Paying off mortgage before 55 when single

edited 31 March 2015 at 8:48PM in Mortgage-free wannabe
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DalradianDalradian Forumite
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edited 31 March 2015 at 8:48PM in Mortgage-free wannabe
I am a 40 something singleton and although I earn a very good salary, being in sales means it varies considerably month to month, and being single means I am very aware that if something happens to me there is no-one else to pay all the bills. From reading other threads, I am not alone, so the bonus is I don't need to ask anyone else before deciding to spend money - the downside is, I don't have anyone to stop me:eek: I need to be better about not spending on spec, but since I travel a lot for work, my personal account and the company expenses gets a bit mixed and when away it is always easier to justify "spoiling yourself"
After moving house and upscaling in the middle of the recession, I re-mortgaged the old flat and rent it out now but it barely makes any money after bills and management costs (this year I am definitely making a loss even though the rent has gone up :(

So I am aiming to get my mortgages paid off by the time I am 55, and also save towards a pension so, if I want, I have the option to retire early (at a much reduced income). I spent last year building up my reserves in case of emergency and making sure I had no other debts than my mortgage. And also lurking on the forums to get inspiration on what to do next :)


I have tried to live on my old pay from a couple of years ago, in spite of a number of pay increases, and using the difference to overpay my mortgage in lump sums (though not totally doing so). I can only overpay in £500 lump amounts now on my personal mortgage (grrr Santander), so am saving up Quidco payments, money from selling items (just made £40 selling a Z-bed) and any other cashbacks to add to bonuses and overpay at intervals.

There isn't a tax benefit to overpaying the Buy to let mortgage - although I did do so until my financial advisor told me to put it against the house mortgage - doh! and I plan to sell the flat and use the money to help pay off part of my main mortgage in a couple of years.


Anyone else in their 40's and paying off their mortgage themselves? I really don't want to be paying off my mortgage in my 60's:(
Mortgage 2020 ~£127,000
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Replies

  • DalradianDalradian Forumite
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    so this month I have saved £7.45 cashback from my credit card, £14 from Quidco, £40 for selling my Zbed on Gumtree and £28 cashback from my current account. Since I went on holiday to the Faroes I don't have any spare money to overpay - but didn't spend all the money I put on my holiday prepayment credit card.
    Mortgage 2020 ~£127,000
  • edited 1 April 2015 at 4:54PM
    MM10MM10 Forumite
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    edited 1 April 2015 at 4:54PM
    Hi Dalradian,
    Also single and 40 here, so I get the feeling. Also wanting to restart and have a family again and have kids as well. I am hopefull and I am here to cheer you on :).

    My current repayment plan for my mortgage is to have it paid by 2024
    Total mortgage when started £256,809 in May of 2011; 2018 MFW #5
    Main mortgage was £214,309; now [STRIKE] £110,716 at Feb 2016 [/STRIKE]; [STRIKE] £63,645 at Feb 2017 [/STRIKE]; [STRIKE]£10,600 at May 2018[/STRIKE]
    Original repayment date 2036; Main mortgage free date [STRIKE]July 2021[/STRIKE]; [STRIKE]Dec 2020[/STRIKE]; [STRIKE]January 2019[/STRIKE] June 2018:)
  • DalradianDalradian Forumite
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    Sixth Anniversary 100 Posts Combo Breaker Mortgage-free Glee!
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    Thanks MM10!
    Mortgage 2020 ~£127,000
  • DalradianDalradian Forumite
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    Sixth Anniversary 100 Posts Combo Breaker Mortgage-free Glee!
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    Just agreed to sell my train vouchers from late running trains to a friend - £140 for the pot. i am very punctillious about claiming these and amazing how they have mounted up.
    Mortgage 2020 ~£127,000
  • DalradianDalradian Forumite
    162 Posts
    Sixth Anniversary 100 Posts Combo Breaker Mortgage-free Glee!
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    Oooh, just got a nice surprise from Standard Life shares return on investment payment of £700. Since i only paid £1000 on top of plus the free shares i got at demutualisation, that is a definate win. Will get on the phone on saturday to make an overpayment To the bank.
    Mortgage 2020 ~£127,000
  • MM10MM10 Forumite
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    Woohooo way to go. You never know which investment will pay off.
    Total mortgage when started £256,809 in May of 2011; 2018 MFW #5
    Main mortgage was £214,309; now [STRIKE] £110,716 at Feb 2016 [/STRIKE]; [STRIKE] £63,645 at Feb 2017 [/STRIKE]; [STRIKE]£10,600 at May 2018[/STRIKE]
    Original repayment date 2036; Main mortgage free date [STRIKE]July 2021[/STRIKE]; [STRIKE]Dec 2020[/STRIKE]; [STRIKE]January 2019[/STRIKE] June 2018:)
  • Hi Dal,

    I'm going to be finding myself in a similar position to you I believe. I just took on my first mortgage last year, I'm now in my mid 30's and very very single. Took me a while as an old relationship left me so far in debt that it took most my best years to catch back up.

    I'm now saving for a second deposit, for a second place and will let the first out. I'm doing quite well on the savings front, however bouts of depression occasionally kick in and cause me to have a spending fit on stuff I know I don't really need, but that I think will make me feel better. It doesn't, by the way.

    I've always been totally self reliant, so not having anybody else to rely on is fine by me. I tend to find other people only ever let me down or disappoint me in the end so its probably much better this way.

    Good luck with everything!
  • DalradianDalradian Forumite
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    good luck on your journey, The Magnificent Spoon, it sounds like you have had a rough path so far. At least you are now in control of things.
    Mortgage 2020 ~£127,000
  • DalradianDalradian Forumite
    162 Posts
    Sixth Anniversary 100 Posts Combo Breaker Mortgage-free Glee!
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    Yes MM10, was a nice surprise - especially as was thinking of selling them and putting the money against my mortgage. Think i will hold onto them a little bit longer! I put in an overpayment of £1000 on saturday, so just need to keep the momentum going.
    Mortgage 2020 ~£127,000
  • MM10MM10 Forumite
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    Eighth Anniversary Combo Breaker
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    Yes you do. I had the same plans to. I invested heavily in oil, shale and gas stocks just before the price crash :(. I was planning on putting my HUGE returns into the mortgage . Now I just have to sit and stare at them. One has lost over 70% of its value:eek:. Anyways ...
    Total mortgage when started £256,809 in May of 2011; 2018 MFW #5
    Main mortgage was £214,309; now [STRIKE] £110,716 at Feb 2016 [/STRIKE]; [STRIKE] £63,645 at Feb 2017 [/STRIKE]; [STRIKE]£10,600 at May 2018[/STRIKE]
    Original repayment date 2036; Main mortgage free date [STRIKE]July 2021[/STRIKE]; [STRIKE]Dec 2020[/STRIKE]; [STRIKE]January 2019[/STRIKE] June 2018:)
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