Mortgage Free
Hi Cass and Marie
Thanks a million for the replies. I'm coming to terms more and more with the idea and needless to say it's growing on me! I'm going for the second viewing tomorrow with a couple of very level-headed advisors and all going well plan to make an offer.
How did I do it? Lots of luck and no luxuries really. I bought a better house in a less desirable area because at the time I thought I would have to rent out rooms, so I bought a house that was VERY near to public transport, shops, pubs etc. Everyone said the area was rubbish (local authority housing), so the house was cheap to start off with and my mortgage wasn't quite as crippling as it might have been.
From the very start I paid more than I could afford into the mortgage. It was 20 years but I've paid about 25% more in every month and there should be 15y3m left, but there's only 9y11m. I lived very frugally, no clothes, no holidays, no nights out, gave up smoking, no books, home made lunches at work, no cds, shopping in Aldi and Lidl, no nothing basically. Anything I had to do was done the cheapest way possible either by calling in favours of learning how to do things myself (servicing the car, wallpapering, that kinda thing). I used to rent out a room, that went to the mortgage. Every salary increase or tax reduction was added to the mortgage.
So my house has gained in 5 years - more than doubled in value if the estate agent is to be believed. And interest rates fell (and each reduction, I channelled into the mortgage). That's just pure luck.
The house I'm hoping to buy is being bought with the equity gain in the mortgage, and I suppose it's a "step back" but to me it's not. It would be considered less desireable just like my last one was, so maybe I'll be lucky again and my taste will continue to run contrary to the rest of the market. I hope nothing goes wrong now, cos I'm getting all excited! Fingers crossed.
Rebecca