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  1. #1

    Mortgage-Free Wannabe Welcome and Explanation

    Welcome to the new Mortgage Free Wannabe board. After watching the popularity of the Debt-Free Wannabe board which focuses on mutual support for people who want to get rid of their debts, I thought it would be fun to try the same with mortgages. It isn't about mortgages themselves, for that go to the mortgage board.


    Paying off your mortgage is the best risk-free way to use your cash. Think of it like this:

    If your mortgage is at 5% interest, by paying it off you get the effective return of 5% after tax. This means a basic rate tax payer would need to earn 6.25% and a higher rate taxpayer 8.33% before they were better off and there's no real way of doing that with a lot of money without taking a risk.

    How far to go

    I'm not a believer in forcing your finances. Start by doing a budget. Then go through your finances and see what spare cash you've got. This isn't about cutting back on everything, it's about running a niced balanced life with no waste to clear your mortgage.

    In fact I'm very against forcing your finances - to see why read my past blog on it: Pay Off Your Mortgage In Two Years.

    What to do to get started

    I'm going to follow the pattern of debt-free wannabee as it works there. So why not start of by posting a statement of affairs (SOA) with all you financial details - though being careful to give no traceable info as this is a public forum. So detail your mortgage, incoming and outgoings, what you spend on. Then people can start talking about ways to improve your finances.

    Also why not have a signature that shows people your progress. For example

    Mortgage when started: 92,000
    Current mortgage (date): 82,000
    Mortgage free day: May 2013

    So people can watch your progress and you can motivate yourself.

  2. #2
    thanks martin!

    i was going to go it alone in attempt to do this with my brand new mortgage, have already done some spreadsheets, and WOW! this is just the incentive and support i need! (why didn't i think to suggest it?!)

  3. #3
    So glad you've started this forum, as we're just about to start to pay off more on our mortgage monthly and as my mortgage deal runs out next Jan I've started to research all the mortgages available to help along the way..

    I must say pay off your mortgage in 2yrs is quite extreme but to do it in 6 is quite achievable for us so your site gives me all the incentives I need.


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