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How to be mortgage-free, prosper and increase
Comments
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Hi Guys
Haven't been ignoring you - just haven't had a chance to log on until now. The plan is to remortgage our current home to release the equity and let it out so that tenants will pay the mortgage. I envisaae that we will have to put something towards the mortgage every month but the equity we draw out will mean that we have a large deposit for our new home (hope you are still with me - I'm getting confused myself!). We wont be drawing all of the equity out of our current home in case house proces fall and we are stuck with negative equity. We will have 2 mortgages, one on our current home which someone else will be paying the bulk of, and a second mortgage on our new home , which wont be as big because we have a large deposit from our current home. Can't do anything right away until husband is qualifed which is annoying as I am well known for my impatience. The idea is that our current home will be paid off in 25 years, as will our new home so that we can then maybe sell both and downsize and live off the proceeds, hope this makes sense! Have to look into Lnadlord blgatiosn and Capital Gains loopholes, but the ground work we have done so far makes this a very viable plan. Incidentally I have recently spoekn to my aunti who has done this for many years and now is worth a fortune, owns quite a few houses outright which she lets out to earn an income from the rent. We don't want to go to that big a scale but the idea of having at least one house to sell and still keep a roof over our heads sounds like heaven to me.0 -
seven-day-weekend wrote:
Still think we've done well.
So do I. I just wish I'd had your common sense as I grew up.:T0 -
jonnydoe wrote:Increase income (get a better job, do overtime, do online surveys etc..) or reduce outgoings (ie growing own veg instead of buying it, shunning instant gratification). It is simply about increasing salary and reducing outgoings..
And that can be levelled at just about anything, surely? There's no magic wand that makes you mortgage free. Usually it's about luck (timing), having extra disposable income or, easiest of all, inheritance or winning the lottery.
What the op points out, and several others afterwards, is that the ARE ways of helping things along. OP took in lodgers, others bought in less desireable areas, some lived with parents in order to save substantial deposits and it seems virtually everyone has made do with lower quality posessions.
There are many ways to cut down and pay off mortgages early, but as virtually every one of them will involve and increase in income, a reduction in outgoings or plain good timing then I fear that you are going to be forever disappointed.
Mortgages cost money, so therefore any reduction in the mortgage is inevitably also going to involve money.
As we're all different with different circumstances, any poster here telling us they have managed to break free of the shackles should serve to encourage anyone else looking to do the same. I think that the OP has achieved that.0 -
I'm getting really bored of this, All we are saying is it is EASIER with a big salary/ good timing to pay a mortgage off earlier. Surely that isn't too hard to grasp???
Also I was replying to another user who disagreed when I said it was all about increasing income or reducing outgoings (which is blatently obvious). I think they may have got confused with the wording..
All of these ways of reducing mortage/debts etc.. are repeated elsewhere on the forum..
Anyway this is going nowhere and is really not helping anyone so please do not reply as it seems to be a pointless argument about nothing.. Some people on here are so pedantic it astounds me!0 -
I can't believe I've just wasted so much time reading 4 pages of mainly bickering and drivel!
I think this thread wasn't even meant to be a discussion at all, purely an interesting and inspiring story from the OP - even if not applicable to all situations (in that case, ppl should close it, and read another!)
However jonnydoe also has reminded us of the simple message too - reduce outgoings/increase income. It's how we do that, that is most interesting.
I think the 'increasing income' is the idea of this WHOLE web site (again parts are more relevent to some than others)
The reduction of outgoings, that are mortgage specific, is the aim of this whole section of the forum (so read the bits that are most relevent to you)
It's not that hard for us all to get along, is it?
My tip of the day (as I feel I must make a contribution now!), would be to get some free independent advice from a mortgage advisor. You don't have to commit yourself to any product, but they really help analyse your current situation, and get you thinking about the most suitable type of product. You can walk away with the free advice, and try and better it, with your own research. Our financial situation has changed considerably over the last 5 years of house ownership, and seen a number of different types of mortgage come and go. Simply remortgaging with a new company isn't always cost efficient if the charges end up out waying the savings you'd make by moving providers. There are hidden costs like having to notify home insurance and interested parties of a change in your mortgage company, and paying £25 for the pleasure!! A mortgage advisor can help with these calculations, to get the right type of product, with the appropriate fees (or lack of)
I've found many elements of these forums useful, and saved a few pound here and there - I've also spent more too! So let's keep a mix of advice and inspiring stories, and a bit less drivel.
P.S. Sorry jonnydoe, I had to reply, just because you asked for us not too! But you are right, this is the kind of thread that wouldn't be missed if it was deleted (apart from the OP, of course!)... have I sufficiently fence sat?:money: [STRIKE]Mortgage: July01=62700; Apr07=~15000[/STRIKE]
Mortgage free date: 2037... we've moved house to somewhere we can't afford...
:wave:If someone helps, say thanks, doesn't take much effort really0 -
Well my post will now be changed to.. "Well done OP".. End of story.. What else can you say?0
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John_LG wrote:I think this thread wasn't even meant to be a discussion at all, purely an interesting and inspiring story from the OP - even if not applicable to all situations (in that case, ppl should close it, and read another!)
QUOTE]
Thanks, that was all it was meant to be and if it could help someone, even better!:T(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
I usually just hang about on Old Style but just wandered over here for a change. Hope no-one ever calls us dull for our breadmaker/slow cooker discussions again.
Raise Income
Lower Outgoings
Be lucky
I get it.
Back to discuss chickens & allotments with renewed vigour i feel
Anastacia....another happy bug.........sorry,blogger embracing the simple life0 -
lol anastacia! This thread needs some humour injected into it
Thanks
JD0 -
come on over, we know how to show a chap a good time! ( in fact we have a thread called - 'cat weed in my car' at this very moment!, we are wild folk indeed)
:beer:....another happy bug.........sorry,blogger embracing the simple life0
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