How to be mortgage free after 8 years

BornSloppy

Why are so many people nasty when all FunkyGibbon was trying to do give advice? You may not earn what he does but can still take his advice and adapt it to your own circumstances! Sheesh. I also think it's a bad idea waiting for a big house price crash if you have a deposit now. Banks, loan companies etc mean people always have ways to get more money

[Deleted User]

Great stuff from thefunkygibbons and it's weird finding someone else of the same mindset as me.

As you may/may not know from other threads I'm 23 and just buying my first house. I've got a lot of friends at work who are renting and who think I've made a huge mistake but I decided to buck the trend just because I wanted the security of owning my own place.

I haven't gone mad and took out a mortgage on a house I can't afford and I am the same in that I am not overly materialistic - I've begged and borrowed most of the furnishings because I'm a bit tight :money: . I decided on a 2 bed, my girlfriend is still at University and does not graduate until next year and didn't see the point in overstretching and making her feel guilty in her final year of Psychology about not being able to chip in.

I've said many a time that I want to get this thing paid off ASAP and I don't mind grafting now to get it out of the way. As well as getting a lodger in the spare room which will contribute £300 PCM to overheads, I'm also currently on a course of professional study doing my CIMA so with a bit of luck and a lot of hard work I should be somewhere near chartered within the next 5 years.

It's hard to put an exact date on it but if I could get the mortgage repaid in 20 years I'd be made up. In reality I believe it could be a lot sooner once I'm Chartered and the Mrs is working as well though!!

Thefunkygibbons

Well done on the study plan

Make sure taht your employer is supporting your through payment for courses and enough time off

InMyDreams

Nice to see a post from you, funkygibbon. I think it's a shame they unstickied this thread. How is the (not-so-new) job? Is that what's kept you away?

setmefree2

Hi Funky Gibbons,

Are you stil MF? or have you taken a new mortgage? What's your money strategy these days?:money::D

Thefunkygibbons

InMyDreams wrote: »

Nice to see a post from you, funkygibbon. I think it's a shame they unstickied this thread. How is the (not-so-new) job? Is that what's kept you away?

Yep, tend to be very busy so whilst I read the email, I don't get much time on the forums

Thefunkygibbons

setmefree2 wrote: »

Hi Funky Gibbons,

Are you stil MF? or have you taken a new mortgage? What's your money strategy these days?:money::D

Absolutely, still mortgage free

At present, the plan is to live in the house for the next ten years, then it will be time to downsize so as to provide the kids with house deposits, probably via a gift trust

Meanwhile, the only savings plan looks like
1. Fill up ISA allowances for me and the beloved each year
2. Fair bit of money into pension schemes each month
3. Keep a suitable rainy day fund to hand
4. Do some direct investment in shares. I am a buy and hold investor, but in the past six months, I have seen a near 20% return on my portfolio, mostly driven off an investment in Berkshire Hattaway

benbenandme

Thought I'd bring this one back to the first page for all the new mortgage-free-wannabes; it inspired me to start on my mfw journey and I often dip into it for a read when I need more motivation

setmefree2

The Funky Gibbons is an inspiration:D

Thefunkygibbons

Wow

Blast from the past

Without dragging too much politics into this, I wish the government had paid down some of its debt when it had the chance, then it might have the flexibility to improve fiscal policy now that things are tough

I still continue my MFW ways

I have applied the money saved on the mortgage to savings, through ISAs and the pension.

Share investment is a bit more difficult at present. I am trying to do some bottom fishing at the moment, but it is a bit nerve wracking, but I am prepared to take the long view.

I am back on the board soccassionally now, mostly on the green fingered board as I am growing my own veg.

I am also clearing the clutter via Freecycle and ebay

As I have said before, Money saving is a state of mind

Best of luck to those still on the MFW quest