Any single people paid off their mortgage?

Butterfliesarepretty

thanks for all that folks, mine is £360 a month at moment, it was originally £30,000 but my ex boyfriend (fin advisor) told me to put my owed money £16,000 on the mortgage so its £46,000 now over 19 years. So just going to increase the payments slowly start at £50 first then up them when I get a good paid job. Earning £16,500 at mo, finish work next week on vol redundancy, then want to get a good paid job, but have not had an interview for 22 years. I am 40 and feeling that I should be close to paying it off, but with my daughter I have to pay csa for its difficult.

Can't have a lodger either, as my house is only two bedroomed and my daughter stays with me every other weekend.

Wish I could overpay by £200 but I would have no money left for food etc.

KiKi

I'm 29 and single, and I bought a two bed flat in Oct 06, for £185K.

My mortgage is £960 a month.

I started by offsetting my savings, which took my mortgage from 30 years to 19 years.

I also now overpay by £700 a month, and that's taken my mortgage to 8 years.

I will overpay by more each year, and finally add my ISA to it to pay it off entirely; I hope to do this in 4 years.

So it's possible, I'm sure, and I love the control that I have over my finances this way!

KiKi

Prudent

I am a single mum. I took out a mortgage for £28,500 five years ago on a salary (then) of £27,000. I lived below benefit levels and paid off the mortgage in two years. It was a flexible mortgage with no penalties for overpayments. Everytime I made an overpayment I got a letter giving me a new lower monthly repayment figure. It got addictive! I suddenly realised there was less than £500 left at one point and it was a lovely feeling.

Butterfliesarepretty

I would love a salary of £27,000 then I could pay it off quicker!

Capricorn_One

I'm single too, originally had an £83K mortgage and have been overpaying on an offset mortgage and it's now down to £67K. If I keep overpaying at the rate I am it'll be paid off in 4 years. It's a bit of a slog but nothing compared to not overpaying at all.

poppyoscar_3

i'm single and overpaying - admittedly on a small mortgage........in a sense although it's hard to go it alone to be MF, at least i'm in control of the money and i can account for all of it - i NEVER could when i was married!!!!

PO xx

InMyDreams

LumpyCustard wrote: »

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.

I think it's not so much the being single, it's the no children thing that makes it financially easier. It must be hardest for single people with children and (generally) easiest for couples with no children. Dh on his own now takes home more than our combined take home when we first got married and were both working full time and had no children, but we managed to save shed-loads more in those days despite the lower total income. (Saving towards first deposit rather than towards becoming MF)

missyg_3

Tracey some lodgers only need a place Monday-Friday... might be worth looking into?

If I understand right you have £46,000 remaining at age 40 and that's not a bad position to be in at all! A bigger salary would help as you say, what about some extra evening work if you can manage it?

I am a single Mum like others who have posted on here and it's great to see so many successes!

Butterfliesarepretty

KiKi wrote: »

I'm 29 and single, and I bought a two bed flat in Oct 06, for £185K.

My mortgage is £960 a month.

I started by offsetting my savings, which took my mortgage from 30 years to 19 years.

I also now overpay by £700 a month, and that's taken my mortgage to 8 years.

I will overpay by more each year, and finally add my ISA to it to pay it off entirely; I hope to do this in 4 years.

So it's possible, I'm sure, and I love the control that I have over my finances this way!

KiKi

Hi kiki your salary must be high if you can overpay by £700 a month. I am going to put my isa into my mortgage when its built up a bit in a year or so.
Will just have to find better ways to save money. I earn about £1024 a month now but when finish work next week I want to get a higher earning job, but at 40 with no special qualifications two gcses and two rsas I doubt if I will get a higher earning job. 22 years as a clerical assistant!

Butterfliesarepretty

missyg wrote: »

Tracey some lodgers only need a place Monday-Friday... might be worth looking into?

If I understand right you have £46,000 remaining at age 40 and that's not a bad position to be in at all! A bigger salary would help as you say, what about some extra evening work if you can manage it?

I am a single Mum like others who have posted on here and it's great to see so many successes!

I don't like the idea of a stranger living with me, the house is not finished and I like my space, also my daughters room is just that - her room and private. Her bedroom you have to walk through to get to the bathroom. I could create a landing from my room, but the bathroom is set out that the shower is in the doorway. so its a side doorway from my daughters room. These terraced houses had no bathrooms when they were built, just outside toilets. I also believe in only working monday to friday, I am 40 now, you get tired as you get older, I would have done it 22 years ago, but not now. My health is more important and my quality time is too.