Any single mortgage free wannabes?

Southend1

ml543213 wrote: »

Hi there,

I am single and MF after 6 years and 8 months of paying my mortgage. This is despite the tragedy of losing my day job for 5 months back in 2010. No help from parents or relatives either. Believe me, it took a lot of hard work, discipline, frugality and good planning to get to where I am now. (I claimed my "MF badge" in the MF Roll of Honour board only this morning :rotfl:feeling good!).

To give you an idea: I bought my house in Cambridge in 2007 with a £152K loan from Halifax. My salary was just shy of £40K then. To realise my MF dream, apart from my 9-to-5 day job, I also took up a part-time job in the weekend. In the 5 months when I didn't have a full time job, it was the weekend job that kept things rolling (money was not great but at least I was paid until I found another full time job with similar salary).

In retrospect, the journey has been long and exhausting. However, I believe I am still one of the very lucky ones.

What I want to say is: do not give up when life is tough and the future looks bleak. You can make it if you have the will and the belief in yourself :A. Last but not least, good luck with your MF journey!!

Congratulations on becoming MF!! And thanks for sharing some inspiration.

:beer:

ultrarunner

How are all the single MFWs doing?

I've just lost my lodger... so no more overpayments for a bit. I'm getting there slowly. Having only one income makes overpayments that much harder. Having to have major work done on my roof earlier this year hasn't helped much either.

Hope everyone has been able to overpay!

Southend1

ultrarunner wrote: »

How are all the single MFWs doing?

I've just lost my lodger... so no more overpayments for a bit. I'm getting there slowly. Having only one income makes overpayments that much harder. Having to have major work done on my roof earlier this year hasn't helped much either.

Hope everyone has been able to overpay!

Bad luck about the roof.

I'll be below £100k for the first time as of 1st June. Yay!!!! :j

ultrarunner

Southend1 wrote: »

Bad luck about the roof.

I'll be below £100k for the first time as of 1st June. Yay!!!! :j

Nice one That must be a great feeling.

I think I'm just below 120k, the value is probably about 200k. So I've paid off about 8k in 2 years.

juststuff123

Another Single MFW here. £56000 left to pay. I can't imagine letting go of enough control to do this with another person! Flat purchased when I was on a much lower income, and I had saved for a great deposit + a little help so I don't have to rent a room - which is great - I'd hate to have to put up with someone else.

luckystars1

Hi. I'm a single newcomer who has just taken my first step on the property ladder. With a new £186,000 mortgage outstanding, I already managed to overpay £10,000 (reduced term by 2 years down to 23 years) and am planning to make another £5,000 overpayment. These are from savings I squirrelled away over the years (knowing that such a time of need would one day come).

Being single, I could rent out a room (I have 2 rooms, one with en-suite) and potentially pay off the entire mortgage in 13 years 3 months (just over half the initial mortgage term) with the rent I get as overpayment.

It was interesting to read many of your messages/stories and I thought I would share mine too.

Wishing you all well in order to become mortgage free

Southend1

Just a little update. My balance is down to £99,352 (original mortgage of £115,265 was taken out Nov 2011). Since my last massive OP of £2700 I haven't been able to overpay anything at all for the past 8 months as I have been replenishing my savings to put towards some new carpets and some other work on the house that needs doing. As of next month I will be overpaying £75 monthly. Not much but all I can afford right now and every little helps!

I have done a lot of work on the house this year, mainly decorating, and it's looking great if I do say so myself lol so that and the fact that I'm below £100k makes me feel really proud.

Hope all you other single MFWs are doing ok? Would be great to hear how you're all getting on.

Worry_Wart

Hello, I kind of fit in this thread. I have a boyfriend who lives with me, but he just contributes to bills, so I pay the mortgage and stump up for the majority of the expenditure. I think it would be cheaper if I had a straightforward lodger! However, he does help out with the DIY so I'll let him off. He's on a low wage, so instead of me having more money than him, I'm churning my money into the house, so we have matched disposable incomes. It seems to be working out okay.

[Deleted User]

Southend1 wrote: »

Just a little update. My balance is down to £99,352 (original mortgage of £115,265 was taken out Nov 2011). Since my last massive OP of £2700 I haven't been able to overpay anything at all for the past 8 months as I have been replenishing my savings to put towards some new carpets and some other work on the house that needs doing. As of next month I will be overpaying £75 monthly. Not much but all I can afford right now and every little helps!

I have done a lot of work on the house this year, mainly decorating, and it's looking great if I do say so myself lol so that and the fact that I'm below £100k makes me feel really proud.

Hope all you other single MFWs are doing ok? Would be great to hear how you're all getting on.

Hi you are very right to be proud of what you have achieved by yourself. I feel the same as a single person trying to get rid of my mortgage before retirement.

Southend1

Worry_Wart wrote: »

Hello, I kind of fit in this thread. I have a boyfriend who lives with me, but he just contributes to bills, so I pay the mortgage and stump up for the majority of the expenditure. I think it would be cheaper if I had a straightforward lodger! However, he does help out with the DIY so I'll let him off. He's on a low wage, so instead of me having more money than him, I'm churning my money into the house, so we have matched disposable incomes. It seems to be working out okay.

Sounds like you've got it sussed I've had help from my dad with some of the decorating but it would be great to have a partner who was handy with the diy

Good luck on your MF journey