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  • FIRST POST
    • Frugaldom
    • By Frugaldom 23rd Nov 07, 9:48 PM
    • 5,888Posts
    • 50,829Thanks
    Frugaldom
    Buying a house without a mortgage
    • #1
    • 23rd Nov 07, 9:48 PM
    Buying a house without a mortgage 23rd Nov 07 at 9:48 PM
    Is it still possible, do you think, to aim for being mortgage free when you haven't actually got a mortgage? (I rent) Technically, that makes me, and anyone else in this situation, mortgage free, but it also makes us "home-less". So, when everyone on here is trying desperately to rid themselves of their mortgages, is there a way that us non-home owners can join in and attempt to, for example, save to buy a house outright in x number of years?

    Is it possible?
    Is it wise?
    Is it beneficial in the long run?
    I have searched and can't really find much information about this.
    Is it because it's a bad idea? :confused:

    Handy Links
    Nationwide's house value calculator
    UpMyStreet house prices
    Propertyfinder website
    Nethouseprices.com

    By searching the likes of UpMyStreet, you can locate the date a particular house was sold and the price it made. Then, by using the likes of Nationwide's house value calculator, you can estimate very roughly how much that house is likely to be worth now. There are several ways of doing this and I'll add any handy links I find to this post as I find them. Sites like Propertyfinder are handy for seeing what the current prices are in whichever location you choose, and there are still plenty of bargains to be found.
    Last edited by Frugaldom; 15-08-2008 at 8:15 PM. Reason: Adding in link
    I reserve the right NOT to spend:
    The less I spend, the more I can afford!
    Now running Frugaldom as a lifestyle social enterprise!
Page 18
    • Lexi-lu
    • By Lexi-lu 16th Jan 16, 1:03 PM
    • 153 Posts
    • 735 Thanks
    Lexi-lu
    Hello,

    I have enjoyed reading through some of your diary, very inspirational. Thank you for posting, your home looks beautiful.

    LL
    Mortgage Balance £41,278
    Savings for O/P £19,423
    • Frugaldom
    • By Frugaldom 16th Jan 16, 1:15 PM
    • 5,888 Posts
    • 50,829 Thanks
    Frugaldom
    My mortgage free home
    The house still isn't fully renovated, so my personal diary of progress continues on my usual shoestring household budget while everything else goes towards improvements, life, fun, family, friends and, most of all, Frugaldom.
    I reserve the right NOT to spend:
    The less I spend, the more I can afford!
    Now running Frugaldom as a lifestyle social enterprise!
    • Frugaldom
    • By Frugaldom 15th Dec 17, 4:59 PM
    • 5,888 Posts
    • 50,829 Thanks
    Frugaldom
    10 full years on from starting this thread...

    I'm not sure if anyone still reads this thread but my challenge still remains in place... life continued in the same vein, still does, and the ultimate dream of owning enough space to allow others to come and experience a rural, frugal lifestyle is slowly coming true. If any of you guys are still here, please let me know. And if any of you fancy a frugal break in 2018... let me know sooner rather than later.
    Last edited by Frugaldom; 15-12-2017 at 6:36 PM.
    I reserve the right NOT to spend:
    The less I spend, the more I can afford!
    Now running Frugaldom as a lifestyle social enterprise!
    • Silence101
    • By Silence101 16th Dec 17, 7:03 AM
    • 317 Posts
    • 515 Thanks
    Silence101
    Inspiring! I was dreaming about doing that but we live in the South so it wasn’t an option for us. Maybe when our children are older! Are you still keeping to a £4K budget? I’ve looked at the 2008 thread but there doesn’t seem to be a newer one going.
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    17/18 OP £7700
    • Frugaldom
    • By Frugaldom 16th Dec 17, 10:09 AM
    • 5,888 Posts
    • 50,829 Thanks
    Frugaldom
    Yes, the challenge has been running every year since then, I have just set up 2018 thread. I didn't know if this thread was still active, so may update it... Many more developments have taken place since buying the first house but most of that news was on the blog as I hadn't the time to keep up with everything online.

    Don't give up! In my opinion, prices outside the main zones are still falling and we are still seeing new property auction companies setting up to keep up with sales. There is a whole new group of trendsetter out there, snapping up bargains in previously considered less favourable areas and simply up marketing the properties. Scottish prices, IMO, continue to crash. Only this week, a flat in Glasgow sold for under £10k!

    GOOD LUCK... Be prepared to move outside your comfort zone and look at it as your first mortgage free investment rather than your forever home - that way, you can move on from there. We have bought land and another house since I last updated on here, plus set up frugal breaks / affordable holidays for fellow frugalers, based in mobile homes near the project. The current savings pot should, if I am really frugal in 2018, build the first cabins and the whole lot has now been registered as a new start social enterprise so folks can visit it as soon as we get it up and running. It is hard work but I love it.
    I reserve the right NOT to spend:
    The less I spend, the more I can afford!
    Now running Frugaldom as a lifestyle social enterprise!
    • Frugaldom
    • By Frugaldom 16th Dec 17, 10:16 AM
    • 5,888 Posts
    • 50,829 Thanks
    Frugaldom
    Link to 2018 frugal living challenge is here hopefully, if I did this right on a Kindle.
    I reserve the right NOT to spend:
    The less I spend, the more I can afford!
    Now running Frugaldom as a lifestyle social enterprise!
    • Silence101
    • By Silence101 16th Dec 17, 1:24 PM
    • 317 Posts
    • 515 Thanks
    Silence101
    Thanks! I’ve subscribed to the thread and will try to write up a budget for the new year.
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    17/18 OP £7700
    • Frugaldom
    • By Frugaldom 16th Dec 17, 2:11 PM
    • 5,888 Posts
    • 50,829 Thanks
    Frugaldom
    Glad to have you on board our little roller coaster ride for 2018.
    I reserve the right NOT to spend:
    The less I spend, the more I can afford!
    Now running Frugaldom as a lifestyle social enterprise!
    • Jelllibeanz
    • By Jelllibeanz 7th Jan 18, 4:37 PM
    • 138 Posts
    • 329 Thanks
    Jelllibeanz
    Super inspiring and a jolly good read.
    Congratulations and thank you for sharing xx
    Aiming for more consistency in 2018
    Mortgage '09 = £103k Feb '17 =£79.9k, Aug 17 = £69k
    #105 £460/£3520 credit card at 0%, #10 penny a day challenge £12/£667
    Wombling Our Way to Wealth 2018 £35.39,
    • Downshifterella
    • By Downshifterella 7th Jan 18, 6:22 PM
    • 86 Posts
    • 492 Thanks
    Downshifterella
    This is amazing frugaldom! I love this idea, your photos look fantastic!
    Will read back to see how you did it and have a look at your new diary .
    Would love to do something like this!
    Ella X
    MF planning for the simple life
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