1 month mortgage free wannabe

clarew

lucky you! Heres where i wish i worked in IT not as a nurse.......um, wished my parents had disuaded me against my career options, then perhaps i would be nearly mortgage free, instead of lurking on the debt free wanabee board!!

md_14uk

lifechanging wrote:

My sister and her family have seen this house but are not in a position to buy at the moment so I'm going to rent it to them and sell it to them at market value when they decide the time is right for them to get a new mortgage.

You go for it! What's the % at now?

While I admire you, would it not be easier for you to put down 15-20% and then just get your sister to pay the interest on the mortgage payments until she is ready to buy?

lifechanging

Easier, maybe. But why not just pay cash when you buy something. Interest payments only make the banks richer, not me! See how you like your 5.15% at ICICI md_14uk cos it's making you money - well that's how I feel about a house I own 100%. I'm very anal about these things. I don't own any credit cards or have any loans or HP agreements. I have a mortgage on my own house of 66% ish and I want to pay that next year when my 3 year tie in ends. I just don't DO credit (she says in a snobby voice!).

I have 19% cash currently which should be at 30% by the end of the week!

And nearly, 50% at the end of the week after. Good, but not quite enough.

md_14uk

Fair enough, You seem happy so why not!:rotfl:

PS I like the ICICI but my favorite is the Lloyds 8%:D

lifechanging

Things have kind of stalled the last few days. Lots of people who were meant to pay me have not and this has left me really fed up. Today £3000 came in so that's lifted my spirits and I can see next week will be a good week so that's cheering me too.

I anticipate by end of next week, I'll have 40% which whilst a good achievement leaves very little time to get the other 60% so I'm going to keep selling my little socks off today to try and increase that figure still further!

Wish me luck.

Incidentally, still no tax code from the IR. B***ards.

Welshlassie

Wow, what a challenge, I really admire you for having a go and giving your sister somewhere to live. Sounds like you have a thriving business working really well for you.

Best of luck with your challenge, I really hope you make it.

lifechanging

Well, this week really hasn't been the cash cow it was set out to be on paper.

On the plus side, every payment that hasn't come in this week should come in next week, plus yesterday I farmed a lot of new deals so assuming I can bring in just one of these and all other expected payments, I'll be up to 50% of the house in cash!

Not a shoddy achievement but of course only half way there, so lots more deal-farming next week to get some new business in!

esthomizzy

Good luck with this keep us posted. I'm in IT too but universities are not so lucrative.

lifechanging

As of today I have 27% in cash so I have over one quarter of the house paid for. This should climb to half the house by the end of this week. You would not believe how focussed this has gotten me and it's demonstrated I really wasn't stretching myself in my work prior.

Anglian_Lass

Hi there,
Can I just add my voices to the others and say how inspiring this thread is. I'm soon going to be a first time buyer, and although I don't have the earning power you do, I'm eager to be free of it as soon as I can.

Good luck!