How old is everyone?

tootallulah

Hi, I'm 50 going on twenty three. I hope to be mortgage free in 7 years on my second property (paid off my first mortgage six years ago). To all the over 50s regretting not starting earlier, ain't that the truth! I really paid off my first mortgage by mistake. My endowment statement arrived and I realised that there was enough in it to pay off the mortgage with some left over. So I cashed it in paid off my first tiny mortgage and bought a 2nd house leaving me with £170k mortgage at age 50, it was rather daunting.

I've been overpaying since the first payment on this mortgage. I would really like to retire early and that means paying off the mortgage and getting together some savings in the next five years. But I also agree that life is for living, probably because I am older so I do try hard to overpay but holidays and good times are important and I don't stint on them.

minnie999_2

the best feeling in the world was when hubby and i paid off our 250k mortgage in 3 years
we where lucky enough to pay a big bulk of it as hubby had a property to sell beforehand, that was a very big help, but we saved saved and saved every penny we had.
im 30 hubby is 34, we paid it off last year, now we just saving the 1,200 a month which went for the mortgage.
good luck to all those trying to clear theres, it can be done...!

clearmydebts

Ma77hew wrote: »

Me and the Mrs are 25, we started overpaying the mortgage this year was £142k now £135k. We decided we wanted to be MF by the time where 30 so that we can buy another house somewhere hot & sunny and get that MF soon after so that we can say bye bye work, and possibly England.

Neither of us want kids (at the mo anyway, been married 3 years so unlikely to change) so we are looking to give up our professional careers as early as possible, then maybe have hobby jobs, but def be somewhere sunny.

Great attitude! I also want to depart England but need to clear my debts first and then overpay the mortgage. One day! :A

DdraigGoch

I'm 51 and my lightbulb moment about being mortgage free was when I was 10!! I was chatting with my Dad about our new house and he explained about mortgages [big loans, basically] and I nearly died of fright. I have had stupendously large mortgages since then, but, thanks to my dear departed Dad, am now mortgage free.

I may haven o pension and no job, but I am mortgage free. Thanks, Dad.

dorry_2

I am 44 and aim to be mortgage free in 5 - 6 years! :T instead of the 12 years left :T

aviator

my partner and i are on reasonably good salaries.
Property bought for £130K
Deposit put down £23K = £107 Mortgage.

Property bought = July 2006.

Outstanding mortgage £52K

We are on mission to pay this off ASAP.
We are saving, saving and SAVING!
All expenses cut down!!!

Nala

I'm 38 and OH is 47.

We've become MF 3 times. 1st time, I was 21, 2nd time, I was 30 and for the final time....34. Thing is I now have itchy feet and quite fancy moving again but think that's not going to happen for a while as we have 2 pesky kidlets that like school trips and holidays and it certainly feels great being able to pay for these things without worrying.

Good luck to all the MFWs - life may not be perfect but it's a hell of a lot easier.

Just as an aside. This forum is like a breath of fresh air. Not one of our friends seem to want to be MF. Reasons being that 'everyone has a mortgage for at least £100,000' and 'the mortgage ends when we're 65'. Each to their own, I know, but, aaarrrghhh!

uzubairu

I'm 38 and my OH is 37.
We took out our 2nd mortgage in June 2006 on a new-build home with all the space and comforts our first home lacked.

We knew that we wouldn't be moving anytime soon, so we opted for a Nationwide 10 year fixed rate (4.79%).
We have a standing order to overpay £500 (max allowed)

Our £113,000 mortgage is now £99,600.

We also have cash saved in our ISAs, so that when the deal ends in 2016, we will have enough to pay off the rest of the mortgage.

Mortgage free by 2016 hopefully.

Grace_Addley

I'm 62 and have paid off my £190,000 mortgage but just feel all that equity is a waste. Would like to know if there's anything out there at the moment I can invest in with low risk. Don't want to buy a house to let as it's not the right time. Any ideas?

drewkent

I'm 24 and partner is 28. We bought our place 2 years ago and have reduced the mortgage from £127.5 to £122 (if not less). We make an overpayment of about £1000 every 4 months or so.