Paying off mortgage before 55 when single

Dalradian

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:(

Dalradian

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.

MM10

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

Dalradian

Thanks MM10!

Dalradian

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.

Dalradian

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.

MM10

Woohooo way to go. You never know which investment will pay off.

The_Magnificent_Spoon

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!

Dalradian

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.

Dalradian

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.

MM10

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 ...