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Want to be mortgage free…

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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? 

Comments

  • peb
    peb Posts: 1,822 Forumite
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    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
    ms_london Posts: 2,852 Forumite
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    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
    IAAM Posts: 95 Forumite
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    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
    Mortgage Balance: £162,615.84 (December 2022); £163,945 (November 2022)
    Current MF date: Feb 2032.  (Previously: Jan 2033)

    Target MF date: May 2027
    (Overpayments needed to achieve this: £1,750pm!) 

    Joint spend: £391.09 (Nov)
  • ms_london
    ms_london Posts: 2,852 Forumite
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    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
    IAMIAM Posts: 1,212 Forumite
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    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! 
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