Want to be mortgage free…
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ms_london
Posts: 2,852 Forumite
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?
2
Comments
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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.0 -
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.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.1 -
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 journeyMortgage 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)1 -
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 journey1 -
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!0
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