Any single mortgage free wannabes?

Cicatriz_2

Single MF wannabe here. Bought my house a couple of years ago and now that I've pretty much got it how I want (for the time being at least) and a decent emergency fund, I'm intending to plough all my spare cash into overpayments.

If I can push about £500 per month overpayments, it should be gone in nine years (I'll be 43:)

Southend1

Cicatriz wrote: »

Single MF wannabe here. Bought my house a couple of years ago and now that I've pretty much got it how I want (for the time being at least) and a decent emergency fund, I'm intending to plough all my spare cash into overpayments.

If I can push about £500 per month overpayments, it should be gone in nine years (I'll be 43:)

Welcome to the thread and good luck!

ScotinLondon

OK - So am techinically not single....I do have an OH but as he is not working due to illness, so my pay deals with everything including the mortgage, and it has done for a long time.

To ensure that all is well and I don't do into debt...I have loads of virtual pots and save up for everything including any works that need doing on the house, holidays etc and at the moment, my schooling, which I pay for.
SIL

Cicatriz_2

I need to develop a sound strategy. Up until I've just made a single lump sum overpayment to improve my LTV prior to a mortgage switch. I was planning on sinking any spare cash each month into mortgage overpayments up to my reserve fund.

However, I've just switched to Santender 123 and the 3% interest up £20,000 exceeds my mortgage interest rates. So I'm thinking the better strategy is fill that 20K and then overpay all money over the 20K at the end of each month. This will give a bigger reserve fund and allow an extra £600 a year in account interest to be routed to overpayments.

Of course, it does mean a bit of wait before the mortgage overpayments begin in earnest.

Southend1

Southend1 wrote: »

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.

I haven't posted in ages! Current balance is £76710 so I'm doing pretty well since my last update. I'm still overpaying £75 every month and the odd £100 or £200 here and there. I also made a lump sum £7k this year taking me to my 10% maximum and have enough saved to do another 10% lump next year. Sadly this was inherited money from a relative who passed away the end of last year, so it's bittersweet. In happier news I've recently had a promotion at work so I'll be able to put by a bit more for the overpayment fund in future.

Look forward to reading updates from other single MFWs!

Magnus91

Sorry for bumping an old thread, any of the singletons still around, or any new ones?!

I'm single and got my mortgage back in November, £110k :eek:
It's a bit daunting going it alone but I also like the freedom of knowing that I have complete control over the finances.

Managed to overpay up to the 10% this year, so now it's down to 5 figures instead which was a very nice feeling!

Although now I'm just sat twiddling my thumbs waiting for November when I can start overpaying again!

Southend1

Hi, I'm down to just under £62k as of this month. Now that the mortgage is under 2x my gross salary, I have begun to prioritise retirement saving over mortgage overpayments, and am now paying just under £300 a month into my LISA on top of my work pension contributions. Although I am paying the contractual monthly payment on my mortgage, this is still a small overpayment due to previous overpayments made. I'll continue to monitor the situation until my fixed rate comes to an end in a couple of years time and consider what if any level of overpayment to make then.

sKiTz-0

Single MFW here too. Bought my first house on my own back in May 2011. Bought for £82k, put down a £26k deposit and borrowed £56k. Overpaid as much as I could afford from day 1. I am on track to be making my final payment in December this year, I may just be able to scrape it in November.


I worked 3 jobs for a while before buying the house to pay off debts and save a hefty deposit - it was at a time when you needed +10% deposits to buy, not sure if that's the same now? Also the monthly repayments had to be affordable on one wage, so I needed a decent deposit to keep the repayments as low as I could.


I am very much looking forward to buying a bottle of champagne to enjoy in December and having a lot more financial freedom every month. Though I will be getting another mortgage at some point when I decide where I want to be, but no idea when right now.



It's amazing what some hard work and determination can get you. Keep at it all you single MFWs, you're on the right track.

kev2009

Hi,

Single here also, bought my place in 2015 and having making all mortgage payments as standard, no OP until last year I OP a small amount, nothing big.

This year i'm hoping to OP as much as i can and next year, as my 5 year fixed is up and want to re-fix for another 5 years.

At present, I've chosen to lower monthly payments but keep term the same. Once i re-fix, any OP i will use to reduce term, not monthly payments. This was just to offset any potential interest rate rises as due to being my first place, I've not been able to OP previously due to kitting out new place etc.

Current plan is, when i re-fix, to OP each year as much as I can to make a real dent in mortgage and lower what I owe, which will then bring down monthly repayments when i re-fix at the end of that 5 years although maybe just a 2 year fix then, depends what i owe etc.

Kev

sarahb100

Single and solely responsible for three mortgages (two BTL) main residence started at 338.5K April 2018 now £260k.
And yes its a pain sometimes being the only person to pay all the bills. I have a good income and could have a good amount of disposable in come but instead I am using it all to overpay / save for renovations. Would be a lot easier to split this burden and can't help thinking I would have more 'fun money' if I did. But then the advantage is that I am sole owner of all (or at least thats the advantage when things are going well!).
S