Paying off mortgage before 55 when single

Dalradian

That sounds such a shame. I don't like to hear anyone losing their homes, but i wish people talked more about their finances and understood the risks.

Dandytf

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:(

I'm currently making overpayments 60p/m -250p/m in 2yrs (car finance finishes) 400+p/m 3 1/2 yrs (dmp finishes).

I'm 42/single, haven't quite got to calculating mtg free date until above are complete.

Luckyinlife

I worked in a place once where there was a fair few lady 55+ 2 over 60 who all had mortgages and regretted not paying them off early or not remortgaging later on in life.

When you see what they go thro at 60 + when all they wanna do is relax defiantly puts you in the right direction

Im sure youll smash it before 55 tho :]

Dalradian

The more i overpay, the more i want to be clear of the mortgage. I am just around £100k now - never thought i could pay that much off but have been putting a lot of bonus aside plus some extra unexpected payments (like the standard life £700).
Now aim to be mortgage free by 50.

I see people taking out huge mortgages in our london office and wonder how they will be able to keep funding them.

Dalradian

Another £1000 to op, will add up my coins and see if i can do another £500 overpayment this month

Hollyboll

Wow, that will take you into 5 figures :T:T:j:beer:

Dalradian

Thanks Hollybol,

Just checked my balance and it shows as £100,199.85 so they haven't applied it yet, grrr.

Got a payment for delayed train of £78.90, along with a cheque for £2.67 and bagging up a load of change inc my £1 & £2 coins will either give me another another repayment (topped up to £500) or to book a holiday for next spring

A_Frayed_Knot

Dalradian wrote: »

Thanks Hollybol,
Just checked my balance and it shows as £100,199.85 so they haven't applied it yet, grrr.

Got a payment for delayed train of £78.90, along with a cheque for £2.67 and bagging up a load of change inc my £1 & £2 coins will either give me another another repayment (topped up to £500) or to book a holiday for next spring

If you o/p yesterday - Fri, I know when i o/p on a Friday or at the weekend, i sometimes don't see it come of my mortgage account until late Mon, even Tues, hate that:mad:, even though it's disappeared out of my account, then goes awol for days:(

As for your choice of either o/p or deposit for a holiday. I know I would look at it as :-

a treat for myself for reaching a 5 figure mortgage and as a bit of an early xmas pressie for myself, so while away on your hols in early spring - just think, i deserved this, i've reached a 5 figure mortgage:D and this is my xmas pressie to myself:cool: Good Luck whatever you choose.

katejo

I am single and now 52. I paid off my first mortgage but then sold the flat and bought a small house to get out of leasehold. I have paid off half of my 2nd mortgage and am making large overpayments to clear the 2nd one early. Only 34k left to pay.

Dalradian

Yeah, i think i will look at a holiday. I will be getting quarterly reconciliation soon, which should give me some extra op before the end of the year.

Impressive op katejo! I am now also wondering if i will sell up when i pay off my mortgage and find a forever home