All the single ladies vs 145k

Put your hands up! Hello everyone!

As a long term lurker on this section I'm very excited to finally be in a position to join you MFWs. I finally managed to buy a house by myself last year :T I am in my late 30s and had very poor wages and worse money management skills in my 20s that mean I am financially very behind a lot of people my age.:o I am indeed sofarbehind and have a lot of catching up to do.

There is only me, newly single and I don't even have a cat. :rotfl: Wasn't financially involved with the ex so that is simple at least. My mortgage is for 145k over 24 years, 5 year fix at 2.29%. That is a LOT of money I owe the Halifax. Last year I didn't do a lot of saving, I spent a lot on household items..I had NO furniture / basic kitchen stuff thanks to house shares. So I cut myself some slack and have made the house a home. Now it's time to knuckle back down and tackle that 145K.

There are a lot of positives to my situation. I am lucky enough to have a good job these days, have no other debts, am in a great pension scheme and I am quite MSE. :money:


My master plan is to get the balance down to £100k before I remortgage. That means I need to overpay by 25k in the next four and a half years. This is an ambitious goal but it's achievable if I am sensible. For the coming year I plan to save an emergency fund of 10k before I really start on the mortgage. I miss having a good safety net and want this in place by August. My current emergency fund is at 3k. I think I am going to round up my mortgage payments by £347/month to £1000 until this is done, just so that I am chipping away at it. I have prioritised the emergency fund this month so my first OP will be on 01.02.18.

Phew, well done if you have read this far...I will come back and post a SOA later to help me budget.
Mortgage overpayments 2018: £4602, 2019: £7870
Mortgage overpayments 2020: £4620
Mortgage 2017 £145K, June 2020 £112.6k:o
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Comments

  • bexster1975
    bexster1975 Posts: 1,576
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    Awesome! Welcome to MFW! I paid off £92000 alone in under 12 years so it can be done.

    Look forward to reading your progress

    Bexster :)
  • Thanks Bexster! 92k on your own is amazing, well done. Your encouragement is much appreciated, there don't seem to be that many of us going it alone.
    Mortgage overpayments 2018: £4602, 2019: £7870
    Mortgage overpayments 2020: £4620
    Mortgage 2017 £145K, June 2020 £112.6k:o
  • bexster1975
    bexster1975 Posts: 1,576
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    There are more than you think. They will pop in to say hi I'm sure.

    Bexster :)
  • A_Frayed_Knot
    A_Frayed_Knot Posts: 3,296
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    Yes, welcome to the MFW. You are not alone.

    I took out my mortgage (on my own) in 2012 had a couple of years before joining MFW, then buckled down and made myself a target of MF by 29th Feb 2020, 8 years to the day I took my mortgage out and a month before my big birthday :D.


    Good Luck, lots of advice on here, and even if you think it won't work for you - I say - try it 1st
    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
  • beanielou
    beanielou Posts: 89,263
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    Happy shiny new diary :)
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing [email protected]. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • Thanks for the welcome A Frayed Knot and Beanielou. A Frayed Knot, mortgage free in 8 years is an amazing target, looks like you are doing really well as your target is ahead. High five! It's so inspiring to read about other people's achievements.
    Mortgage overpayments 2018: £4602, 2019: £7870
    Mortgage overpayments 2020: £4620
    Mortgage 2017 £145K, June 2020 £112.6k:o
  • pinkypig
    pinkypig Posts: 1,814
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    Hi from another singleton :wave:. I felt so vulnerable (newly single after 25 years :() when I started out. I'm now 2.5 years into my journey (6 months since I became a mfw) and I've never felt more positive and in control. You can (and will) nail this. The very best of luck to you xx
    Original mortgage £112,000 . Final payment due August 2027.
    Mortgage neutral achieved August 2020 - 7 years early!!!
  • Best of luck!

    Also single and aiming at paying off my mortgage in 7 years. I may or may not hit that goal (a lot of time, a lot can happen, good and bad) but it's an achievable goal and getting only part way there is still an improvement.
  • MeandO
    MeandO Posts: 2,862
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    Another singleton MFW here! Good luck and keep chipping away, it soon becomes addictive!
    Mortgage @ 03/2019: £107K, Now: £67,900
    Mortgage OP's 2024: £404.86/£2000 Total OP’s: £8615.42
    SAVINGS: EF: £5671.62/£15,000
  • Ah thanks everyone. There are more of us singles than I thought, that is encouraging. Pinkypig vulnerable is exactly how I am feeling right now, vulnerable and scared. Just having made a plan and posted it on the interweb has helped a bit.
    Mortgage overpayments 2018: £4602, 2019: £7870
    Mortgage overpayments 2020: £4620
    Mortgage 2017 £145K, June 2020 £112.6k:o
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