Mortgage Free by 50???

hatch_five

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Changemylife

It sounds like you have a plan and a mindset change which is fantastic. And the Help to Save account sounds like a winner too. Is your wife on board with the plan? A joint budget would help to work out where you could make some savings - it's often the extra shopping, or a blow the budget day out that cause the bumps in the road.

I'd also look at the ways you can boost your income - it can be little things like signing up for Quidco, selling some of those books (equally guilty of the unread book stash), signing up for paid market research, Vinted for buying and selling which all make the difference. 

It becomes quite addictive to make payments instead of buying things - dopamine comes in the strangest ways! 

Good luck on your journey - I'm aiming for mortgage free in seven years and it feels like freedom is the goal!

Sarahwithlove

Does your wife work? I agree you need to look at having a joint budget so you can see that you are living within your means as a couple. Especially as your income is the main source of money into your household you need to look at ways you can save money. 

Could your wife maybe do some surveys, sell some items on Ebay or vinted for example. 

[Deleted User]

This is all most impressive! You are truly living a full and productive life. Your family are very lucky to have you!

Sarahwithlove

Does your wife get PIP? 

Good news you can take a long lunch will be better then needing to use leave. 

peb

It's frustrating on the dentist cost but it's necessary and you aren't going backwards.   You are doing incredibly well.

birdsfoottrefoil

You’re doing really well! It might be worth another go on the PIP, I think there’s some charities that can offer advice on applications. Good luck! 

Sarahwithlove

I agree might be worth trying the pip again. We have a guide for it at work, I'll see if I can find out where it's from. It details what's needed for the points etc. Sadly alot of it is about wording and it's also worth appealing if gets declined as 70%+ get it awarded at tribunal which is totally wrong in itself as it's very stressful process. 

[Deleted User]

Out of interest what sort of pension income are you looking to achieve at 60?
 

Have you considered it may be better not to overpay the mortgage, but instead put more money into pension savings over a longer period of time? Then let investment growth and compound interest do their work over the years.

Although great to be mortgage free there is no need to rush to do so. Property historically has appreciated over the years and the mortgage debt becomes relatively smaller to income and value.

Perhaps concentrate on becoming and remaining debt free ( not including the mortgage) plus investing in retirement plans. If your state pension is not payable until 68 you need to finance the ages 60 to 68 without employment income. 

BrilliantButScary

If your wife"s annual income is less than the personal allowance (£12,570), she can apply to do the following:

https://www.gov.uk/marriage-allowance

Every little helps.

Sarahwithlove

Could your wife work? Or apply for any benefits?