Any single people paid off their mortgage?

Butterfliesarepretty

I have nineteen years left on my account. I intend to pay £50 extra a month to my 6.13% fixed rate till 2009 mortgage with nationwide. The calculator said it would be £7,000 better off.:cool:

I doubt I will be ever in a couple position to help pay it off, but has anyone single managed to do it or is still struggling to do it?:rolleyes:

gillian46

Hi shawtj2

I'm single and been a MFW for a while, I'm hoping to pay off my mortgage by overpayments but it's still going to take until 2016. Good luck on paying your mortgage down, you don't have to be a couple to do it, in fact I think it might be easier to do it on your own, you don't have to keep nagging someone else over their spending.

It's nice to be in control

Butterfliesarepretty

gillian46 wrote: »

Hi shawtj2

I'm single and been a MFW for a while, I'm hoping to pay off my mortgage by overpayments but it's still going to take until 2016. Good luck on paying your mortgage down, you don't have to be a couple to do it, in fact I think it might be easier to do it on your own, you don't have to keep nagging someone else over their spending.

It's nice to be in control

hi if you don't mind me asking how much do you pay for your mortgage a month? I feel that when I get a new job I would like to earn more around £18,000 and work near home, no travelling, I feel it would be very difficult to keep it up. My fixed rate ends 2009 so not sure what to do at that point, do I change or stay on fixed rate.

Jillinoz

Hello

Yes, me!

I've posted on the roll of honour previously, but I'm happy to provide any extra information if you'd like it.

Though I'll tell you for free that I am sooo going to have a pre-nup in the (admittedly unlikely) event of me ever getting married! What's mine, stays mine.

Good luck in your mission.

Jillinoz

comping_cat

Im a single mum, so dont have much spare money, but i overpay as much of my mortgage as i can. Ive already knocked over 8 years off my mortgage, and would love to be mortgage free by the time my eldest reaches 18 (hes 11 at the moment) - no idea if i will achieve it, but im going to give it my best shot!!!

gillian46

My mortgage is 790 a month. Keeping travel costs to a minimum is v important. Don't buy lunch from work take your own. Don't make a decision about your fixed rate until much closer to the time then jusst get the most up to date information you can. I always have a tracker mortagage as this works out well for me, but I will see what the best rates are when mine is due for renewal in Jul2009, I might go for a fixed. It is easier to budget with a fixed. can you take a lodger as this can help a lot with costs.

Snazzy

I'm single and am managing to overpay my mortgage. I've been lucky that I unexpectedly had a promotion about 18 months after I bought my house so with that and some inflation the gap between my incomings and outgoings has been growing and I've been able to find a fair bit of spare cash. Even a small amount every month can start to knock the years off your mortgage so don't get disheartened.

tomstickland

I'm single. My mortgage is £420 per month, about to go up to around £490 when I remortgage due to rate increase.
Now that my mortgage rate exceeds my savings rates then I'm going to start overpaying. Previouslly I've just saved the money.

LumpyCustard_2

I'm also single, and half-way through my 20 year mortgage (80K+). I've only been overpaying for 18 months (helped with a big dollop from a maturing savings scheme) and have mine down to around 25K now. I'd dearly love to get it paid off before I'm forty at Christmas, but we'll see how it goes. Current mortgage payment is just over 300 per month, and I'm overpaying by 600. I've been on a standard variable rate (Hx's lower one) for several years - and it's not worth me moving off it now.

Incidentally, I think it's perhaps easier to overpay when you're single, because although one salary doesn't go as far as two might, there's nobody to argue about spending or tightening the purse strings, or buy extra food, clothes, insurance etc for.

BARGAINHUNTER!

Im single and im currently overpaying my mortgage. Im lucky that my mortgage is fairly low (£320 a month) and I overpay by £200 a month. Hopefully, I will be able to reduce my 25 year mortgage (started last year) to 10 years this way. I have an offset account with IF which allows me to offset my savings account, current account and ISA against my mortgage. Doing it as a single person and not a couple means that I have complete control over the situation, although obviously if I was doing it as part of a couple i might be able to overpay more, but maybe not!

Anyway - goodluck and let us know how you get on!

missyg_3

Yes it is possible Tracey!

I always kept my lifestyle simple, I don't drink or smoke, I was never one for going out clubbing etc, or having meals out. I don't hanker after the latest fashions, phone, tv, kitchen appliance...

I agree with LumpyCustard about it being easier in some ways when you're single. You are in control and you don't have to waste your time debating it, you can get on and do it! Good luck!