Was Mortgage Free until 52!!!

A_Frayed_Knot
A_Frayed_Knot Posts: 3,296
First Anniversary Name Dropper Photogenic First Post
Forumite
edited 10 May 2018 at 7:28PM in Mortgage-free wannabe
I was a lurker, but inspired by this thread to start my own diary and although my figures are positively small fry to some - its still my mortgage.

A bit about me, took the plunge and bought a house age 50 plus:eek: by myself, everyone asked "Are you mad?" But thought - I can do this.

Bought at auction, so got a bit of a bargain (the only way I could afford a mortgage) and had what I would call (in my terms) a nice deposit. Took out an 80% mortgage, and lenders would only give me an 18 year term, 2 years fixed at 4.5%, so in my eyes I have already knocked 7 years off my mortgage - how's that for positive thinking?

I'm now 3 years down the line and have already made the classic mistake, did not renew my fixed term after the 2 years (and still haven't) as it reverted to 3.99% which was lower than I was paying and on making my first large overpayment, they reduced my monthly payments:mad: Little did I know what I know now. So its time to get my mortgage in order.

I have about a years mortgage savings - and about 3 years mortgage payments out on loan at the moment.

I pay a minimal 45.00 into an isa every month, but was thinking of adding this to my monthly mortgage payments when I remortgage thus reducing the years even further. What do you think?

I work full time and overtime is available for the moment although I never accept, as I go in early and stay late - could class that as overtime,

As you can tell, I'm a bit obsessed with overpayments, but well - you can see my point - at my age, want to be "mortgage free" asap.:D

My Motivation Madness;
[FONT=&quot]I have a simple method to keep me motivated, only thing is to explain I make it sound complicated [/FONT]:eek:[FONT=&quot] and only works if you have a sub account as well, but you could adjust to suit yourself.[/FONT]
  • "Always have 0.00 at the end of your mortgage"
  • This way the least/most you will pay is 1p or 9.99
  • On flush days you could go for 00.00 at the end ;) or even 000.00 :eek:
[FONT=&quot]I know, I know, I need to get out more [/FONT]:rotfl::rotfl::rotfl:[FONT=&quot] Good Luck whatever you decide.[/FONT]
Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
Now a Part Timer from 27.10.19
«134567215

Comments

  • bexster1975
    bexster1975 Posts: 1,576
    Photogenic First Anniversary First Post Bake Off Boss!
    Forumite
    edited 9 June 2015 at 8:21AM
    Hello AFK

    I'm not sure I can " help" as such. I'm very impressed with the positive mental attitude! Agree that 68 is too late to finish a mortgage ideally.

    I'm not sure whether you have remortgaged or not. 3.99 is not the cheapest you will get by some distance. I moved from my SVR of 3.99 to a 2.29% fixed for two years last autumn. It wasn't the cheapest but as I stayed with my lender there was no product fee and I hope to clear the balance when the fixed ends ( as aim to be mortgage neutral before 2016 starts!). Could you try your current lender for a remortgage? My interest nearly halved as I switched. In terms of bank/BS reducing monthly payment can't you just keep paying the same? Main advantage of SVR is you can overpay as much as you want as far as I know. Do you have a timescale? Or an amount you would like to overpay/put into savings ready to overpay each month?

    Loads of people here will happily assist. If you want to look at reducing outgoings might I suggest a visit to Old Style boards.
    Otherwise keep posting, loads of people will encourage you and some have inspirational threads, which as a lurker I'm sure you have read many!

    Bexster :)
  • A_Frayed_Knot
    A_Frayed_Knot Posts: 3,296
    First Anniversary Name Dropper Photogenic First Post
    Forumite
    edited 9 June 2015 at 5:53PM
    Thanks Bex

    Positive mental attitude - well, I get there in the end. I'm really a ditherer (no, really) but once I decide that's it.

    Current lender can do 1.99% fixed 2 years no fee, as my overpayments have taken me below 60% LTV.

    Time scale - was thinking on 5 years but maybe a bit too ambitous. If I remortgage and reduce to 9 years this time round.

    Dither.


    Was wondering where I could find Tilly's tidies as has been mentioned?

    Anyway, had my first "all right" day at work today since we moved to new premises, has been hectic to say the least, come home mentally exhausted.

    And this is the second day in a row we have had good weather - summers here at last, and with that comes a chore of duties to do in the house and garden.

    Good luck with your mortgage neutral for 2016.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • Radish72
    Radish72 Posts: 2,072
    Name Dropper First Post First Anniversary
    Forumite
    Tilly Tidies (TT's) are were you round down any bank account of odd money

    Some people do pennies, or round down to the nearest £5 or even nearest £10
    Mortgage Aug 12 £165K, Aug 19 £0
    ISA challenge start 2019 £3000/£1500 (50%)
  • bexster1975
    bexster1975 Posts: 1,576
    Photogenic First Anniversary First Post Bake Off Boss!
    Forumite
    Hello! 1.99% sounds good. You don't need to reduce the term if you don't want to - I never have! I can only repay 10% a year whilst on fixed, but I just save the rest ( hence mortgage neutral - not free). I also have different plans for new year so don't want to pay off mortgage even if I could without early repayment charges.

    Don't give yourself a hard time for being a dither - it's harder when you make the decisions on your own - no one else to blame!!

    Bexster :)
  • A_Frayed_Knot
    A_Frayed_Knot Posts: 3,296
    First Anniversary Name Dropper Photogenic First Post
    Forumite
    Hi, again Almost sure I will go for this 1.99% deal before the end of the month. Psychologically I really need to reduce the term, sounds strange but the term reduction will give me such a boost, I will only be able to pay 10% over each year as well, as an option,

    Mortgage neutral - what's this - not heard this term before ?


    Thought the more I pay now the more I save overall.


    Had a nice relaxing night tonight with my feet up, but ready for an early night, due to expecting another hectic day
    at work tomorrow.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • juststuff123
    juststuff123 Posts: 291
    First Anniversary Photogenic First Post Mortgage-free Glee!
    Forumite
    Mortgage Neutral = To have enough money in savings etc to cover the balance of your mortgage. It's a helpful way to look at things if you want a bit more flexibility.

    Good Luck!:)
    GOAL:- £250k in Savings by March 2025 SAVINGS: – £229,245 COMPLETE GOALS - Debt Free, Mortgage Free, £200k Savings Save 12k in 2024 #12 = £992 / £30,000
  • apple_muncher
    apple_muncher Posts: 14,606
    First Anniversary Mortgage-free Glee! First Post Name Dropper
    Forumite
    Tilly Tidies originate from the lovely Tilly herself - why not check out her diary as she aimed for (and will achieve) MF in 6 years with over £300k owed (I think). She's an inspiration!
    NST March lion #8; NSD ; MFW9/3/23 Whoop Whoop!!!
  • bexster1975
    bexster1975 Posts: 1,576
    Photogenic First Anniversary First Post Bake Off Boss!
    Forumite
    Wot juststuff said. I'm planning on starting my own business ( properly!) next year and so quitting my job. Hence not paying off the mortgage straight away. If it doesn't take off very quickly I can do my current job on a ad hoc basis really easily. ( yes, yes, another teacher!!)

    Need some savings to do this properly, and will pay ERC if I pay off before next July anyway so....

    Bexster :)
  • A_Frayed_Knot
    A_Frayed_Knot Posts: 3,296
    First Anniversary Name Dropper Photogenic First Post
    Forumite
    Well today went as expected - only worse - just had my dinner 3 1/2 hours late. This time they can either pay me or give me time.:(
    Juststuff - thanks for the explanation. Would need to think that through but don't think thats for me as even if I was neutral and had a mortgage - I would still feel in debt - just the way I am.

    apple muncher - thanks will look for Tillys diary and

    bexster - wow, your own business. :D We have even more in common - I had my own business at what I thought was a young age(23), only difference is I would not leave my job to start up, so when I was made redundant, got a lump sum, thought this is my chance, so went for it.

    A Teacher, eh bex? hope its not a maths teacher. ;)

    52 (age when I got mortgage) + 18 year term = 70
    your quote -Agree that 68 is too late to finish a mortgage ideally.



    But thanks for thinking I was younger than I am.:D
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • bexster1975
    bexster1975 Posts: 1,576
    Photogenic First Anniversary First Post Bake Off Boss!
    Forumite
    Ha ha ha! Sorry, I read in your OP you were 50 plus and didn't want to assume! Hence 68! Totally missed the 52 in thread title.

    Not a maths teacher, but a scientist turned science teacher.

    Do you still run your own business now? I have actually run my business part time for a number of years now, would just like to make it full time. Being mortgage free/neutral, and the journey, means my essential earnings are very small, so less bravery needed :D
    Also, depending on how attached you are to your current situation dictates how brave a step away from it really is ;)

    Bexster :)
Meet your Ambassadors

Categories

  • All Categories
  • 341.4K Banking & Borrowing
  • 249.6K Reduce Debt & Boost Income
  • 449.1K Spending & Discounts
  • 233.5K Work, Benefits & Business
  • 605.5K Mortgages, Homes & Bills
  • 172.3K Life & Family
  • 246.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards