Paying off mortgage before 55 when single

Dalradian

Timed my visit to the supermarket to perfection and got a load of marked down meat that has gone straight in the freezer two chicken crowns at £1.14 each, lamb boneless shoulder £1.59 and pack of sausages for 69p

Dalradian

Hi wrongers, i would suggest reading the other threads - it really is a journey and not a short fix. I would suggest paying off your credit cards first and building an emergency fund before starting to pay down your mortgage. Check out the competition threads and old fashioned money saving threads as well and work out your budget so you can see where any excess spend is going. Lot of people swear by ynab, but a book or excel spreadsheet works as well.
Even if you overpay by £50 a month, it will still cut months if not years off your mortgage so well worth doing if you have the rest of your finances covered

Dalradian

Have closed an old account to move it to an account paying 5% for first year plus 5% monthly saving account so will be moving some of my emergency fund over. Also £100 switching bonus if go paperless, so hope to put that against my mortgage overpayments once it arrives

pathtofreedom

Just popped over after you posted on my diary. Well done on all your hard work so far, your going to have it paid off in no time at this rate. Keep up all the good work and it will be gone in no time.

Dalradian

Not much news on saving front - just got £100 cashback for moving bank accounts plus £17.71 from quidco. Feeling bit disheartened but have been saving for holiday and extra car costs (got a service to pay for at the weekend).
Need to get my focus back....will try to send an overpayment once back from travelling for work tomorrow.

A_Frayed_Knot

Don't be disheartened ..... just think about where you would be if you hadn't paid that massive lump sum, (paying a lot more interest)

The way I see it, is you had 2 options;

• Keep your lump sum to use for hols, car etc, which means you would be paying a higher amount of interest on your mortgage, or
• Pay lump sum and claw back your funds for hols, car etc, in the next few months, but bet your paying way less interest, this option.

Check and let us know, I would have done the exact same as you, I think you made the right choice

Dalradian

Thanks A Frayed Knot, just sent a £1000 to the mortgage, even though my pay is one of the lowest of the year. I was thinking i had eaten too much into my savings cash, but since i have it spread across 3 accounts now, it just "feels" low.


Off to do some free things in town as have taken a day off to celebrate as overachieved on my target this month, so should get a good commission next payday!

Dalradian

Managed £2500 payment this month, hopefully a few good months coming up for over payments.

Feel shattered at work - i need to plan some time off and go somewhere but don't have any inspiration and hate the heat so avoid the obvious holiday spots and want to miss the school holidays. Maybe a cheap holiday at home visiting local sites might be an idea, or get a hotel fairly close - i have some "free" nights to use up after all

A_Frayed_Knot

Nice o/p well done :T

Know what you mean by having a nice quite peaceful break. Some time ago I was looking for a nice retreat, secluded, peaceful and quiet beside the water and beautiful scenery. Entered it all into google and came up with the most perfect place, thought - yes - just what I'm looking for, lets see where it is ...............


only the very place we have a family caravan :rotfl::rotfl::rotfl: which I must add is the most perfect place for recharging your batteries.

Dalradian

Just received confirmation of my new mortgage balance and have updated my signature.....i know this will make cetain people twitch.... balance is £80,172.92.

I will make another overpayment next week once salary is in. Have also managed to get my paye code changed so won't have so much taken off at source.