Any single mortgage free wannabes?

Southend1

Missu wrote: »

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.

Thanks

And well done to you - I can see from your sig that you've made great progress on your mortgage over the last couple of years :money:

ultrarunner

How are we all doing?

I'm down to 114k, house is probably worth 210k now so a comfortable LTV but still a big amount. Managed about 4k overpayments last year, could have paid a fair bit more but had a few unexpected challenges - work on roof, new car as my old one died and a washing machine to be replaced. Hoping to pay a bit more than that this year. Ideally at least £500 / month but that depends on what happens with my lodger.

pathtofreedom

I'm single with a dog and a 3 bed house. Bought in 2007 for 160k, I could probably sell tomorrow for £125 if I'm lucky as not everywhere has recovered from the recession no matter what the news might have you believe.

It has been a mad few years of dead boiler, redundancies, wage cuts, negative equity and other disasters with no family etc to help.

I've managed to op it down to 107k more through luck than judgement, but now I am determind to look after myself better and op not only the mortage but my pension as well so I can retiere early. I think the benefit of having someone with me might be having someone to say do you really need that, and stop some of the treats I don't really need.

I've always been put off by lodgers as I think it wouldn't earn me that much more after bills, insurance and council tax compaired to how much I could rent a room for. If I get a new job I'm trying for though I might be away from home a bit more so it might be worth considering again.

If I don't get this new job I might just move and cut my losses to escape this area, as the prices are still going down and I don't like it here so it isn't worth staying.

I don't think anyone has a job for life any more, if you're lucky you have a months notice and that's about it now a days. I've lost good jobs with a days notice before, so I don't now if I was in a couple if that would reassure me any as it can happen to anyone, and if you're used to spending both incomes if you lost both at the same time that must be even harder to cope with.

Southend1

How's everyone getting on?

I have continued with my £75 regular overpayments since September and I have also managed to overpay an additional £200 this month. Fingers crossed for another £200 next month but that's likely to be the last lump sum for a while.

As per my last post here, my balance was down to £99,352 last August and as of 1st March 2015 I should be down to £96,562 out of my original balance of £115000 in Nov 2011. Yay, go me!!!

Would love to hear how the rest of you single MFWs are doing.

Luckyinlife

Im recently joined single self employed 68k mortgage on 90k house i only recently got it but already have a fund called mortgage fund to over pay when my 2 year fixed term is up :]

I guess its not a lot compared to some people or area of the uk but this is a big amount of money for me
i got a diary here :]

Great stufff southend :]

Southend1

Luckyinlife wrote: »

Im recently joined single self employed 68k mortgage on 90k house i only recently got it but already have a fund called mortgage fund to over pay when my 2 year fixed term is up :]

I guess its not a lot compared to some people or area of the uk but this is a big amount of money for me
i got a diary here :]

Great stufff southend :]

Sounds like you're doing well so far!

Just a suggestion... Have you checked whether you can make any overpayments during the fixed term? My mortgage provider lets me overpay up to 10% of the balance each year without penalty.

I'll try to find your diary now and see if I can pick up any tips

Luckyinlife

Southend1 wrote: »

Sounds like you're doing well so far!

Just a suggestion... Have you checked whether you can make any overpayments during the fixed term? My mortgage provider lets me overpay up to 10% of the balance each year without penalty.

I'll try to find your diary now and see if I can pick up any tips

Hi thanks southend if you find my dairy youull see im on high interest for the 2 year fixed period
I can overpay but i get charged 3% each time i over pay on the amount i pay so if i pay £1000 ill have to pay a £30 fee so i may as well wait till i go on the svr in 2 years and pay off what ever i have saved for the next 2 years :]

i kinda hope i can get it to under 50k would be great and get a better rate :]

Southend1

Luckyinlife wrote: »

Hi thanks southend if you find my dairy youull see im on high interest for the 2 year fixed period
I can overpay but i get charged 3% each time i over pay on the amount i pay so if i pay £1000 ill have to pay a £30 fee so i may as well wait till i go on the svr in 2 years and pay off what ever i have saved for the next 2 years :]

i kinda hope i can get it to under 50k would be great and get a better rate :]

Shame about the high rate but looks like you've got a good plan to get onto a better rate when the fixed term is up.

bathgatebuyer

Another one here! Single, no kids........I'd love to be in the position of sharing life with a significant other but my only relationship to date was with a rebound divorcee who probably put me off relationships for good!

Thankfully in decent financial position now with just mortgage and car as being my debts. Currently in the position where I've built up some shares (currently about £8K worth which I can't sell without losing tax and NI for another few years), and want to really set my mind to getting my mortgage paid off asap.

Currently I have £92K outstanding on a £180K property. I'm 38 and have 13 years outstanding on my current mortgage, but really want to focus on making overpayments and getting this paid off in my mid-40s at the latest. It's certainly do-able with contractual bonuses, a little bit of focus and being sensible with cash, but the focus is the hardest bit for me. Hopefully by writing it down on here, I have a nice reminder of what I'm doing and why!

happydays_70

I am single with two children. My mortgage is £185,736 but still interest to be added - about £430 usually. I am making small OPs at the moment.
My mortgage is for 22 years!! I will be 66 when it is paid off. I aim to pay it off before I am 60 with any luck.
I have tried to sell to downsize but I haven't been successful. I have decided to stay put until the kids are older and then reconsider.