Want to be mortgage free… 20 November 2022 at 12:03AM in Mortgage-free wannabe 5 replies 303 views

ms_london

Wow, it’s been a while since I’ve been on these forums. Used to be a regular in the debt free wannabe section many years ago. 

I don’t own a property at the moment but am saving up to buy a property with either no mortgage or a little mortgage (£50,000). Ideally no mortgage, even if we are talking a studio flat or one bedroom. I just want the freedom of being mortgage free. Currently have £80,000 saved. (I feel very fortunate to have managed this alone!)

It’s really motivating reading all of your posts. Hope you don’t mind me posting here. 

Any thoughts? 

peb

Gosh. Hello there.  Long time no see, was recently rereading SS's diary......

I suppose from a practical point of view where are you looking to buy?  That'll have a major impact.

ms_london

peb said:

Gosh. Hello there.  Long time no see, was recently rereading SS's diary......

I suppose from a practical point of view where are you looking to buy?  That'll have a major impact.

Hello there. How are you? Yeah it has been a while haha. SS - now there’s a blast from the past! 

I’m undecided on where to buy and just weighing up my options. If I pick the location I want, it’ll have to be a smaller place, so I’m still thinking about options. I’m not in a huge rush. 

IAAM

I don’t know anything about your situation but my initial thoughts are: 
1) Do you qualify for one of those Government schemes for first time buyers, and are you doing that already? 

2) Given the size of your savings (well done, btw) - are you keeping ahead of the recent rate increases and maximising your returns? 

3) I applaud you for wanting to own a property MF from the outset (or with a minimal mortgage) but are you keeping track of the housing market to make sure house prices aren’t increasing at a rate quicker than your investments? 

Good luck with your MF journey

ms_london

IAAM said:

I don’t know anything about your situation but my initial thoughts are: 
1) Do you qualify for one of those Government schemes for first time buyers, and are you doing that already? 

2) Given the size of your savings (well done, btw) - are you keeping ahead of the recent rate increases and maximising your returns? 

3) I applaud you for wanting to own a property MF from the outset (or with a minimal mortgage) but are you keeping track of the housing market to make sure house prices aren’t increasing at a rate quicker than your investments? 

Good luck with your MF journey

Thank you for your comments, I’ll definitely take them on board and have a think. 

IAMIAM

Wow, i remember you from when I first started on this website. If i remember rightly, you were debt free and decided to save, quit your job, and travel....what has happened since then! Would love to hear, you were definitely an inspiration!