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  • FIRST POST
    • Staffordia
    • By Staffordia 25th Jun 13, 6:23 PM
    • 128Posts
    • 599Thanks
    Staffordia
    When I'm 64!
    • #1
    • 25th Jun 13, 6:23 PM
    When I'm 64! 25th Jun 13 at 6:23 PM
    Hello everyone, I have gained so much inspiration from reading various diaries, that I have decided to post one of my own.

    In February 2012, I purchased a house of my own following the break up of my long term relationship. House was £162,500 with a mortgage of £127,000 over 20 years meaning monthly repayments are £716.48

    The 20 year term meant that I would be mortgage free age 64 . It was always my intention to over pay, as I didn't want to be working to pay for a mortgage into my sixties.

    I have taken the first year to get used to paying bills and budgeting. I now have a plan of action in mind to overpay, save and enjoy life

    I need to build up an emergency fund, as all of my savings were wiped out purchasing the house. I currently have £2,690 in an ISA, need to try and fill it by the end of the tax year.

    Since May, I have rounded up the mortgage payment to £750, I think that is known as a Tilly Tidy A small overpayment, but a start nonetheless.

    I want to be mortgage free before my 60th birthday, so I can retire, this is definitely achievable and I am hopeful that I can knock a few more years off along the way
Page 5
    • Staffordia
    • By Staffordia 14th Mar 14, 9:08 PM
    • 128 Posts
    • 599 Thanks
    Staffordia
    So I have noticed an unauthorised visa debit payment has left my account

    A dispute has been raised and I have asked for the card to be cancelled and a new one with a new number to be issued. Sometimes it seems like it is one hassle after another.
    • Staffordia
    • By Staffordia 25th Mar 14, 6:43 PM
    • 128 Posts
    • 599 Thanks
    Staffordia
    Managed an overpayment of £385 this month the only problem is I don't know how I managed it. Mortgage now stands at £116,852.
    • Staffordia
    • By Staffordia 25th Jun 14, 12:40 PM
    • 128 Posts
    • 599 Thanks
    Staffordia
    I joined this site a year ago today. At the time my mortgage stood at £120,745, it now stands at £115,306. I have also had to buy a car this year, which affected my overpayments, but I have kept plugging away and hope to up the overpayments over the next year. My current mortgage free date is October 2031, so I have knocked off 5 months so far, again I hope to improve on this over the coming year.
    • Staffordia
    • By Staffordia 28th Aug 14, 5:56 PM
    • 128 Posts
    • 599 Thanks
    Staffordia
    I have scraped together £1000 and moved it to my offset, so feel like I am moving in the right direction. I have also helped OH with sorting out her mortgage and she is now due to finish in 4 years rather than the 11 she had left. I think she now understands why I have been trying to overpay as much as possible.
  • hanging_on_in_there...
    Well done! That's allot of money to put by!
    BoDiddly
    Trying our best!
    1st mortgage: was £23,127.00 now £22,480.00.
    Offset £20,100.00.. MF Jan 2015.
    2nd mortgage: was £13,900.00. Now £13,608. MF March 2016 or sooner!
    • Staffordia
    • By Staffordia 8th Nov 14, 10:44 AM
    • 128 Posts
    • 599 Thanks
    Staffordia
    I have had a lot going on recently, but the upshot of it has meant that I have been able to move a large amount to my offset, clear my car loan and put some money into a couple of 5% interest current accounts.

    Mortgage balance = £113,991.68
    Offset balance = £32,305.76
    This means that I have £81,685.92 outstanding

    I have cleared over £45,000 since February 2012. I'm pleased with this, but definitely need to keep going.

    Thanks to all of you who are regular posters on the MFW board, you are keeping me going.
    • Tilly MFW in 6 YRS
    • By Tilly MFW in 6 YRS 8th Nov 14, 11:25 AM
    • 7,652 Posts
    • 87,075 Thanks
    Tilly MFW in 6 YRS
    That's brilliant progress


    Tilly x x
    2004 £387k 29 years - MF March 2033
    2011 £309k 10 years - MF March 2021.
    Achieved Goal: 28/08/15
    • Staffordia
    • By Staffordia 25th Jun 15, 11:33 AM
    • 128 Posts
    • 599 Thanks
    Staffordia
    Time for my anniversary update.

    Current mortgage balance is £110323, of which £33711 is offset leaving £76612 owing. Daily interest is £5.96 down from the original £11.18 in February 2012.

    In addition to the offset, I have £5000 earning 5%, although this will reduce to £4000 once my Flexdirect year is up. I also have around £1000 set aside for yearly bills etc.

    Since July I have been investing in a S&S ISA and have invested £3700 so far. Current monthly contribution is £200 but this is under review as I had a pay cut of £170 net per month

    I tend to browse the forums most days and am grateful for the regular posters who have helped keep me on track.
    • Staffordia
    • By Staffordia 3rd Apr 16, 10:17 AM
    • 128 Posts
    • 599 Thanks
    Staffordia
    In the dim and distant past I was persuaded to take out an endowment for my first mortgage. Through various moves I kept paying into this and this month it paid out. While it was not enough to clear that original mortgage it has made a healthy contribution to my offset.

    I now have just over £62,000 offset, which leaves me with just £40,000 left to pay. I have various scenarios worked out, but if all stays the same then I should be fully offset by March 2020, which would be fantastic and hopefully allow for retirement three years later at 57.
    • Staffordia
    • By Staffordia 28th Jun 17, 6:27 PM
    • 128 Posts
    • 599 Thanks
    Staffordia
    Well over a year since I last posted, although I do read a few diaries on a regular basis.

    I remortgaged in February and currently owe £52340, offset is £20000 so £32340 owing in total. The fix will finish in Feb 2020, and by my calculations I will be left with a balance of around £7300, I currently have this in accounts earning more than my mortgage interest.

    All being well the mortgage will be done and dusted in 8 years! Early retirement at 55 is not a forlorn hope after all
    • Kittenkirst
    • By Kittenkirst 28th Jun 17, 7:17 PM
    • 2,105 Posts
    • 11,556 Thanks
    Kittenkirst
    Fab to read your progress

    You'll smash those figures!
    2019 MFW #20£639.69/£4500 14%

    Mort- Oct16 £170.995 (end Nov 2041) Dec18 £152,838

    Overpayments 2016 £255.50 2017 £2600.40 2018 £4500
    Referral codes= Prolific- 8JXN5BVG shopmium- ACEAHKFA Shoppix- 57VB13QH
    • Staffordia
    • By Staffordia 17th Apr 18, 11:35 AM
    • 128 Posts
    • 599 Thanks
    Staffordia
    Lots of changes on the horizon. My GF retired (early I have to add) last summer, and is really enjoying the freedom she has.

    I am in the process of selling my house, and purchasing a bigger one, which means a temporary increase in the mortgage. GF will then sell her house and move up with me, house will then become ours, and the mortgage paid off.

    Only fly in the ointment is my conveyancer who is holding things up, we are now 3 months into the process!

    Keeping my fingers crossed that it won't be long now, I initially specified a moving date of 18th April, not going to happen!

    If this all pans out, I will be on track to retire early in 4 years.
    • Staffordia
    • By Staffordia 28th Nov 18, 8:50 PM
    • 128 Posts
    • 599 Thanks
    Staffordia
    I am mortgage free

    Girlfriend sold her house, moved in and the mortgage is history.
    • kev2009
    • By kev2009 28th Nov 18, 8:58 PM
    • 329 Posts
    • 465 Thanks
    kev2009
    Congrats!!

    Retirement still in 4 years or sooner?

    Kev
    • Kittenkirst
    • By Kittenkirst 29th Nov 18, 6:02 AM
    • 2,105 Posts
    • 11,556 Thanks
    Kittenkirst
    How fantastic!!

    What a great feeling to know you and gf both own your very own home

    What’s the next plan? Retirement or something else?
    2019 MFW #20£639.69/£4500 14%

    Mort- Oct16 £170.995 (end Nov 2041) Dec18 £152,838

    Overpayments 2016 £255.50 2017 £2600.40 2018 £4500
    Referral codes= Prolific- 8JXN5BVG shopmium- ACEAHKFA Shoppix- 57VB13QH
    • CathT
    • By CathT 29th Nov 18, 7:04 AM
    • 5,921 Posts
    • 41,339 Thanks
    CathT
    Just found your diary and you're now mortgage free! Enjoy the early retirement planning and all that spare cash.
    Feb 2019 - part 1 - £72,194 part 2 - £44,313
    Total - £116,508 107 months to go!
    • Poppycat1
    • By Poppycat1 29th Nov 18, 10:03 AM
    • 164 Posts
    • 624 Thanks
    Poppycat1
    Just read all of your diary. Well done. I hope you are both very happy in your mortgage free home together. It's great reading stories like yours.
    MFW #25 - 2019 - Aim to get mortgage to £100,000, Start - £108,460.35. Current - £107,860.00
    MFIT-5 #25 - Aim to get mortgage to £70,000 (or have savings to get to this amount)
    Save £12,000 in 2019 #38 - £550
    Make/Save £2,019 in 2019 - £78.28
    • Staffordia
    • By Staffordia 29th Nov 18, 6:50 PM
    • 128 Posts
    • 599 Thanks
    Staffordia
    How fantastic!!

    What a great feeling to know you and gf both own your very own home

    What’s the next plan? Retirement or something else?
    Originally posted by Kittenkirst
    Thank you, retirement for me in under 4 years is the next aim.

    Want to spend time doing things with my girlfriend not stuck in an office 50 miles away.
    • Staffordia
    • By Staffordia 29th Nov 18, 6:53 PM
    • 128 Posts
    • 599 Thanks
    Staffordia
    Thank you Poppycat1, CathT and kev2009.

    I feel great about what the two of us have achieved together, a fabulous mortgage free house and the fact that after 6 years of a semi long distance relationship we are finally living together.
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