We took a balanced approach, we were married at 30 and we agreed we both wanted to retire early at 55. At the time this was 5 years pre state pension for me and 10 years for my husband, now it is 12 years for both of us. Firstly we prioritised our pensions and ensuring we got our maximum employer match. Once we developed in our careers we put extra salary and bonuses into investing some and paying a bit more off mortgage. At 40 we decided to make a concerted effort to pay off the mortgage. We did it in 5 years and we were mortgage free at 45, 10 years early. Since then we have now transferred excess into investing, pensions and ISAs. Now at 50 we are in a good position to be ready to retire at 55 . I know some would argue that we should have invested earlier and left the mortgage, but we are of the generation that remembers interest rates of 15% and people losing their homes so would rather have the security of having it paid off. I also appreciate some people would not consider 45 early but we are on track with our plan started 20 years ago despite the changes in state pension age and the ups and downs of life. Wishing you all well on your journeys.
WOW! What a story! Mortgage Free at 45 is AMAZING. Especially given you were smart to have a balanced approach, which we did too. We too are also paying more into ISA and Pension annually having already paid off the mortgage but we never paused stock market investing whilst paying off the mortgage. We just focused more on different bits at different times and got the exact result that works for us just like you did. Congrats! 😊
We’ve had our mortgage 18 months now and currently paying 10% off every month. We put down 15% deposit and the house has gone up in value by 15%. Going okay so far.
Thanks a lot for your great videos as always. Downloaded Sprive and planning to get on the property ladder. Your channel came as one of the UA-cam suggestions to our research and I must say your channel has been a great blessing and eye opener. Kudos to you and Mary!
I absolutely love this couple and so happy to have met you both last night at the “we are parable” event. We met on our way out of the building with the Director of “Love Language”. no doubt our paths will cross again. Keep doing what your doing. ✊🏾🙌🏾
Thank you, Lara! 😊. I definitely hear you about starting off a bit later than you'd hoped to. You'll be surprised though how quickly the time will fly by.
This is so motivating and really makes me see how possible it is for me to achieve maying off my mortgage early. I only thought it was possible if you were in a relationship but it is really achievable for me as a single mother. Thank you 😊
Great video! In the last 5 years we've paid off chunks, so now we're far more comfortable and it means that from 2020 onwards we've directed cash to the stock market. We could pay off anytime. Just remortgaging now for 5 years for more cheap cash and hopefully more growth once the next year or two are over.
I’ve cut my mortgage down from 25 to 14 years. 11 and a half to go! I’m hoping to cut that down considerably and have it cleared in 7 (or less). I don’t care that I’d have more money investing instead of clearing the mortgage. We live a simple minimalist life to want freedom over money! Thank guys
So I looked the other day and if we don't over pay we will still owe £41k in 33 years time. But once we are credit card debt free (end of this year) we plan to direct that money towards our mortgage so we should be mortgage free in 10 years.
We just fixed for 10 years at 2.32%. We have overpaid by £200 a month for several years but now I'm working again I am considering overpaying more. But it's working out whether to prioritise a stocks and shares ISA (as I have a tiny pension) or the mortgage. Very tricky! I think I will try and split my income to investment and mortgage ... Great video 👍 like you we live on one salary currently
Amazing video guys, as always. What do you think about trying to get the money to buy a house first and then buy it in full without a loan? You could do a video about pros and cons of buying upfront or buying with a bank loan. 😉
If you can buy a forever home without borrowing, that's an insanely great place to be. But it comes with an opportunity cost ofcourse. The problem ofcourse is the cost of time. Waiting to raise that money. I personally wouldn't. I'd get on the ladder ASAP with a decent enough deposit provided the purchase makes sense on paper, etc.
@@TheHumblePenny thanks for replying. I would like you to cover how single parents with incomes around £35,000 pa would save for a deposit, especially in London please. And how Right to Buy actually works please.
@@gwyneveresunlightblade5962 i bought my flat via a right to buy. Your discount is used as a deposit and you are not required to put down any cash however you obviously need solicitors fees. You cant do anything with the property before 5 years else you may be required to pay back part of the discount.
You will never want to pay back your mortgage soon especially during current extreme high inflation period. You are benefiting from the "negative real interest rate" (nominal interest - inflation). I would rather put excess money in a broad market index fund instead of paying back your mortgage.
The best way to minimise the chances of any charges is to not exceed 10% overpayment. Or overpay an extra when your current deal has ended so that you don't incur any charges.
Love your videos but unfortunately if only one person is working in the family and partner unable to work paying off the mortgage in 10years is near impossible in the current climate
@@TheHumblePenny im earning 2k a month after tax and mortgage amount is £730 per month. Im in credit card debt of £7k (Currently paying 0% interest and paying £100 a month also switching 0% deals when neccesary) and loan amount owed £12k (reduced payment of £435 per month to £220) I have done alot of cut backs got rid of all the luxuries, scrapped the mrs car with petrol prices rising its not feasible to run 2 cars. I dont use my car as much either and cycling to work so saving petrol cost of around £100 to £130 per month
I’d love to know what you think about this but…could using a personal loan to pay off a chunk off your mortgage be worth it? If you get the right rate - ideally lower than your mortgage rate (ie. 2.9% upto 25k for a high street bank) - an injection of a lump sum like this reduces your mortgage term and therefore should end up slashing off a larger amount of interest in the end owed for your - longer - mortgage term compared to the interest owed on the shorter personal loan itself. I might be wrong here…but be great to get your take on it? Bless you guys, you must be helping so many people
I started with a mortgage of £358k in 2019 and now thanks to overpayments down to £247k and shaved off 7 years so far (17 left). Feels like a slow burn though but we’re getting there. Was lucky enough to have been given some good advice by yourselves to use savings to pay off larger chunk, which you featured in one of your live you tube videos and helped a lot (missmoneysaver83) thank you very much and great video 🙌🏽 having annual targets helps as breaks it down a bit.
@@TheHumblePenny thank you 🙏🏻 . Luckily I have a great pension as civil servant. I did try investing but just felt it wasn’t for me I’m too risk adverse 😬 maybe I’ll try it again in the future but for now it’s OP’s all the way 🙌🏽
Where are you on your mortgage-free journey? Please comment and share below :)
As a single income how do you do this in 10 years😢
We took a balanced approach, we were married at 30 and we agreed we both wanted to retire early at 55. At the time this was 5 years pre state pension for me and 10 years for my husband, now it is 12 years for both of us. Firstly we prioritised our pensions and ensuring we got our maximum employer match. Once we developed in our careers we put extra salary and bonuses into investing some and paying a bit more off mortgage. At 40 we decided to make a concerted effort to pay off the mortgage. We did it in 5 years and we were mortgage free at 45, 10 years early. Since then we have now transferred excess into investing, pensions and ISAs. Now at 50 we are in a good position to be ready to retire at 55 . I know some would argue that we should have invested earlier and left the mortgage, but we are of the generation that remembers interest rates of 15% and people losing their homes so would rather have the security of having it paid off. I also appreciate some people would not consider 45 early but we are on track with our plan started 20 years ago despite the changes in state pension age and the ups and downs of life. Wishing you all well on your journeys.
WOW! What a story! Mortgage Free at 45 is AMAZING. Especially given you were smart to have a balanced approach, which we did too. We too are also paying more into ISA and Pension annually having already paid off the mortgage but we never paused stock market investing whilst paying off the mortgage. We just focused more on different bits at different times and got the exact result that works for us just like you did. Congrats! 😊
My husband just approached me about this a couple of days ago. I was on the fence since I am a SAHM, but this video was encouraging. Thanks y'all!
You're welcome! It can seem like a lot initially, but once you start, you adjust and it becomes part of an exciting future plan :)
We’ve had our mortgage 18 months now and currently paying 10% off every month. We put down 15% deposit and the house has gone up in value by 15%. Going okay so far.
Great share :). Is that 10% every year? or 10% extra per month?
10% every month. We have other commitments that we can’t get rid off so that’s why.
Thanks a lot for your great videos as always. Downloaded Sprive and planning to get on the property ladder. Your channel came as one of the UA-cam suggestions to our research and I must say your channel has been a great blessing and eye opener.
Kudos to you and Mary!
Thank you, brother 😊🙏🏾🙏🏾
I absolutely love this couple and so happy to have met you both last night at the “we are parable” event. We met on our way out of the building with the Director of “Love Language”. no doubt our paths will cross again. Keep doing what your doing. ✊🏾🙌🏾
Awww what a beautiful evening and so pleased to have met you 😊❤️❤️
Sprive is such a good app!! 🙏🏻 we definitely want to pay off our mortgage early, just gutted it took us so long to get one! Great tips guys x
Thank you, Lara! 😊. I definitely hear you about starting off a bit later than you'd hoped to. You'll be surprised though how quickly the time will fly by.
Love the look of sprive, definitely want to pay my mortgage off early.
Definitely a good move to make
Im passionate about this. Looking forward to this video.
Hope you enjoyed it :)
This is so motivating and really makes me see how possible it is for me to achieve maying off my mortgage early. I only thought it was possible if you were in a relationship but it is really achievable for me as a single mother. Thank you 😊
Hi Melissa
This is good to hear :). Do you mind me asking roughly how much your mortgage amount is? And what income bracket you're in?
My mortgage is 180k and my annual income is about 40k
Great video!
In the last 5 years we've paid off chunks, so now we're far more comfortable and it means that from 2020 onwards we've directed cash to the stock market. We could pay off anytime. Just remortgaging now for 5 years for more cheap cash and hopefully more growth once the next year or two are over.
Good idea.
I’ve cut my mortgage down from 25 to 14 years. 11 and a half to go! I’m hoping to cut that down considerably and have it cleared in 7 (or less). I don’t care that I’d have more money investing instead of clearing the mortgage. We live a simple minimalist life to want freedom over money! Thank guys
Should do one for a single person!
Added to our list :)
So I looked the other day and if we don't over pay we will still owe £41k in 33 years time. But once we are credit card debt free (end of this year) we plan to direct that money towards our mortgage so we should be mortgage free in 10 years.
That's a great plan!
We just fixed for 10 years at 2.32%. We have overpaid by £200 a month for several years but now I'm working again I am considering overpaying more. But it's working out whether to prioritise a stocks and shares ISA (as I have a tiny pension) or the mortgage. Very tricky! I think I will try and split my income to investment and mortgage ... Great video 👍 like you we live on one salary currently
2.32% for 10 years is absolutely amazing! You're doing the right things
Go for the £333 system, an extra £1000 off the mortgage every quarter.
Great video.
Thank you! Please share with others
Amazing video guys, as always. What do you think about trying to get the money to buy a house first and then buy it in full without a loan? You could do a video about pros and cons of buying upfront or buying with a bank loan. 😉
If you can buy a forever home without borrowing, that's an insanely great place to be. But it comes with an opportunity cost ofcourse.
The problem ofcourse is the cost of time. Waiting to raise that money. I personally wouldn't. I'd get on the ladder ASAP with a decent enough deposit provided the purchase makes sense on paper, etc.
Do you have advice for single parent families please? Most of us still rent because of how expensive mortgages are in London.
We'll create a video about this. What exactly would you like our video to answer for you?
@@TheHumblePenny thanks for replying. I would like you to cover how single parents with incomes around £35,000 pa would save for a deposit, especially in London please. And how Right to Buy actually works please.
@@gwyneveresunlightblade5962 i bought my flat via a right to buy. Your discount is used as a deposit and you are not required to put down any cash however you obviously need solicitors fees. You cant do anything with the property before 5 years else you may be required to pay back part of the discount.
@@askdeborahh6412 thank you for clarifying.
You will never want to pay back your mortgage soon especially during current extreme high inflation period. You are benefiting from the "negative real interest rate" (nominal interest - inflation). I would rather put excess money in a broad market index fund instead of paying back your mortgage.
Fair point. Have you read Psychology of Money? If not, read chapter 20.
At the end of the day, everyone will do what works for them :)
Great ideas - shame Spive doesn't support my mortgage company.
What's your mortgage company called?
@@TheHumblePenny West Brom - I know, I hadn't heard of them either until I got my mortgage with them 😄
@@melyh4021 thanks for sharing.
Could you advise if your mortgage lender charges you to make over payments and how you can minimise having to pay these charges?
The best way to minimise the chances of any charges is to not exceed 10% overpayment. Or overpay an extra when your current deal has ended so that you don't incur any charges.
Love your videos but unfortunately if only one person is working in the family and partner unable to work paying off the mortgage in 10years is near impossible in the current climate
We'll make a video for a single family or person.
@@TheHumblePenny thank you family of 5 and being a single earner is not easy especially after taking a 6k per annum paycut
@@xtremefadez5399 what do you currently earn? And how much is your total mortgage amount?
@@TheHumblePenny im earning 2k a month after tax and mortgage amount is £730 per month. Im in credit card debt of £7k (Currently paying 0% interest and paying £100 a month also switching 0% deals when neccesary) and loan amount owed £12k (reduced payment of £435 per month to £220) I have done alot of cut backs got rid of all the luxuries, scrapped the mrs car with petrol prices rising its not feasible to run 2 cars. I dont use my car as much either and cycling to work so saving petrol cost of around £100 to £130 per month
I’d love to know what you think about this but…could using a personal loan to pay off a chunk off your mortgage be worth it?
If you get the right rate - ideally lower than your mortgage rate (ie. 2.9% upto 25k for a high street bank) - an injection of a lump sum like this reduces your mortgage term and therefore should end up slashing off a larger amount of interest in the end owed for your - longer - mortgage term compared to the interest owed on the shorter personal loan itself. I might be wrong here…but be great to get your take on it?
Bless you guys, you must be helping so many people
Thank you! If you can get a cheap enough rate, then yes, it makes sense 😀
I started with a mortgage of £358k in 2019 and now thanks to overpayments down to £247k and shaved off 7 years so far (17 left). Feels like a slow burn though but we’re getting there. Was lucky enough to have been given some good advice by yourselves to use savings to pay off larger chunk, which you featured in one of your live you tube videos and helped a lot (missmoneysaver83) thank you very much and great video 🙌🏽 having annual targets helps as breaks it down a bit.
Wowza! What a huge difference already 🙌🏾. Are you also investing in your Pension and/or ISA?
@@TheHumblePenny thank you 🙏🏻 . Luckily I have a great pension as civil servant. I did try investing but just felt it wasn’t for me I’m too risk adverse 😬 maybe I’ll try it again in the future but for now it’s OP’s all the way 🙌🏽