Cutting it Fine - the challenge is on!

edited 14 December 2020 at 8:03PM in Mortgage-Free Wannabe
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SandyShoresSandyShores Forumite
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edited 14 December 2020 at 8:03PM in Mortgage-Free Wannabe
Now debt-free and been able to get on the ladder again in our 50's.  Exciting but scary and I'm keen to get on and see the back of this mortgage which is about £310k.  Scary but good to be in our own home again.  Feels like we're cutting it fine to be mortgage free by retirement - but hey, I never thought I'd be debt free in six years (£25k), so never say never.  
To Do List: 20 - crossing them off one ToDo at a time
MFW 2021#29 OPs: £998.22/£1200
Christmas Saver:  2021#5: £365/£365 - 2022#x £0
Healthy Journey current 12st 9lb : target 11st 13lb (10lbs to go)
Run/Stretch/Walk/Weights; Read and Learn; Declutter and Decorate
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Replies

  • rugbymadfamilyrugbymadfamily Forumite
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    Congrats on the property purchase! Sounds like you've done well getting debt free before, just about applying similar principles to the mortgage pay down. Best of luck with it!
    Current mortgage (1 November 2021): £304,210 - got to love London sized mortgages!
    Emergency Fund Target: 3 months saved ✅
    OP Goal 2021 = 3% in OPs: £10,300 / £10,560
     
  • Fortune_SmilesFortune_Smiles Forumite
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    Hi there @SandyShores 😀  I think we're in a similar position.  We also took on a large mortgage in our 50's feeling that it was our last chance to achieve the home and lifestyle we dreamed about.  That was 3 years ago and, already, we're feeling more relaxed about the amount we owe and have never regretted the decision.

    Good luck with your plans.

    Fortune x

    Mortgage: 33% paid Mortgage Neutral: 59% Emergency Fund: 72%

    Tales from the Shire
    All we have to decide is what to do with the time that is given to us - J R R Tolkein
  • SandyShoresSandyShores Forumite
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    Hi there @SandyShores 😀  I think we're in a similar position.  We also took on a large mortgage in our 50's feeling that it was our last chance to achieve the home and lifestyle we dreamed about.  That was 3 years ago and, already, we're feeling more relaxed about the amount we owe and have never regretted the decision.

    Good luck with your plans.

    Fortune x

    Hi Fortune, and thank you. 

    Its so good to hear I'm not alone.  I will bookmark and follow your journey if you don't mind.

    Sandy x

    To Do List: 20 - crossing them off one ToDo at a time
    MFW 2021#29 OPs: £998.22/£1200
    Christmas Saver:  2021#5: £365/£365 - 2022#x £0
    Healthy Journey current 12st 9lb : target 11st 13lb (10lbs to go)
    Run/Stretch/Walk/Weights; Read and Learn; Declutter and Decorate
  • edited 20 November 2020 at 7:13AM
    SandyShoresSandyShores Forumite
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    edited 20 November 2020 at 7:13AM
    Hi Sandyshores and Fortune Smiles

    Another one here in a similar position.  I was previously mortgage free but then my marriage feel apart (well actually ex had a midlife crisis, the grass was not greener though!) so now at 50 I have just taken on a large mortgage in my sole name and my repayment date is also 2039, which I would like to reduce to 2034 if possible.  It is scarey but also somewhat empowering and age is only a number after all!

    Good luck to us all

    MvTMM
    Hi MvTMM

    It is good to hear that I am very definitely not alone, although I'm sorry that your mortgage situation isn't out of your doing (I have to admit that I am partly to blame for my situation).  But you are sooo right, age is only a number - I keep Allen Carr's worrying book by my bedside (Allen Carr of stop smoking fame) and he says the same about age.  

    Yes Definitely very good luck to us all, Sandy :smile:  (will pop over and bookmark your thread too if that's okay).
    To Do List: 20 - crossing them off one ToDo at a time
    MFW 2021#29 OPs: £998.22/£1200
    Christmas Saver:  2021#5: £365/£365 - 2022#x £0
    Healthy Journey current 12st 9lb : target 11st 13lb (10lbs to go)
    Run/Stretch/Walk/Weights; Read and Learn; Declutter and Decorate
  • SandyShoresSandyShores Forumite
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    Welcome with your new diary. We bought our house when I was 38 and hubby was 53. Our original payoff date is 2045 when I'm 68 and he would be 83. Definitely not happening. Paying off the mortgage early will be the best retirement present you can give yourself, and we'll be cheering you on. 
     Thank you for popping in Leigh.  Another diary I will be following, if that's okay.  I need all the positivity and cheering I can get.  Sandy :smile:
    To Do List: 20 - crossing them off one ToDo at a time
    MFW 2021#29 OPs: £998.22/£1200
    Christmas Saver:  2021#5: £365/£365 - 2022#x £0
    Healthy Journey current 12st 9lb : target 11st 13lb (10lbs to go)
    Run/Stretch/Walk/Weights; Read and Learn; Declutter and Decorate
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