Mortgage Free by April 2017

JimLad

Thanks for the replies mike and turtle. One from each side! It seems like there really isnt a wrong or right answer here... food for thought!

Mrs_Rachel_Trelfa

Hi jimlad,

I think that if you stick with your original plan you will have the entire equity of your 3 bed semi and any increase in property to put in your dream house along with any other savings you build up. This should offset your reduced borrowing power because of having children.

JimLad

Mrs_Rachel_Trelfa wrote: »

Hi jimlad,

I think that if you stick with your original plan you will have the entire equity of your 3 bed semi and any increase in property to put in your dream house along with any other savings you build up. This should offset your reduced borrowing power because of having children.

Thanks for reassuring our thinking Rachel. Its always in the back of our mind and occasionally you drive past a nice big house for sale and it makes you think again. You are right though, and being mortgage free means all the money that we currently pay can go in the forever house pot once this one is paid off.

turtlemoose

I like the thought of airbnb but the reality of strangers in my space would drive me nuts. I'm too messy for people to see my house anyway haha

JimLad

turtlemoose wrote: »

I like the thought of airbnb but the reality of strangers in my space would drive me nuts. I'm too messy for people to see my house anyway haha

I wrote an article for a blog the other day about this....here is an extract addressing this concern...

“Isnt it weird having a stranger in your house?”

The honest answer here is no! Most people just use your house as a bed for the night and you hardly ever see them! A great example is the Italian ladies currently staying with us for 5 nights. They come in at about 8pm and leave at 8am! When they are here they stay in their room. I have met and had some really interesting conversations with some amazingly diverse people. People from all corners of the earth. America, China, Spain, The Netherlands, New Zealand, and Canada to name a few!

turtlemoose

Serious introvert here. The mere *thought* of someone in my house makes me feel nauseous. Doesn't matter whether I'd never see them or not. I'd know! I couldn't do it. Perhaps if I had an annexe I could, with it's own separate entrance etc.

JimLad

turtlemoose wrote: »

Serious introvert here. The mere *thought* of someone in my house makes me feel nauseous. Doesn't matter whether I'd never see them or not. I'd know! I couldn't do it. Perhaps if I had an annexe I could, with it's own separate entrance etc.

Oh well less competition for my listing! :T

Do you have a garage you could convert into a self contained Airbnb listing?

Mrs_Rachel_Trelfa

JimLad wrote: »

Thanks for reassuring our thinking Rachel. Its always in the back of our mind and occasionally you drive past a nice big house for sale and it makes you think again. You are right though, and being mortgage free means all the money that we currently pay can go in the forever house pot once this one is paid off.

No problem :-) I know the feeling, I see beautiful houses on zoopla. But I keep reminding myself that all the equity in our current house will go into the forever home - even if it means squeezing 2 children in our 3 bed semi. Also would you want to be stretching yourselves and then have the financial impact of children.

JimLad

Just put £1000 into our overpayment fund ISA!

We await MissW's payday to see how much she can do this month. I suspect it might be a bit less than normal as next years holiday flights are coming from her account! I will have the same problem caused by the accommodation on next months credit card bill. Staying in Airbnb places of course!

Luckyinlife

Ohh well done jimlad thats awesome :]

I guess you keep it in the isa till your ready to overpay is it ?