How old is everyone?

esthomizzy

I'm 29 and I just started a new 25 year mortgage in July 07. I bought my first flat in 1999 for 44k and my current flat with my ex in 2003 for 225k. Last year upon our split I bought him out at a valuation of 350k remortgaging in just my own name. I've been an MFW since forever pretty much but was only in a position to overpay in the last couple of years. It's a lot harder now I'm on my own but I'm currently on an overpayment schedule which means just over 18 remaining years if I can keep up the extra payments every month. That will mean I'm 48 when I finish paying but if I get any money in the meantime anyhow maybe I'll reduce it some more. Mortgage aside it's my hope to retire at the latest at 55. I'd also like to live somewhere with a nice big garden one day but I'm unlikely to be able to move (for job and money reasons) for a long time.

hughmungas1986

ali007 wrote: »

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:

Sounds good and you are slightly older than me !

Just back from the UEFA cup final, great evening out, not cheap but you have to treat yourself sometime. Time to start saving again, need to find the balance for the family holiday, so my next OP will not be anytime soon. We'll just have to keep hoping that the base rate keeps dropping. We are determined not to let our MF date slip.

hughmungas

Karmacat

Hmmm.... saw this thread mentioned by TallGirl, and had to pop along and see.... ulp. So far, only seven-day-weekend is older than me, and I'm still in debt, I'm afraid. I'm 53....

Bought my flat in 1980 or so (dear god, I can't remember) for £15,250 in East London, with a 10% deposit I'd saved. Sold for £26,750, bought in Sussex for £52,000 in 1987, using a deposit of £11,000. Bought this house ten years ago putting in an extra £16k from savings (those were the days!) and its now worth about £280k, so I have about 82% equity. But my income is taking me a bit close to working tax credits, so all is not quite as rosy as that implies...

I *so* wish I'd realised about overpayments earlier - when my business was doing really well, I literally didn't know what to do with my money.

Freyagirl

Karmacat wrote: »

Hmmm.... saw this thread mentioned by TallGirl, and had to pop along and see.... ulp. So far, only seven-day-weekend is older than me, and I'm still in debt, I'm afraid. I'm 53....


Karmacat I'm older than you (56) and still in debt, wish this had been around few years ago. Currently owe £105k on property worth around £200 would love to be able to pay it off before I was 60 but think I'm probably dreaming as the repayments currently take around 50% of my pay. Feel quite envious of some of the people on here who will be mortgage free in their 40's.

Karmacat

Hey Freyagirl - good to hear from another in their 50s! Don't feel it, of course - I'm about 15 internally, yanno? That proportion of debt is high... I have other debt that pushes mine up (in my sig) thats for a good portion of my pension. As I said, I'd love to have had this level of financial knowledge earlier - but my standard of living, and my net worth, are both very, very high compared to what I grew up with, so I have to take that into account too.

To Infinity And Beyond, as Buzz would say...

shazzany

Hi . I'm 32 . OH 37. At the mo we owe around £26,000 on our semi. We bought it for £138,000 5 years ago. It's probably £190,000ish now. ( haven't had an estate agent in to value it for a couple of years now as it was getting to be a habit!)

Was hoping to pay it all off in next 2 years but will probably now be more like 6 years as prob not returning to work for a bit after my next child is born and my OH's salary will just cover basics.

phizzimum

I'm 34 and OH is 39.

I remember hearing about overpaying mortgages many years ago - before we'd bought a house - there was a programme on TV called "mrs cohen's money" or something like that...does anyone else remember it?

It wasn't until I found this site that I realised even small overpayments could make a difference - so that was proably about 3 years ago. Recently I've managed to get OH to support my plans to be mortgage free - so hopefully we'll get a bit more paid off now we're working as a team. maybe it's the fact he's nearly 40 that's making him want to get rid of the mortgage?

my goal is to be mortgage free by the time I'm 40

littlesos

Me and Mr Sos are 36.

We were mortgage free this time last year, after DH and I managed to pay off the mortgage on our first house in 10 years! It only lasted 17 months though as we moved out and bought a much bigger house last June!

£125k mortgage on a £300k house. If my calculations are right we will be mortgage free again in 15 years, or hopefully less.

Littlesos

epsilondraconis

I'm 34, but feel about 50.

I'm trying to find a balance between being mortgage free as soon as possible whilst still having a good quality of life.

Badger_Lady

I was (and still am) 25. I want to become a foster-Mum at some point, and maybe adopt a child, and I'd only feel comfortable quitting work to do that if I had a stable, paid-for home (I don't plan to get a partner).

So I decided to overpay with the intention of becoming mortgage-free at 35.

However, then I decided I wanted to go back to Uni too - lodgers will continue to pay the mortgage while I'm there, but I'm not sure overpaying will be realistic during the five years I'm in full-time education