A word of encouragement on becoming mortgage free

halloweenqueen_2

Thanks, I agree with you about the education, schools don't travel as much with kids now and its getting more difficult to take them out of school, so by the time I've aquired my fund we should be ready to go!
I suppose if you could find a good offset mortgage deal then your travel fund could also offset against the mortgage?

Mental_Mentor

Why not buy a holiday home somewhere hot and lovely? Euro mortgages much cheaper.

BACKFRMTHEEDGE

More inspiration for us Mortgage Free wanna bes :j :beer: :T :A :A :A

savingforoz

I've done it too...I agree that it's a fantastic feeling.

caelshorn

TurnaroundSue wrote:

Now hoping to be mortgage free again in some 4 1/2 years (thanks to snowballing).

can anyone explain to me what "snowballing" is?

ta

Gingham_Ribbon

Hi

I've merged these threads on becoming mortgage free to make it easier for people looking for inspiration! Thanks to everyone who's posted so far.

And I hope someone comes along to explain snowballing soon!

kazmac_3

Hi Gingham....go onto https://www.whatsthecost.co.uk and on the left hand side it has a heading 'snowballing'. Basically, you enter all of your debts and the minimum amount you pay etc (v easy to follow). After doing this, scroll down and hey presto! You have the overall amount of your debts (I had a V large drink in my hand to soften the blow lol). :beer: It will give you a debt free day and how much you could save in interest. Hope this is of some help to you....x

Thefunkygibbons

I will be mortgage free by 40, then clear to start working on saving for the kids, both homes and education

SuiDreams

I've got a few debts to pay off, but as soon as these have gone, I will be putting as much money as possible onto paying off the mortgage. So far I have 20 years left on a 25 year mortgage, and hope to at pay it of in at least half that amount of time.

zzzLazyDaisy

For those asking 'what's next'....

The freedom from mortgage payments means that I have been able to choose to 'downgrade'. I sold up and left my stressful city centre professional occupation and lifestyle behind, and bought a different house for cash in a cheaper part of the country, surrounded by green open spaces. I now live on a much lower income, but at a slower and more enjoyable pace (took a bit of getting used to, I admit, but I wouldn't go back now)

As I have no mortgage costs, I set aside a small sum each month which I think of as my 'holiday rental payments'. This money goes into my holiday fund, which I move around so I get the best interest rates. Last year I went abroad 6 times. I am not tied to school holidays, and I do shop around and get the best possible deal.

So, my MSE 'addiction' is satisfied by hunting down good value breaks and then shaving £££'s off the price, which helps to stretch the fund for another holiday.

My aim next winter is to find a longer holiday or winter let somewhere warm, and escape large chunks of the winter altogether