single parent, debt free apart from mortgage!
Current balance: £73 525.33 (September 2023, down from £103,900)
Goal - by 2036 (14 yrs early) - in it for the long haul! paid £30 374.67 so far, 29.2% down, 70.8% to go!
We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Here we go! Single Income mfw
Comments
-
Updating for accountability.
So, my car blew up, typically, just as I was getting on board with all these overpayments, which wiped out a good chunk of my savings and hence my ability to overpay.
On the bright side, I had savings which i used to help purchase another car. Ended up costing more than I thought because second hand prices are so expensive right now. However, i haven't acrued any debt to buy it so i'm more than happy with that.
I've returned to overpayments but at a lower rate (£250 per month) while I build up my savings again.
Current mortgage balance is £87,796
Starting to get a little worried about my mortgage fix which is due to end in December. I can't renew my fix until August, it seems that I'll be paying more. I ran the figures on their website today and it looks like my payments will rise by around £40 a month, I wonder what this figure will be like in a few months when I actually come to renew. Wish i could just renew now but i can't - I have a feeling it's going to be even higher by August. Sucks. But i can still afford it which is the most important thing right now.
Personally, I have a lot going on right now as I'm in the final year of my degree (studying with Open University part time). This last year is pretty heavy and I'm not earning quite as much in my self employed work as I did previously, but i'm making things work. My daughter also had some health issues although things are looking better now. Between now and September is going to be really full on.
Over and out. Hope everyone's doing okay these days, things are getting ropey out there.0 -
Weldone for keeping up with your overpayments despite all the cost of living increases.With regards to “worried about rate increase” do you overpay and keep monthly payment the same thereby straight away decreasing the term oor do you overpay and reduce monthly payment and thereby keeping term the same for now? I find paying and reducing monthly payments(keeping term the same) has helped me create a cushion for rate increases interms of monthly payments. So far with all rate increases my monthly payment has gone down despite actual interest going up.Good luck with your studies. Thank God your child is feeling better.Initial mortgage bal £487.5k, current £258k, target £243,750(halfway!)
Mortgage start date first week of July 2019,
Mortgage term 23yrs(end of June 2042🙇🏽♀️),Target is to pay it off in 10years(by 2030🥳).MFW#10 (2022/23 mfw#34)(2021 mfw#47)(2020 mfw#136)
£12K in 2021 #54 (in 2020 #148)
MFiT-T6#27
To save £100K in 48months start 01/07/2020 Achieved 30/05/2023 👯♀️
Am a single mom of 4.Do not wait to buy a property, Buy a property and wait. 🤓2 -
Well done on buying a car with cash. Not many do that. Keep going.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £172.5K Equity 36.11%
2) £1.6K Net savings after CCs 14/8/25
3) Mortgage neutral by 06/30 (AVC £25.6K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.4/£127.5K target 24.6% 1/9/25
(If took bigger lump sum = 53.3K or 41.8%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
(If bigger lump sum £15.8/30K 52.67%)
5) SIPP £4.8K updated 29/7/251 -
Sistergold said:Weldone for keeping up with your overpayments despite all the cost of living increases.With regards to “worried about rate increase” do you overpay and keep monthly payment the same thereby straight away decreasing the term oor do you overpay and reduce monthly payment and thereby keeping term the same for now? I find paying and reducing monthly payments(keeping term the same) has helped me create a cushion for rate increases interms of monthly payments. So far with all rate increases my monthly payment has gone down despite actual interest going up.Good luck with your studies. Thank God your child is feeling better.single parent, debt free apart from mortgage!
Current balance: £73 525.33 (September 2023, down from £103,900)
Goal - by 2036 (14 yrs early) - in it for the long haul! paid £30 374.67 so far, 29.2% down, 70.8% to go!1 -
laura_louise said:Sistergold said:Weldone for keeping up with your overpayments despite all the cost of living increases.With regards to “worried about rate increase” do you overpay and keep monthly payment the same thereby straight away decreasing the term oor do you overpay and reduce monthly payment and thereby keeping term the same for now? I find paying and reducing monthly payments(keeping term the same) has helped me create a cushion for rate increases interms of monthly payments. So far with all rate increases my monthly payment has gone down despite actual interest going up.Good luck with your studies. Thank God your child is feeling better.Cost of living and life is a bit unpredictable at present and every little helps. Good to let payments go down than focus on saving on overall interest paid.Initial mortgage bal £487.5k, current £258k, target £243,750(halfway!)
Mortgage start date first week of July 2019,
Mortgage term 23yrs(end of June 2042🙇🏽♀️),Target is to pay it off in 10years(by 2030🥳).MFW#10 (2022/23 mfw#34)(2021 mfw#47)(2020 mfw#136)
£12K in 2021 #54 (in 2020 #148)
MFiT-T6#27
To save £100K in 48months start 01/07/2020 Achieved 30/05/2023 👯♀️
Am a single mom of 4.Do not wait to buy a property, Buy a property and wait. 🤓2 -
Not been around for a while. Update: I now owe £81,005 on my mortgage. I was quite shocked to compare it to October last year when i first created this topic, I can barely believe i'm down a whole £10k in one year (I owed £91,313.16 a year ago).
Things really ramped up for me when I saw how interest rates were going. My mortgage fix ends in December and ever since April/May i've been panicking about this.
I fixed my new rate as soon as i could and managed to get a 10 year fix at 4.2%. It's completely flexible so if rates come down i can always jump into a cheaper fix. It's still a monumental jump from my current 1.69%.
So, the economy and rates put a fire up my !!!!!! and I've been paying as much as I could each month, usually around £500 extra. My mortgage will jump from £334 to £420, a big jump but nowhere near as big as it would have been had i not overpaid. It's also good for me to see what is possible, although i think for my own sanity i need to drop the pace a little, it's hurt quite a bit and Christmas is coming. I'll definitely continue to overpay though, it's made a huge difference.single parent, debt free apart from mortgage!
Current balance: £73 525.33 (September 2023, down from £103,900)
Goal - by 2036 (14 yrs early) - in it for the long haul! paid £30 374.67 so far, 29.2% down, 70.8% to go!3 -
Glad you could get a new fixed rate. I think this economy is making everyone scramble to make sure they can weather it and stay financially stable.Mortgage start date Dec 2015 - $64,655.00
Mortgage end date Dec 2045 - NOT!!!!
Mortgage balance - $4600.00
Business Savings $43,310/100k
Hope to be mortgage-free by end of 20232 -
Glad you have managed to get sorted. Well done on all the OPs.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £172.5K Equity 36.11%
2) £1.6K Net savings after CCs 14/8/25
3) Mortgage neutral by 06/30 (AVC £25.6K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.4/£127.5K target 24.6% 1/9/25
(If took bigger lump sum = 53.3K or 41.8%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
(If bigger lump sum £15.8/30K 52.67%)
5) SIPP £4.8K updated 29/7/251
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.5K Banking & Borrowing
- 253.3K Reduce Debt & Boost Income
- 453.9K Spending & Discounts
- 244.5K Work, Benefits & Business
- 599.8K Mortgages, Homes & Bills
- 177.2K Life & Family
- 258.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards