How old is everyone?

benbenandme

I was 32 when ex left in 2005, I paid him 10K to get him off the mortgage and then sold the house for 241,000 (mortgage was 121,500). I bought a new flat for 162,000 with a mortgage of 60,000 in June 2007.

I'm now 35 and the mortgage is curently 52,669, aiming for 50,000 by the end of the year :beer:

rinkydinkpanther

Me and husband both 35. We bought seven years ago, and have now paid off our student debt (hubby was a mature student and didn't graduate until he was 27). We enjoyed a few years of having money, but then looking at my mortgage statement and realising that we'd made about 50k of payments and yet knocked a really pitiful amount off our 93k mortgage gave me a wake up call ! We've moved to an offset and are chucking all the money we can at extra payments...and are on course to be MF by the 10th anniversary of moving into our house.

beautyqueen88

Im 19 and oh is 22 our mortgage starts on friday
i've already let them know i want to overpay £50 a month lol
not that much i know but we will overpay more once we've done most of the decorating.
many years of mortgage payments ahead of me i reckon but hopefully less than if i didnt overpay.

fluffysox

I'm 28 and OH is 31. Bought this house in 2005 with a 100% mortgage of £118500, although house was advertised at £135000. Quickly noticed how little would be paid off each month, payments of £750 only reduced mortgage by about £115:eek: . However couldn't really afford to overpay much in the first year as we'd really stretched our salaries to get that mortgage and the house needed lots of work- still not finished:o . Also OH had a car on finance which took another year to pay for.
However our salaries have increased since then and so we keep adding to the overpayments when this happens. Also as interest rates have gone up then down we leave the payment at the higher rate. Mortgage now is £106000- can't wait to get it below £100000.
Beautyqueen- don't worry if your overpayments are small to start with, it all counts and every £50 you pay off early is saving you the equivalent amount in interest over the term. 50 x 12 = £600 in overpayments in first year saves £600 in interest payments:T . Plus as your salaries increase which they will- you can up the overpayments:rotfl: .
Also wish I'd found this site earlier though- we actually spend less on groceries now than we did in 2005. Used to spend about £60 a week for two adults, now spend about £35. More cash available to overpay on mortgage and enjoy meals out with friends etc.

coldstreamalways

I'm 26 & hubby is 42, my mortgage is £210000 & I'm saving & saving to get this down to under £200000 by this time next year, he's doing his best but pays so much a month to his ex & we have the kids a lot. I'm starting to think I'll have to work forever

Lennys_Shinpad

Well, it seems strange me actually posting on here, not having a mortgage (so technically being mortgage-free). I've been a lurker for over a year now. I'm 29 and my OH is 35 (I'm her toyboy). At the moment, we are renting and are busy clearing our debts and stashing away money for a deposit. I should have cleared my student loans by the end of the year, which will be a small victory.

My plan is to clear whatever mortgage we get by the time I am 40. The way things are looking, the amount we'll need to borrow is getting smaller every month.

It will be difficult to fit our plans to travel, work abroad and have children into this but, with all the tips on this great forum, I'm hopeful we can do it.

Clearing my mortgage by the time I'm 40 will give me one reason to look to being 41!

ska1982

I'm 25 and OH is 27. Recently sold our flat (72,500 over 30 years) and bought a small 3 bed house. Our new mortgage is 130,000 :eek: over 25 years, started in June 08. At the moment we are saving money into our ISAs. Once that is done we will start the grand plan - prob will take a while as things are tight at the moment !!

We have to reduce the mortgage, because at the moment it means no children. We couldn't afford child care, we couldn't afford me staying at home, my parents live abroad, OH's parents have just retired and are off around the world for the next 3-5 years in a camper van... which I think is fab and wouldnt want them to change their plans - so they don't know about our little problem.:o

We knew this would be an issue before we sold and bought the house, but we lived in a really rough area and after 3,5 years it was getting too much so we got out.

So if we want a family we better start saving...
Ska

Butterfliesarepretty

I took on my mortgage with nationwide in 2002 £34,000 paid £5,000 deposit then had dampproof put in using the retention fund of £1,500, so then it was 31,500 over 23 years. I then added £16,000 on - from the advice of my then fin advisor boyfriend which possibly is the worst thing to do with credit card debt. One year ago I joined this site, after taking vol redundancy with a good money package and some in savings I am now paying £50 more a month on my mortgage while I look for a job. don't think I will be mortgage free in twenty years but its not easy paying a mortgage on your own.

segi

hello

my husband and i remortgage our home from the Halifax to Derbyshire homeloans in order to raise some cash. Shortly after that my husband passed away in 2007. Our fixed rate ran out in 2006 and I was told that our LIBOR rate will run out in September 15th 2008. Since I am now on my own, a widow with £90,000 mortgage to take care of, I am looking for a better way to manage the money I have got. I am reluctant to pay off my morgage because I have got a teenage daughter, the regular payment on the account is now £806.00 on a £90,000 loan. I am a university student at the moment, hoping to go to work immediately after my graduation.

My question is would i be able to move my mortgage back to a high street lender, in order to pay less than i am paying now, and how do I go about it without being messed about by morgtgage advisors as wehave experienced in the past

Please a sound advice will be much appreciated.

Thanks
Segi

segi

hello

my husband and i remortgage our home from the Halifax to Derbyshire homeloans in order to raise some cash. Shortly after that my husband passed away in 2007. Our fixed rate ran out in 2006 and I was told that our LIBOR rate will run out in September 15th 2008 Since I am now on my own, a widow with £90,000 mortgage to take care of, I am looking for a better way to manage the money I have got. I am reluctant to pay off my morgage because I have got a teenage daughter, the regular payment on the account is now £806.00 on a £90,000 loan. I am a university student at the moment, hoping to go to work immediately after my graduation

My question is would i be able to move my mortgage back to high street lender and will i be able to move my mortgage in order to pay less than i am paying now?
Please a sound advice will be much appreciated.

Thanks
Segi