Anyone trying to pay down a large mortgage?

Free_Mike

Yes, I have read that, as well as others like 'Rich Dad, Poor Dad', 'Think and Grow Rich', 'One Minute Millionaire' and seeral others. You are of course correct - MSE deals very well with helping you keep and get the best value from the money you have. But it doesn't deal with the other side which is what I think those of us with large mortgages need. Perhaps there should be a 'MME' site (Money Making. . .).

BTW, I have of course also read 'Money Diet'!

angelavdavis

Free_Mike wrote: »

Yes, I have read that, as well as others like 'Rich Dad, Poor Dad', 'Think and Grow Rich', 'One Minute Millionaire' and seeral others.

BTW, I have of course also read 'Money Diet'!

I hope you got them from the library - MSE style!!!!

robp

Last year we sold my old house and then my wife's house and moved to a larger new home.

We used my equity to pay the deposit (around £75k) and that has left us with what you can see in my signature.

The wife's equity is in a spread of savings accounts (with some going into ISA's etc.) so that we have a fall back if required (both self employed).

We're locked into NatWest for 2 years, so can only make 10% of balance overpayments each year.

The nice thing is that by using an overpayment calculator, you can see how much interest you have saved over the 25 year period. That really keeps my interest going!

We're also renovating a house in France, which although costing us initially, should produce an income over the coming years and provide us with a holiday home. We're hoping that any children we may have will be encouraged to learn French if we visit regularly!

I'm considering sitting my PRINCE2 exams this year, which should help open doors if not provide much of a rate increase. Funnily enough though, I've never found qualifications to hinder me from getting a contract (yet!). It seems that experience counts more in my industry.

This year I'm also starting to learn more about photography, and would love to be able to earn a little on the side doing that.

whitewing

Free_Mike wrote: »

Yes, I have read that, as well as others like 'Rich Dad, Poor Dad', 'Think and Grow Rich', 'One Minute Millionaire' and seeral others. You are of course correct - MSE deals very well with helping you keep and get the best value from the money you have. But it doesn't deal with the other side which is what I think those of us with large mortgages need. Perhaps there should be a 'MME' site (Money Making. . .).

BTW, I have of course also read 'Money Diet'!

Hmm. Been thinking about this. Trouble I have with it, is that I am emotional with money. And I can identify with wanting to help someone clear £90K of unsecured debts because I've been an idiot with money and I know the worry and stress of not wanting to look at bank stmts and just feeling out of control. Because ultimately it's about quality of every day life.

But bollox to helping someone else get 'rich', esp if their definition contradicts what I think is acceptable. For example, as a single parent, I could not compete in the office with people who could stay late each night. It's not a level playing field, and I think people should have a life outside work.

Can I get excited about FreeMike or anyone paying off a large mortgage? Not because it's 'large'. Yes, because it's a mortgage to be cleared and that's what I want to do. Maybe if it brings forth ideas that I can copy to help me clear mine. I don't know. I need shared goals really to identify with and there comes a point where life is comfortable and I would lose interest. I'm rambling now about nothing and I'm not sure what exactly I'm trying to say now so I'll leave it a bit and maybe join you again later....

Free_Mike

angelavdavis wrote: »

I hope you got them from the library - MSE style!!!!

No, but I did go halfway there and get them 2nd hand from abebooks!

farhad1965

Free Mike

My mortgage was £467k when we bought our £700k house in Aug 2006. Paid interest only till couple of months ago, but paid off £3,500 in December and £30,000 last week. On plan to pay another £13k by August 2008 and then £40k after that. The house is now valued around £800k.

My aim is to pay off the lot by Aug 2016 (10 years).

Free_Mike

farhad, If you don't mind sharing could you please explain how you are making those large lump sum payments?

JonnyBravo

Free_Mike wrote: »

farhad, If you don't mind sharing could you please explain how you are making those large lump sum payments?

:rotfl: :rotfl:

What are you expecting him/her to say?

They have the secret for easy income or that they work in an illicit trade?

Likely..... a highly paid job, or perhaps an inheritance or perhaps lucky on the horses......

Not likely..... something easy to copy which makes stacks of cash which they will share with all and sundry!


On the other had you may just be nosy!!

Sorry, having just read this, this post across very badly but your question and the way it was phrased did amuse me.

farhad1965

Free_Mike wrote: »

farhad, If you don't mind sharing could you please explain how you are making those large lump sum payments?

Just sold an overseas property. Got one bit of the payment through, which was my initial deposit and set that off agaisnt my mortgage here. The profits from the sale are due later in the year, because in Canada you have to pay all your Capital Gains, they then take away 25% as tax and give you the rest back in 3-4 months time. For second homes, not for your primary place of residence.

Highly paid job? That allows the additional £2-3k per month. No illicit trade I'm afraid and no inheritance.

Free_Mike

Thanks for that farhad, I wasn't trying to be nosey just keen to see what others are doing to pay down their large mortgage - there might be some useful tips for the rest of us - if people don't want to say that's also fine.

Personally I have a reasonably well paid job, however we've just started a family (2nd one due in May!) and things could get tight over the next 12 months.

So what am I doing about this? Well firstly my job allows for qualification and promotion both of which are based on a set of criteria that I can acheive this year - so that's the first part which should hopefully bring some extra income in the latter part of this year.

Secondly I have started a business doing some specialised publishing and am hoping this will make some money later this year. I do this in the mornings (typically between 6&9).

Thirdly I'm looking for another idea that I can do in the evenings that will generate income to paying off my mortgage. I don't see this as being an hourly paid 2nd job as I believe I can earn more via other routes.

Lastly we are continuing to watch the pennies - not a problem for us as we have been doing this since 2001 anyway.