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Nearly There
Londoner_1
Posts: 182 Forumite
Folks,
I'm 42 years old with wife plus 2 kids and a typical mortage that was taken out 8 years ago for 125k for a house in London.
My wife does not work and is a housewife but with determination and careful eye on expenses my mortgage has been cut to a measly 1200k.
The journey was hard i did it in 8 years, I work in IT but do not get paid a high salary, I was also made redundant in 2008 but found another job within a month with a reduced salary but did do some private work as well.
I had to make sacrifices and had to forgoe alot of luxuries like holidays, nice furniture, eating out etc but my priortity was the debt. I have no credit card debts and also own a car.
I gambled on a tracker mortgage and that was a good choice, my rate is 1.49% and by May 2013 it will be paid off.
The above requires disclipine and will not suit everyone but with determination people can do it.
Good luck.
I'm 42 years old with wife plus 2 kids and a typical mortage that was taken out 8 years ago for 125k for a house in London.
My wife does not work and is a housewife but with determination and careful eye on expenses my mortgage has been cut to a measly 1200k.
The journey was hard i did it in 8 years, I work in IT but do not get paid a high salary, I was also made redundant in 2008 but found another job within a month with a reduced salary but did do some private work as well.
I had to make sacrifices and had to forgoe alot of luxuries like holidays, nice furniture, eating out etc but my priortity was the debt. I have no credit card debts and also own a car.
I gambled on a tracker mortgage and that was a good choice, my rate is 1.49% and by May 2013 it will be paid off.
The above requires disclipine and will not suit everyone but with determination people can do it.
Good luck.
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Comments
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Small edit - 1200k is quite a "large" mortgage!
I assume you mean 120k?Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
originalmiscellany wrote: »Small edit - 1200k is quite a "large" mortgage!
I assume you mean 120k?
Sorry, thats £1,200 left of the original £125,000.0 -
Any specific tips beyond general frugality?
£124k in 8 years is wonderful - I'm guessing that your wage must be decent, or you worked *a lot* of overtime considering you're a one income family.
Very pleased for you, but if you'd like to share some more of the routes that got you to this point, I'm sure people would be interested
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