Mortgage-Free Living.
Discussion
As per the title.
This is something I've been pondering recently. I've got my own modest little place and, barring some sudden and unexpected change in fortunes, I'll be paying for it for most of my working life.
It struck me that life would be much simpler, and I would be much more free, if I could find a way of living without a mortgage. Should I ever decide to do this I'll have between £40 - 60k to spend, plus whatever was left over after my gaff is sold and the morgage paid, which won't be much as I've only been here 2 years. This really wouldn't go very far. The vehicles I own (3 lorries and a varying numbers of cars) complicates things somewhat. The options I've considered so far are:
Boat. I could probably afford a nice narrow boat, but not a big barge like my mate has which has more room than my flat. Its affordable, but I'd need somewhere to moor and somewhere for the vehicles.
Holiday chalet or mobile home on a site. Cheap, more 'house' like and usually in nice places where people go on holiday. But I'd end up living on a site, which I doubt I'd like, some sites have occupancy restrictions and the vehicles still need to go somewhere.
Buy a piece of land and a erect a mobile home (subject to planning permission) or convert a bus or truck to live in. Do-able and I would have freehold land to my name. Might be planning problems, neighbours might not like it, might be seen as a bit 'pikey'.
Over to PH for any suggestions or comment. And yes, I do like dags.
This is something I've been pondering recently. I've got my own modest little place and, barring some sudden and unexpected change in fortunes, I'll be paying for it for most of my working life.
It struck me that life would be much simpler, and I would be much more free, if I could find a way of living without a mortgage. Should I ever decide to do this I'll have between £40 - 60k to spend, plus whatever was left over after my gaff is sold and the morgage paid, which won't be much as I've only been here 2 years. This really wouldn't go very far. The vehicles I own (3 lorries and a varying numbers of cars) complicates things somewhat. The options I've considered so far are:
Boat. I could probably afford a nice narrow boat, but not a big barge like my mate has which has more room than my flat. Its affordable, but I'd need somewhere to moor and somewhere for the vehicles.
Holiday chalet or mobile home on a site. Cheap, more 'house' like and usually in nice places where people go on holiday. But I'd end up living on a site, which I doubt I'd like, some sites have occupancy restrictions and the vehicles still need to go somewhere.
Buy a piece of land and a erect a mobile home (subject to planning permission) or convert a bus or truck to live in. Do-able and I would have freehold land to my name. Might be planning problems, neighbours might not like it, might be seen as a bit 'pikey'.
Over to PH for any suggestions or comment. And yes, I do like dags.
I would miss the security and sense of achievement of owning my own home if I sold up to live on a boat or in a bus. I think the novelty of those scenarios would soon wear off.
Our house is big enough for us in a location that we love. We hope that our mortgage will be paid off in ten years or so when we're in our late 40s. It'll take considerable discipline to avoid spending the equivalent of the mortgage on rubbish each month though. I plan to put it to good use with a short finance deal on something expensive with low MPG and not enough seats for the kids.
ETA: Although you might be able to sell up and live on a boat mortgage-free, boats need maintenance and don't last for ever. Annual hull treatments are expensive. And narrow boats can be expensive to buy if you want something at least half-decent. Mooring fees in premium (read: convenient) locations can be expensive too. It's not necessarily as cheap as you might hope.
Our house is big enough for us in a location that we love. We hope that our mortgage will be paid off in ten years or so when we're in our late 40s. It'll take considerable discipline to avoid spending the equivalent of the mortgage on rubbish each month though. I plan to put it to good use with a short finance deal on something expensive with low MPG and not enough seats for the kids.
ETA: Although you might be able to sell up and live on a boat mortgage-free, boats need maintenance and don't last for ever. Annual hull treatments are expensive. And narrow boats can be expensive to buy if you want something at least half-decent. Mooring fees in premium (read: convenient) locations can be expensive too. It's not necessarily as cheap as you might hope.
Edited by AcidReflux on Saturday 26th June 18:39
Time is the answer. I am mortgage free (paid off when I was 57 and after 3 house moves/re-mortgaging) with a £320K house. Also brought up 2 kids - now 29 & 32. When I had a job in sales we lived off my basic salary and most of the commission and bonuses went to pay off the mortgage - paid off almost £13K extra one year. But I have never driven new cars (except company cars), and never a fast one, so not a Pistonhead type solution!
I paid my mortgage off recently, and it just leads to more thing to worry about. My mortgage was one of my lowest outgoings due to a tracker....And high outgoings
It's a nice idea but think of it as a tax free savings account...If you can afford it, pile in!
This way when you retire you can downsize and buy some nice cars
It's a nice idea but think of it as a tax free savings account...If you can afford it, pile in!
This way when you retire you can downsize and buy some nice cars
Edited by birdcage on Saturday 26th June 19:22
Road Pest said:
BruceV8 said:
As per the title
Buy a piece of land and a erect a mobile home..., might be seen as a bit 'pikey'.
Over to PH for any suggestions or comment. And yes, I do like dags.
Pikey, noooo, doesn't sound Pikey to me, Pikey's have caravans.Buy a piece of land and a erect a mobile home..., might be seen as a bit 'pikey'.
Over to PH for any suggestions or comment. And yes, I do like dags.
BruceV8 said:
birdcage said:
This way when you retire you can downsize
Downsize? The only way I could downsize from this place is to move into a doll's house!"The company I work for as a customer services representative have just decided to move my department to India, excellent; on my salary out their I'll live like a Maharajah!"
The thing to remember is that if/when you get past retirement age do you want to be living in harsh surroundings or a nice comfy bungalow that has paid for itself that you can then do equity release and have the cash to enjoy (assuming you dont have any kids or dont want them to have it 
)
yes if feels harsh now but you'll regret selling if you do.
)yes if feels harsh now but you'll regret selling if you do.
Gassing Station | Homes, Gardens and DIY | Top of Page | What's New | My Stuff