Any single mortgage free wannabes?

trumbo

Single with no kids and trying to get rid of the mortgage asap...

Moved into my place in January with 25yrs to go and have got it down to 22.8yrs already paying a £500 overpayment a month.

My mortgage is quite small compared to others on here only took out £55k having saved up £40k for my deposit.

Only now I had to add £10k to help get a new car, but I'm still maintaining the £500 overpayments and hope to clear the debt within 6yrs, hopefully sooner but I have a 5yr lock in period.

It's always good to see the months/years fall of the mortgage!

molit

i was wondering, assuming that one day some of us might be taken off the shelf :-) (tongue very firmlg in the cheek) how would you feel if your prospective partner had never been a MFW, and instead of saving, had spent their money on the things that we have given up on to buy a place, and then got all the benefit from all the overpayments???

michelle2008

molit wrote: »

i was wondering, assuming that one day some of us might be taken off the shelf :-) (tongue very firmlg in the cheek) how would you feel if your prospective partner had never been a MFW, and instead of saving, had spent their money on the things that we have given up on to buy a place, and then got all the benefit from all the overpayments???

Ha ha . Yes that could be irritating!! However I guess I would just focus on the advantages of a double income. It would be nice not to have to do it all alone.

**woody123**

I'm single, bought in Feb this year at 65% LTV.. My mortgage is or was for 65k... Decided not to rent the 2nd bedroom in my 2 bed house..

With the mortgage being almost 30% of my take home pay, it is a struggle. I had saved massively for years before making the move away from parents, but i don't regret it .. yet..

Once all bills, shopping etc.. are paid for it leaves me with approx £250 a month for holidays, going out etc.. a bit tight but i'm managing so far.

As for wanting to be MF, i do but feel thats a long way off..

Southend1

**woody123** wrote: »

Once all bills, shopping etc.. are paid for it leaves me with approx £250 a month for holidays, going out etc.. a bit tight but i'm managing so far.

As for wanting to be MF, i do but feel thats a long way off..

You can do a lot with £250 a month for holidays and going out!! 3 or 4 nice holidays a year as well as trips to the cinema, days out etc. If I were lucky enough to be in that position I think I would overpay £125 and use the other £125 for spending on treats.

Danni-R

@Molit.

If i was taken out of the reductions bin :-p I'd just be pleased about that! I would want to make sure that they were bringing something to the party. The plan i had in my head with my ex was that I'd pay the mortgage and rent etc and then they would pay bills and put away a set amount each month so that when we did get our own place they had a contribution. I'd always want to protect what was mine. I've worked damn hard for it!

heavenfire

**woody123** wrote: »

Once all bills, shopping etc.. are paid for it leaves me with approx £250 a month for holidays, going out etc.. a bit tight but i'm managing so far.

Southend1 wrote: »

You can do a lot with £250 a month for holidays and going out!! 3 or 4 nice holidays a year as well as trips to the cinema, days out etc. If I were lucky enough to be in that position I think I would overpay £125 and use the other £125 for spending on treats.

For me this raises an interesting question....I live in London and I have about the same amount of money as Woody has to spend on other things. I don't seem to be able to afford much of a social life on that let alone having 3 or 4 nice holidays a year I couldn't dream of reducing that amount even further or else I really would never leave the house.

I know that there are many free things to do in London but that doesn't mean that they interest me or that they are any good.

I am still young(ish) and want a life outside the endless drudgery of paying of bills etc. How much are you willing to sacrifice to pay of your mortgage?

gazfocus

I'm due to complete on my first house on Friday and want to be mortgage free as soon as possible.

I do have a wife but her income is seriously low so that's really just spending money for her so for bills, mortgage, food, etc, it's down to me. I earn about £18k after tax, etc and mortgage is £56k (but house is a 50% shared ownership so also have to pay £225pcm in rent). Looking to pay mortgage off as early as possible so we can start buying more of the house.

ultrarunner

What do you like doing, there must be some free things which you enjoy in London!

In terms of sacrificing, for me it's a balancing act. I want to enjoy myself at the same time, but I also want the stability of a low (or gone mortgage).

I don't want to sacrifice holidays, but equally I prefer a camping holiday in the UK to an expensive foreign holiday

Southend1

It's amazing what you can do for free. Personally I should have about £95 left each month after bills/mortgage etc but I am finding this is being eaten up by buying furniture etc as I only moved in last November. I am overpaying about £22 per month at the moment and plan to increase this by another £30 or so from September 1st. As for entertainment - museums, walks, evenings in with friends are all free or at least bus fare/petrol cost only. Where I live there's always something going on - cultural exhibitions, street entertainment, bands playing in the park etc, so there's plenty to do on a very limited budget. I'm sure there must be plenty similar in London.

For anyone not sure where all the cash disappears to - try doing a spending diary - it's amazing how quickly the Starbucks coffees and drinks after work etc all add up to a lot of spending!