A word of encouragement on becoming mortgage free

shotover

I'm now 36 and have been free from the mortage scince ben 32, yes I bought early but been very lucky. The idea is to not use the car if not necessary or car share, do a weekly meal menu and shop accordingly and use fresh veg(as this is cheaper) any money left over either goes onto the mortage or deducted from next months budget this is the way I did it and shopped around for cheap deals on the mortage with no early payback redemption clauses ect. Remember to be mortage free is to be very thrifty and change life style for a year or two or three it's surprizing as to how much you can save.Ask yourself do I really need this? :j

Broken_hearted

Well done, maybe when I'm 32 I will be mortgage free too.

hilstep2000

I'm 46 and mortgage free too, but this is due to the fact that I have MS and got a critical illness payout. Feels fantastic when you write that cheque tho!!!!

Pitchshifter

I'm 30 and mortgage free for 6 months in my second house.

Bought my first house when I was 24 with my some inheritance and a small mortgage.

OK so great, I'm a good saver, but now what?

zzzLazyDaisy

Just to say, I decided 10 years ago that I wanted to be mortgage free. It took me five years (okay my mortgage wasn't huge by today's standards, but it was a lot to me).

It was the best thing I ever did.

GO FOR IT, and GOOD LUCK!!!!

TurnaroundSue

Hi - we werre mortgage free 6 years ago (with a redundancy payment) and were mortgage free for 2 years until we decided to move and join the mortgageters again!! Was just wasting the money and thought it would be better to get a bigger house with a small mortgage and at least we would have something to show for our monies. Now hoping to be mortgage free again in some 4 1/2 years (thanks to snowballing). But like you Pitchshifter - what then? Do we move again??

shirlgirl2004

It's good to have some encouragement. My partner and I have just woken up to the fact that this is what we should do. I've just made our first overpayment of £12,000 which we just had sat in some low interest account.

We have to wait until May before we change to a mortgage with no redemption penalities but after that we're really going to go for it. I can't believe we've been saving £500 a month which the tax man has been taking 40% interest on instead of making overpayments on our mortgage.

Pitchshifter

If I was to be strictly business-like about continuing the whole property investment thing, then I really ought to be moving up the ladder.

This is because interest rates are still low and property value is increasing at a higher percentage than the interest rates.

But I just don't want to borrow any more and have that nagging chunk out of my wages every month, tying me to my job. (Well that's what it feels like).
I still feel tied to my job because I still have plenty of other bills to pay.

I do feel a lot more secure, being able to save each month even on a modest salary. I think this is by far the most imortant thing.

I have savings so I can easily go buy something if I want or need it.

halloweenqueen_2

Maybe you could go down the buy to let route?
You put down a deposit and the rental income pays the mortgage?

Broken_hearted

Once I'm mortgage clear I intend to stay that way, have more hoildays and enjoy life. I don't need a bigger house.

Pitchshifter

halloweenqueen wrote:

Maybe you could go down the buy to let route?
You put down a deposit and the rental income pays the mortgage?

Yeah well that would be pretty bussiness-like now wouldn't it. lol