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Any single mortgage free wannabes?
Comments
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Hello folks
Just came across this thread, really interesting and inspirational.
Am 36 years living in London 2 bedroom flat I bought in 2007. Current mortgage is 170K- making overpayments of £100 each month as I had gone back to uni to do my nursing. Currently renting out a room and working part time so it has been an adjustment. I do need to learn the art of discipline and budgeting as I have worked out my SOA and have outstanding debt of 13K. Really want to make some significant inroads before I hopefully hit the big 40. Idealistically would love to get below the 150K mark in order to re mortgage which is doable I just need to get on with it.
Keep up the good work folksmisselvis proud and in motion - dealing with her debts step by stepDFW #107
challenge pay off 6.5k by the end of 2017~ £388/£6500 challenge 1% challenge = 6% of debt cleared; challenge - build up 3 months emergency fund- £0/£60000 -
Hello folks
Just came across this thread, really interesting and inspirational.
Am 36 years living in London 2 bedroom flat I bought in 2007. Current mortgage is 170K- making overpayments of £100 each month as I had gone back to uni to do my nursing. Currently renting out a room and working part time so it has been an adjustment. I do need to learn the art of discipline and budgeting as I have worked out my SOA and have outstanding debt of 13K. Really want to make some significant inroads before I hopefully hit the big 40. Idealistically would love to get below the 150K mark in order to re mortgage which is doable I just need to get on with it.
Keep up the good work folks
Welcome to the thread!
Just a thought but would it be better to use the £100 to overpay your other debt rather than the mortgage? Unless you're using 0% credit cards or something.0 -
Hi guys - I'm currently a single MFW, I do have a partner but we don't live together at the moment. I Initially bought my house with my (then) partner in 2006, split up in 2010 and have been going it alone ever since, so to speak. My aim was to pay off my mortgage by the time I was 35 (next year!) although I may have to stretch it a little due to needing major (expensive) roof repairs and my car engine blowing up - which threw a slight spanner in the works, even with an emergency fund.
We initially took the mortgage out for 35 years (due to lack of job security at the time) and when I took it on myself I reduced the term to 19 years. I've managed to make a serious dent in it through being frugal, overpaying pay rises, doing surveys, doing as much diy myself as possible etc.
MGx:jMortgage free 08.08.19 :j
2018: £19410.25 / £9,300 2017: £7646.64 / £11,000 2016: 4557.98 / £11,000 2015: £10,230.37 / £11,000 2014 =£6703.26 / £11,000 2013 = £4288.51 / £8000 2012 = £1600/£5000 2011 = £2579/£3000
MF date was Nov 2041 - mortgage neutral 23.07.18
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Staking my place too as a single MFW
And a single parent (14 yr old DS) and 2 dogs
. I've kept my DFW diary going to chart all my progress.
I've been paying capital and OPs to my Interest Only mortgage since Jan last year, after leaving a well paid senior management job in 2009 and going self employed which unfortunately created some personal debt.
Finished paying that off last weekand hoping to get larger OPs going. Details in sig, OPs total £2,500 so far. Hoping to bring my term date forward to finish in December 22 from September 27. A big ask with DS wanting to do A levels and Uni :eek:. Current plan is to get to £90k for when my fix deal ends in Jan 18. Luckily can pay up to 20% per year without penalty.
All a balancing act to have savings, home improvements and living a little too.Back on the DFW Wagon:
CC - £3,300 on 0% til 04/2020
CC - £4,500 on 0% til 02/2019
Loan - £12,063.84 as at 4/1/180 -
Hi everyone. Just dropping by to share my latest MFW news. I got a £200 refund of credit on my gas and electric last week so I have OP'd it and am now down to £95,993. The balance seems to be coming down nicely now that I am into five figures, it doesn't seem like long ago I was celebrating being below £100k. Probably won't have any spare cash to OP for a while other than my regular £75 each month.0
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Hi I'm single with mortgage of £73k and facing retirement in the next 6 years. I took my mortgage in 2012 on a 12 year term and I'm overpaying by £200 pm. It's due to be paid after my normal retirement age so I'm aiming to reduce that term as much as I can.
I've just started using YNAB which I'm finding so useful0 -
Welcome to the thread!
Just a thought but would it be better to use the £100 to overpay your other debt rather than the mortgage? Unless you're using 0% credit cards or something.
Valid point- am throwing a fair whack at my other debts, no 0% credit card working on eliminating that one so its definitely a option in relation to snowballing my debts. Many thanks Southend1:money:misselvis proud and in motion - dealing with her debts step by stepDFW #107
challenge pay off 6.5k by the end of 2017~ £388/£6500 challenge 1% challenge = 6% of debt cleared; challenge - build up 3 months emergency fund- £0/£60000 -
Hi staking my claim to being a single mf wannabe. I'm a single parent of three aged 6 and under but I've come along way on my journey, although has been tough at times.
I work full time as a teacher, have a Saturday job at a supermarket, a lodger, and a rental property. I share a bedroom with two of my kids to accommodate the lodger in my room with ensuite.
Don't have any long term goals about mf but I will keep paying what I can. I'm in the camp of not having a great balance of living whilst paying off mortgage, but I can't bring myself to spend money.
I've managed over £60,000 in ops to date if I can do it anyone can.HOME
Original mortgage free date Nov 2037
Mortgage free August 2018
Additional properties
Mortgage 1 £108,000
Mortgage 2 £45,000
Teacher pension - DB scheme
LGPS pension - DB scheme0 -
sarahevie1 wrote: »I've managed over £60,000 in ops to date if I can do it anyone can.
That's fantastic! Well done. :T:T:T I really admire your dedication, as a fellow teacher I'm not sure that I could face a Saturday job too.
MGx:jMortgage free 08.08.19 :j
2018: £19410.25 / £9,300 2017: £7646.64 / £11,000 2016: 4557.98 / £11,000 2015: £10,230.37 / £11,000 2014 =£6703.26 / £11,000 2013 = £4288.51 / £8000 2012 = £1600/£5000 2011 = £2579/£3000
MF date was Nov 2041 - mortgage neutral 23.07.18
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sarahevie1 wrote: »Hi staking my claim to being a single mf wannabe. I'm a single parent of three aged 6 and under but I've come along way on my journey, although has been tough at times.
I work full time as a teacher, have a Saturday job at a supermarket, a lodger, and a rental property. I share a bedroom with two of my kids to accommodate the lodger in my room with ensuite.
Don't have any long term goals about mf but I will keep paying what I can. I'm in the camp of not having a great balance of living whilst paying off mortgage, but I can't bring myself to spend money.
I've managed over £60,000 in ops to date if I can do it anyone can.
That is quite an incredible effort and I take my hat off to you. Hopefully you will reap the well deserved rewards in due course.Initial mortgage (Dec 2012) £108,000 3.84%APR MF date Jan 2038
Mortgage remaining £68285
Daily interest £4.28
2017 MFW #14 £3746.90/£10,0000
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