How old is everyone?

kosma1

i was 25 when i took on my mortgage by myself for a 25 year term. I am now 34, and have remortggaed to repayment mortgage last year fo 20 years, so mortggaed until i am 54, but hey, then i found this site.

never though about overpaying before, and even though my mortgage is only 31k, so a lot less than a lot of you succesfully overpaying, i havent been able to overpay yet due to other debts etc.

will hopefully start paying this summer when i get payrise, and yes, i do also have a mortgage pig who is getting heavier every day.

dont know when i hope to be mortgage free, but i just want to do my bit to get this mortgage down, as i would hope to move in next couple of years, yes, it may mean probably doubling my existing mortgage if not tripling, but i would do this with my partner, and hopefully end up with a home i am happy with, as i am not happy where i am now.

good luck everyone, i am sure we will all make a difference

Poosmate

Hey poppy

Sorry but I'm 41.

I have about 40k to go over about 17 years. I haven't been able to make overpayments yet as I've been trying to pay off debts.

When I first bought this house I struggled to make the payments till my salary caught up a bit after a couple of years (I originally bought with an ex, split up and I got custody of the house hence the struggle). For the next 4 years I was able to make small overpayments by increasing the payments by the amount of my annual pay rise year on year.

Then got into some serious financial trouble and was taken to the cleaners by wonderful boyfriend. I didn't declare bankruptcy as I was advised, but worked through it and have just about coped ever since hence the 40k and 17yrs to go! Grrrr!

I should be mortgage free and debt free now. Oh well! I'll keep plodding on.

Poo

seven-day-weekend

We bought our house in 1976 and every time the interest rate went up we continued to pay it at that rate. At one time it got to 15% so when it went down again that was a big overpayment. We were mortgage-free on that house in our mid-40s. (mid 1990s). We still own this house.

We then bought an investment flat in 1997 after I'd gone back to work full-time and sold it in 2005. We paid off its mortgage plus our remaining debts and have been debt-and mortgage-free ever since.

Our house in Spain was paid for in cash.

We're 58 and 59 now - much older than most of you on here!

seven-day-weekend

poppyoscar wrote: »

yeah but how old are you?
i'm desperate for someone to be more than 47 yrs 4 months and two days (as of today!!)

PO xx:rolleyes:

Yes, I have the record for being the oldest, see my post above!

But we have TWO mortgage-free houses!

Jonesy_Bonesy

I'm 34 and Mrs Bonesy is also 34. We will be mortgage free by the time we are 36 :beer: . Have a little'un and another due in 6 weeks.

Wish I'd discovered this site years ago when we were both earning and no dependants. We were always sensible and didn't have debt's, but spend our monthly income on all sorts of unnecessary "junk". Never even thought of overpaying mortgage until I found this site. Have a much improved attitude to money now, especially with MFi3 target and her being a SAHM nowadays.

LilacPixie

i'm 27 my husband 24. We have 20k of stupid overspending debt to clear before we can truely beging our ultimate aim of being mortgage free.

The plan is clear all unsecured debt by jan 2010. Move summer 2010 hopefully while not increasing the mortgage term and then over pay over pay over pay. Ideally we will buy a 3-4 bed detatched and never have to move again. MF by 35 (2016)

Kaz2904

I was 30 on 29/04. I wanted to be mortgage free before I ever got a mortgage (aged 23)! My friend was telling me about her Dad's mortgage which back then was known as an Australian mortgage and she said he used it as a bank account and supposedly it saved him lots of money (don't we know it!). I thought this sounded like a really good idea so when we got our mortgage made sure it was a flexible one. All very well Kaz but I still didn't get round to making overpayments. When we came to remortgage 2 years later and 5 months pregnant with no.2 we chopped a year off to round it up to what we were paying when we first got the mortgage. We chose a fixed rate this time in view of no.2.
18 months later we decide that we really need to move as we had no garden and 2 very active kids. The mortgage co said they could lend us the extra so we looked around and got our flat valued. I went onto permanent nights as we didn't think we could afford to double the mortgage and still pay for childcare. Our flat sold the first viewing but took 5 long months for us to get into our house. When we were looking at remortgaging we had a figure in our heads that we had looked at (£650) and couldn't pay more than this per month. Played around with figures with the mortgage chap on the phone and ended up with a payment of £649.75 over 18 years so managed to cut time off it again.
By this time we'd realised that I earned an awful lot more by doing nights. Plus we weren't paying out for childcare. Plus we'd been absolutely bricking it about paying for everything and went completely nuts, stopped spending any money and lived on virtually nothing other than our veg box each week (I may be exaggerating!). At the end of this time we suddenly had £5k saved up which enabled us to pay the fees outright.
Mother lent us some money as house no. 1 fell through and we lost £1500 and found house no. 2 at £15.6k more and it needed everything doing to it!
Moved in in the may, bought new kitchen in the July as it was 75% off. Then had problem with the heating fitting which meant bathroom had to be ripped out to do it properly. This meant kitchen had to wait. By the January we had bought the kitchen and the bathroom so we felt we could afford a £100 op. Spoke to mortgage co- fine but any op= 4% penalty. We figured we could live with losing the £4 per month so started payments at £104. When we got the statement in April 2006 it showed that the whole £104 had been applied to the mortgage. When queried it was clarified that we only paid the 4% if we cleared the mortgage in the tie in time!
So we rethought the strategy and increased the op.
At some stage we watched the Pay your mortgage off in 2 years and while we knew it wasn't possible for us it gave us the inspiration.
When I was coming up to getting my 2007 statement I found I'd been chatting to some fellow MFW's and competition hotted up.
Then this crazy bloke (DD) suggested a MFI3 challenge. And here I am!
I've had a mortgage for 7 years come 21st August. I may or may not have one in 7 years time- but I'm hoping for the not (or at least to have more money in ISA's than I owe!
BTW- I talk an awful lot!

poppyoscar_3

seven-day-weekend wrote: »

Yes, I have the record for being the oldest, see my post above!

But we have TWO mortgage-free houses!

That's 2 more than me! - gives me something to aim for then:D

thanks for being older than me anyway!!

PO xx

TallGirl

I am 37 years old and my DH is 45 we have no children just a big cat.

We bought a small new build for £87,500 in 1994 and thanks to FIL we got an £80,500 mortgage as he gave us the deposit.

We got talked into taking out an endowment mortgage and to the honest I did not have a clue about finances then. We did not have a penny to our names and bought most of the furniture on credit. So that was us 21 & 28 years old with a £80.500 mortgage due to be paid off in 2019 - really scare then.

Anyway to cut a long story short we have since re-mortgaged in 1999 to an Offset Mortgage with the Woolwich. We cashed in the endowment and paid off some credit cards. We still owed £80,500 but decided to overpay then by £250.

Started the MFi3 Challenge in April 2007 with an £45,500 balance with 12 years to go but I had just got a new job giving me a 25% payrise which did help.

We now want to pay it off in 2 years as I will be 40 in 2010 so are currently overpaying by about £500 plus making an extra payment each month to clear the interest added. That is about £55 but going down and should mean we clear our original mortage 9 years early.


Just committed to having our ensuite, bathroom and cloakroom done that is £15k but hope we can still be MF in 2010 using savings and cutting back.

comping_cat

Im 36, a single mum and i bought this house back in 2003, with a 89K mortgage over 30 years, house worth 99K. In 2005 i remortgaged - my advisor advised me to remortgage for 90K, even though i only needed 86.5K, and to repay the extra 3.5K immediately, that way if i ever needed any emergency money, i could borrow back anything i had overpaid, without having to remortgage. The mortgage i took allowed unlimited overpayments, and providing you withdrew at least £500, they would get the money to you within 48 hours. At that point i just had the idea of using the mortgage as my savings, better pay a bit more off that than keep it in a low paying account.
Then, i watched pay your mortgage off in 2 years, and Martin started this board.
The thought of paying off my mortgage early then turned into a bit of an obsession, and although i would love to be free by the time im 40, being on my own and only having limited earning potential that isnt really possible. I save money by meal planning, getting the cheapest prices for anything and everything, entering competitions for presents, things we need/want and things to sell, ebay, amazon (if its not bolted down i can/will sell it) car boots, completing paid to click sites and completing surveys. Im even thinking of dabbling in matched betting, but think i will aim for the begining of the football season in August for that.
Im also saving my Tesco clubcard vouchers at the moment, as we would love to go to Florida next year, i already have £1300 worth of deals so although most of my money goes into the mortgage, i do make sure that we do other things as well - im determined that my children wont miss out because it didnt work between their dad and me. (they dont see much of him, and apart from the CSA, he doesnt help at all).
However, i am planning on being mortgage free by the time my oldest is 18 (he is 11 now) which is when my CSA money, child tax credit, child benefit etc goes. If im mortgage free, the money i had been paying on that will cover what i lose, and i might even be in a better position to help my children through university or whatever.

My house is now worth 150K (3 bed, end terraced) although in the current climate, that might fall, but as i have no plans to move at the moment, it isnt a worry for me - and my mortgage is now for just under 68K - ive already knocked off just over 8 years of my term and im planning more!!