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Any single mortgage free wannabes?

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Comments

  • downsizer3
    downsizer3 Posts: 683 Forumite
    Before I had my daughter I didn't think about a will much - but then I realised that actually not having one would have amounted to throwing all that hard earned cash away - much much better to do even a free will and get something down to make sure that all that work wasn't for nothing and your nearest and dearest can benefit.
    You loose loads if you die intestate - in taxes and duties - so get something down now - just think of all that scrimping and saving being for nothing!
    May 2018 - £159k + £3.5K CC - let the countdown begin! :)
    March 2019 - CC gone and bye bye M2 on 31st! £140k to go.:j
  • SandC
    SandC Posts: 3,929 Forumite
    Part of the Furniture 1,000 Posts
    Simon11 wrote: »
    I'm just about to purchase my first flat with a mortgage of £65k.

    From reading the posts here, surely there are some peope here who would be better off saving than paying off the mortgage?

    I'm on a lifetime tracker of 2.8%, so therefore it seems worthwhile focusing on savings getting interest of 3%. Then monitor the situation in case the mortgage rate is higher than saving rates.

    I save as well Simon, I am guessing most of us who are overpaying also have back up in terms of savings. Little and often is my mantra..... :D
  • Danni-R
    Danni-R Posts: 641 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    edited 23 July 2012 at 1:22PM
    Right. I'm going to follow that link and try for a free will. Scratch that. I dont qualify for a free will.

    Will just update my expression of wish or what ever its called.

    Its a good site though if any of you are over 55, part of a union (teachers, firemen, etc)

    Save myself £100 which is good and its payday on Wednesday so I am stoney broke.

    I hope everyone had a good/ cheap weekend?
    [STRIKE]£2200[/STRIKE] [STRIKE]£1950[/STRIKE][STRIKE]£1850[/STRIKE] £1600 on my credit card
    £1200 of £6000 Savings
  • michelle2008
    michelle2008 Posts: 601 Forumite
    edited 23 July 2012 at 6:18PM
    Re overpaying - I am weak and have a habit of raiding the savings but overpayments are gone forever! To be honest I also find overpaying more satisfying - seeing the outstanding debt reduce every month.

    So it works much better for me!! I suppose it depends how disciplined you are!!

    Edit - I save as well but overpay more
  • ultrarunner
    ultrarunner Posts: 374 Forumite
    Part of the Furniture Combo Breaker
    My weekend was far from cheap - buying furniture is expensive and I've found myself with 4 weekends in a row away from home which will be pricey!

    Still, it's the summer and I usually spend and go away more in the warmer months.
    Mortgage May 2012 - £129k
    January 2015 - Mortgage down to £114k
    Target for 2015 to get down to £105k
  • Danni-R
    Danni-R Posts: 641 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Ultrarunner, I see you're in the Berks area. If you're close to Bracknell there is a massive furniture only charity shop in the town that might be able to help you out?

    I love the area but when you compare the prices to 'up norff' its eye watering how little you get for your money!
    [STRIKE]£2200[/STRIKE] [STRIKE]£1950[/STRIKE][STRIKE]£1850[/STRIKE] £1600 on my credit card
    £1200 of £6000 Savings
  • Sandstone
    Sandstone Posts: 105 Forumite
    Ninth Anniversary 100 Posts Combo Breaker
    This thread is great! I'm single with no kids, and £220K left on the mortgage. Sometimes I think I'm the only one..
    I manage by letting out some of the rooms, and thankfully I have a good salary.
    Saving money for everything and everyone.
  • Danni-R
    Danni-R Posts: 641 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Welcome Sandstone. Thats a heck of a mortgage you've got yourself there!
    [STRIKE]£2200[/STRIKE] [STRIKE]£1950[/STRIKE][STRIKE]£1850[/STRIKE] £1600 on my credit card
    £1200 of £6000 Savings
  • Scrabo
    Scrabo Posts: 13 Forumite
    I am single, without children, and paying mortgage alone.

    My starting mortgage was £80,000 and I did struggle for many years when my salary was low. My current salary is approx £28,000 plus a car so this has enabled me to make great inroads into reducing my mortgage and also getting much needed works carried out on my wee old house.

    At present my mortgage is approx £37,500. My monthly mortgage repayment is £380 but I currently pay £800 - an overpayment of £420.

    My present mortgage is a tracker mortgage at base rate plus 1.09% so this really prompted me to concentrate on overpaying whilst rates are so low. I hope to be mortgage free in around three and a half years.

    My home is a wee old, two bedroom, terrace house which has needed a lot of work. I have only been able to focus on the major jobs since I secured my current employment.

    I have in the past couple of years re-wired, re-roofed, replaced kitchen and installed a new condensing boiler. My most recent improvement was the installation of a multi fuel stove. Hopefully that is all the major works completed so other than re-plastering certain rooms (and possibly replacing the bathroom - although that is a want rather than a need as it is currently a white suite) the rest of the work will be purely decorative.

    I live fairly frugally - I hate to see waste - but I do enjoy life especially holidays and take a number of breaks each year.

    I know that I am lucky to be in my current position with a pretty low mortgage and reasonable salary but I do worry about something happening and not being able to work. I would hate to be a burden on anyone else.

    I do have a Will. This was compiled free of charge with my original mortgage. What I do keep meaning to sort out is a Lasting Power of Attorney detailing my wishes - financial and other - if I became incapable of dealing with my own affairs.

    I look forward to hearing how everyone is progressing in their lone MFW journeys.
    It doesn't matter where you live
    as long as you live wherever you are!

  • black_taxi_2
    black_taxi_2 Posts: 1,816 Forumite
    Debt-free and Proud! Mortgage-free Glee!
    single-no kids--just otherside of 50

    i started my mortgage-free journey 3 years ago this dec/after being defrauded of a considerable amount of money.i went into depression but decided to do something positive.

    if i never did it--id still owe 48k with a possible--3k loan.now im down to 24k --no loans and hope to be MF dec 2014.

    one tip to help you all out---as long as your total mortgage balance/debt end of year hasnt gone UP your doing ok.

    when i first started i thought --yeah i can do it 3 years---within a year---best owner who i rented taxi off---died suddenly---i lost my friday with new owner--but funnily enough although my wage is cut i do enjoy the friday off.

    theres alot of unknowns out there---sickness/health/car breakdown/loss of overtime/loss of job

    dont stress yourself out

    all the best everyone
    £48515 interest £181 (2009)debt/mortgage-MFIT/T2/T3
    debt/mortgage free 28/11/14
    vanguard shares index isa £1000
    credit union £400
    emergency fund£500
    #81 save 2018£4200
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