Paying off mortgage before 55 when single

Dalradian

Right, got impatient (once i get an idea i tend to charge at it) and sent another £3500 out of my emergency funds to clear me below £100,0000 by christmas, once the monthly paynents are included.
I have paid more than that into isa this year and am waiting for stocks payments to come through so seems sensible to reach target as my savings are higher than the start of the year. Will have to figure out car finance and bathroom in next 4-6 months, but plenty of time.

Dalradian

Can't believe how much i have paid off so far this year. Keeping a diary has really kept me focused in spite of family emergencies and hospital visits taking a lot of my attention and energy

Dalradian

Made some banana bread haven't baked in ages and had almost forgotten how good home baking was. Got some frozen blueberries in the freezer - might try blueberry scones tomorrow. With fresh butter on hot out of the oven scones, there is really nothing to beat it! And must be good if they have fruit in them :-)

Dalradian

Forgot to mention - got my flu jab today. My company were offering free jabs (up to certain number) so was right in there saying yes. I really don't want to get the flu and can't afford 2 weeks off ill in my sales job.
The pharmasist said she had a bloke in last week who said he had been so ill with the flu last year - for a couple of days! We both diagnosed man flu - bad cold maybe but not flu! Happy to be reducing the risk of getting nasty illness that would lay me out for weeks

mortgage_girl

Well done with your op's :T Blueberry scones sound yummy!

MGx

pennystretcher

Dalradian wrote: »

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:(

Yes. here lurking in the background Looks like you are well on your way meeting your target for this year :T

Dalradian

Just got £14.90 payment from quidco plus the share certificate arrived from my company Sharesave scheme - looking at the current share price i shoul be able to make around £9000 - not bad for a £3600 investment! Just need to figure out how to sell them now..

Dalradian

Took some items to the charity shop and an old broken table to the tip. Been sitting in my hall for weeks so glad to be shot of them. Counted up my change jars and have over £200 so will keep saving until nearer £500 and i can use it to over pay - or go on holiday, which ever is sooner

Dalradian

Had interesting chat with taxi driver taking me to a client. I mentioned i was op'ing after some comment he made and it ended up with him asking a load of questions - fortunately it was a long trip. He was really worried as had been sold an interest only mortgage a while ago which had 10 yrs left to run. He was really worried - as was his wife - but wasn't sure what to do.

At least discussing options - you don't have to convert the whole amount to capital repayment, if variable income (like me and him), go for overpayments when you can. So told him to check out the conditions of his mortgage and reassured him that if he started dealing with it now, he could control it, even if extending out repayments was way to go, by tackling it now he would have a chance to cover it.
Made me think of the ticking time bomb of interest free mortgages. I had one for a while until i realised capital repayment was only slightly more - but that doesn't work if you are 10 years from repayment dates. How many other people are in same hole - and all the btl mortgages which run out in 30 years when you are 70+ and have no way to remortgage because no one will lend at your age.
I await the mass wailing from people who never thought they might have to actually pay back tens or hundreds of thousands of pounds, for some reason. And how much of if was missold - i took action, most people don't until too late to do anything

selloptape

I think you're right Dalradian, the mass wailing has already begun here in the midlands

We had a recent case where a couple's home was repossessed after they didn't pay the capital. It went to court with several appeals and there were rooftop protests at the property with hundreds attending resulting in arrests. Horrible for the neighbours as it was all on a small road :eek:

The bank won in the end but local costs must have been massive with all the arrests and court cases. Just hope the publicity has inspired more people to check their mortgage terms but sounds unlikely by the amount of local people who've come out in support of the couple