Mortgage free by 2023 (!)

debtfreeoneday

Trying to persuade DH to move house. To a smaller house with a few adaptions that we would need to accept, no garden etc. It would cut our mortgage down to between £30-50k, mean he can retire years earlier and allow us to live in a coastal village with the beach less than a minute away.

Anyone any experience with flying freeholds as the property is above another one, which doesn't faze us - but it says would likely need to be cash buyers, we'd be needing a small mortgage as above. Google tells me some lenders will lend to flying freeholds.. but just interested in experiences.

PrincessLou

I don't have any experience of flying freeholds. However, the house a couple of doors down has one and it took a long time to actually sell, kept being 'sold' and then being put up for sale again, as I presume people were finding it difficult to get a mortgage for it. I had heard that these places are more suited to cash buyers. It's also worth thinking about if you did buy it, how difficult would it be to sell further down the line?

P.S - Sorry to be a negative Nancy

debtfreeoneday

PrincessLou wrote: »

I don't have any experience of flying freeholds. However, the house a couple of doors down has one and it took a long time to actually sell, kept being 'sold' and then being put up for sale again, as I presume people were finding it difficult to get a mortgage for it. I had heard that these places are more suited to cash buyers. It's also worth thinking about if you did buy it, how difficult would it be to sell further down the line?

P.S - Sorry to be a negative Nancy

Not at all, thanks for your input - I think you're spot on. It has been under offer a few times and keeps falling through, been reduced by £90k.

We are thinking of the option of taking a loan to cover what we would need instead of a mortgage.

debtfreeoneday

£25 ish paid off CC, trying to get it under the next hundred by payday so when I pay another £100, we are in the £12.... bracket.

Our house has been valued and it's £70k up on what we paid 3 years ago, we have done a lot to it, so pretty chuffed with that. off to see the coastal property this weekend so we'll see. We will either love it or hate it. If we do like it we need to cobble together about £45k - would be awesome to only have that left to pay!

shangaijimmy

Exciting times. Hope you love it!

CathT

Great valuation on your property, hope viewing goes well.

debtfreeoneday

Property was small, but workable - needs big structural repair (not surprising given the cost) so probably a no go.

Few more pence paid off the CC. Someone local posted to say universal credit was being phased in here soon and was stressing about how much they would lose which panicked me a bit. Frustrating that I'm not choosing to not work (in a way I am) - but my kids would suffer if I did and they penalise you for not working, Any extra work I take on would impact on the time with them.

This month is seeming long money wise, glad to see payday arriving on the horizon next week!

mummytogirls

Oooohhhh exciting times re the possible house move. Will look forward to hearing more about it xx

debtfreeoneday

Pondering over a cup of tea and wondering if the discipline on coming on makes me better with money. This wedding in a few months is costing us a lot and the credit card is up! I've transferred one amount to a 0% for 18 months and I've the remaining amount which is an AA credit card which I've just clocked you can't BT from so I have to focus on clearing that asap or else the interest rates are huge - so naughty that you can't transfer from them!

Because this wedding is spread out over 5 days, it's 12 outfits, hotels, train, cattery / kennels / train station parking, tubes, taxis, food etc. We have 6 outfits sorted so far - we don't really have wedding outfits in our wardrobes!! It will be really lovely, but just so much expense!.

Anyway my plan is to get it all cleared / on one 0% card and then work out the monthly payment needed to clear it by the time the 0% expires and then just leave it and pay the minimum required. Then use the all our other income to live/pay bills / OP on the mortgage and forget about the CC. I reckon it'll be about £1500 on there, but I still have this £1000 to clear on the AA card before the 0% runs out. One day maybe I'll be debt free!

Anyhoo my thinking was I will try to get on here more now to see if that focuses me more and stopping the figure going upwards again - this last £2k feels harder than all the rest of the £64k put together!

Moneyfordreams

Not really much help, but there are some lovely dresses in Dorthy p's sale, a very suitable for special occasions and only 12 quid.

But I understand where you are coming from, we have a special holiday booked and the cost/spending money is looming over me.

Glad being at home with your little ones is working out for you