How old is everyone?

bootman

I am 38 and have 3 more payments to make to clear my £120K mortgage that was taken out 5 years ago. Prior to moving to this house we cleared our previous mortgage in 5 years as well.

We have no plans to move now as work commitments have changed direction, so it will seem really strange not saving every penny to overpay as we have done for the last 10 years in total.

one2escape

Grace_Addley wrote: »

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?

now is the perfect time to buy if you have the money. You buy a low tide and sell at high tide. If I had money I would be trying to buy a second house. Brilliant book to read is Rich dad poor dad.

uzubairu

fluffysox wrote: »

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: .

Our overpayments on our previous mortgage started at just £50 too.

When we took out our £113,000 mortgage in 2006, reaching the £100,000 milestone was our first goal. It gives you such a sense of achievement.

We soon realised that with pay rises, the overpayments could increase without us having to go without treats.
We currently overpay £500 (max allowed), and use up our Cash ISA allowances each year, to pay of the rest when the Fixed Rate ends in 2016.

sreppaw

the regular payment on the account is now £806.00 on a £90,000 loan.

That does sound expensive (we pay ~£650 on 115k/30years). Whether a new lender will accept you depends on lots of things, loan-to-value ratio (75% is needed for best deals now), income multiple, most (reputable) lenders will now only loan up to 4x income - other debts.

Optimisticpair

I'm 53 and three weeks and he is my toyboy at 48 this year.

He has a £17 k Interest Only mortgage which we plan to clear off in 2009 and we are mid his house sale and our purchase with a new mortgage of £73, 349 in the wings. His sale will clear his £7k CC off.

I rent cheaply but I have an investment due to morph into cash soon which is earmarked a) to pay a lump sum of the new mortgage, b) as car savings and c) an emergency fund. Items b. and c. are going in the offset as savings and the remainder is more or less destined for repairs, insulation, an ultra low electricity consumption kitchen (there is no gas supply) and a sofa. Amounts are 'back of envelope' since the cost efficiency of the CH is not known.

Not at all MS but we plan to add a dog and a cat to complete the family! Can't wait to get cracking.

DarkHorse

I am 36, married with 2 young kids, and finally payed off my £210k mortgage with The One Account 2 months ago. My One Account is now in a positive balance rather then negative.

I will also have the endowment policy that I originally took out to repay my original mortgage maturing in the next 10 years, so will have this windfall to look forward to receiving myself.

We have secraficed many things over the years (holidays, cars ect ect), but now we can relax and enjoy the things that we had previously sacrificed.

Kavanne

DarkHorse wrote: »

I am 36, married with 2 young kids, and finally payed off my £210k mortgage with The One Account 2 months ago. My One Account is now in a positive balance rather then negative.

I will also have the endowment policy that I originally took out to repay my original mortgage maturing in the next 10 years, so will have this windfall to look forward to receiving myself.

We have secraficed many things over the years (holidays, cars ect ect), but now we can relax and enjoy the things that we had previously sacrificed.

Nice one Dark Horse! That is where I want to be at 36!!

donstermonster

36 and became mort free on August 1st 2008 aged 41 and a bit

Just about to take out another mortgage (50k)though to extend BUT intend to pay it off in three years which is nearly impossible but if i set the traget high i will probably pay off more than if i set it realistic

Not a method for everyone but works for my own personality

Good on you everyone , keep it up !!!

DianneB

Hi Poppyoscar, okay I confess I am 54 and still not mortgage free!

hazelize_uk

Hi I'm 35 my OH is 42 we have 2 children aged 12 and 10 - and we are ever so nearly Mortgage free! plan to pay the £901.23 this month (i have to have it rounded!) and then the final £600 + whatever then end us charging as the final fee (I think its £250) by the end of October and then thats it! Planning to keep saving what we have been overpaying on the Mortgage and hopefully buy a second property without a mortgage depending on what the prices get up to!