Mortgage free 04/03/2025. Thanks to this site and lots of overpayments bit by bit.
Next stop: house repairs, holiday fund, replace our very old cars, more financial security/early retirement savings.🤞0 -
Well done, i hope it all works out for you.
P.S Share the bath and clear the mortgage at 39.9 years plus the obvious advantages of sharing.0
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