How old is everyone?

Welshlassie

We're not actually in a position to OP at present as DH has just finished work to look after our DS so presently we just have enough to cover our outgoings with my salary, but as soon as we are in a position to OP we will as we have an IO mortgage for 193,000 over 23 years (although we do have an investment property as well). We currently have £200 per month going into ISAs and other savings plans to help pay the mortgage off at the end of the term, but will hopefully be in a position to pay it off much sooner once I get my next promotion in 18 months or so and DH self-employed income goes up a far bit.

I'm 29 and DH 31 next month. Would love to have it paid off by the time we're 40, so will be paid off about 11 years early.

kimlisa66

Im Kim, 42, separated from OH last October, 3 kids, 20, 17 and 10, two living at home and one in the Army but home at weekends. :beer:

I started to take control of my finances when OH left last year, until then we just spent what was paid in to our current account. Both worked full time, earned around 50k between us. We could have paid off our mortgage years ago if we hadn't been so intent on spending on having a good time. They say you shouldn't have regrets but I do regret p****sing up money that could have been put to far better use. I just wish I had found this site sooner !

This is our third house, worth about 200k, bought for £75k back in 1999.

Mortgage 64k, £32,500 of which is linked to an endowment taken out with our first mortgage back in 1988 with Legal and General. This is due to pay out in 2013, but like every other endowment, subject to a shortfall but , I dont think its going to be as bad as predicted. Ex OH and I are both paying this as we both know it will pay off a large lump sum of the £64k. The other 31.5k has 13 years left to run. OH is currently paying the mortgage, I am paying all the other bills and contributing an overpayment of £50 every month.;)

Don't know what the effect of this will be but OH and I have agreed I can stay in the house until youngest is out of full time education. Then will sell the proceeds and split accordingly but I hope we will be mortgage free in less than 5 years.

I Claimed for misselling about 5 years ago and spent the 1.5k compensation on doing up the house. Might have been better paying it to the mortgage. Cest la vie !:rotfl:

taka

I'm 32!
I've been wanting to overpay my mortgage as soon as I took this current one out. My origional mortgage was due to end in Aug 2019 but when I bought my current flat I had to take it on over 25 years again (so ending Dec 2027). I still want to be mortgage free by Aug 2019 (day before I turn 44...lol) ... only need to knock 8 and a bit years off then :eek:

Hopefully by late summer I should be able to make my 1st mortgage overpayment (been clearing a loan for home improvements 1st, now filling my ISA)

Bubblette_2

I'm 33 and bought my house 5 years ago - started off with a stupid variable rate 25 year mortgage to start with because it was easy enough to get out of - I didn't know much about mortgages so didn't want to be tied in in case I found a better one. Then I discovered offset mortgages 2 years later (no tax, high effective interest rate for savings) and started to see the light Thought that something could be saved with putting spending onto a credit card but avoid charges by paying it off each month. Then came onto this site earlier this year, found this board and the stoozing one and it's been a slippery slope into MF territory ever since! :rotfl: It's a complete addiction to fleece myself to put salary into savings each month. But as a result, even without stoozing, I will be MF (assuming job is secure!) by March 2010 - possibly by July next year with stoozing. So on my 25 year mortgage I would still have 20 years to go, so have cut a good 18 years off and plan to be MF by 35, possibly by 34 - go me!! :j

Malski

Hi, I'm 39. We bought our house for £126,000 in 2002, its worth about £220,000 now. Our mortgage is currently £85,000. We overpay £300 a month at the moment.

jfox22

I'm 24, had my mortgage for 2 years and have 3 years left with a fixed rate of 4.76%. I'm 2/25 years through my mortgage and this month made my first ever overpayment and made sure it was used to reduce the term! I can only over pay by £500 a month for the next three years or i will be charged which is why i reduced the term.

I hope to be able to pay off £500 a month for the next three years then i will revaluate when it comes to deciding what to do with the mortgage.

The longer term plan is to be MF in 8 years.

hughmungas1986

I'm 39, my OH is 38, we hope to be MF by the time our eldest is 18. That gives us 41 months to pay off the mortgage.

So here's to 0ct 2011 :beer:

hughmungas

rrwfotr

I'm 30 bought my house a year ago for 285k got a 85k mortgage, fixed rate ends in feb next year hopefully will pay off mortgage next Feb.

Wondering whether it will be worth paying off mortgage as rates will prob be lower next year and leave savings in fixed rates accounts that may offer better returns.

Move_To_Portugal

We hope to be mortgage free by July 1st 2012. We have 4 years, 1 month and 18 days to go - countdown timer on my desktop.

I'm 43 and dh is 29 (:D )

Mtp

gallygirl

hughmungas1986 wrote: »

I'm 39, my OH is 38, we hope to be MF by the time our eldest is 18. That gives us 41 months to pay off the mortgage.

So here's to 0ct 2011 :beer:

hughmungas

Hughmungas (OMG, just worked out your user name, doh :doh:), I'm considerably older than you (46!!!!!) but we owe a similar amount and my target is Aug 2011, so lets chivvy each other along :beer: