How to pay off your mortgage quick

The couple first bought their £160,000 one-bedroom flat in 2007, with a deposit of £15,000.
Together they earned £70,000 a year and managed to wipe their 35-year mortgage by 2011 – 31 years ahead of schedule.

Well, yes, being tight on £70 k a year should indeed pay off £145 k in 4 years. ignoring trivialities like taxes etc, that’s 50% of income on housing.

What they’ve left as disposable income is an exercise left to the reader but it’s not starvation rations, is it? (Note, no children).

25 comments on “How to pay off your mortgage quick

  1. Children are expensive. Then when you find that your retirement fund has blown up, they begin to look like an investment.

  2. 3. Their property only cost £160k in the first place.

    Also, it’s a one bedroom flat. That’s fine as long as point 2 stands.

  3. I should really read the article before commenting.

    The pair sold their one-bedroom flat for £180,000 and moved two-and-a-half miles to a mortgage free four-bedroom £300,000 detached home in Winton, Dorset.

    Perfectly doable on a joint income of £70k over ten years. Especially as people of their type are notoriously frugal.

  4. Apart from their package holidays, they don’t seem to have much fun, eg they never even eat out. And the only package holiday that is any fun is one where my package is involved. I don’t think my package would get anywhere near them, though

  5. @Rocco

    You bring the tone down on here almost as often as you bring your pants down on set.

    I remember you in that film where you played a cocktail waiter. A girl asked for a ‘double entendre’ and you gave her one.

  6. dearieme,

    “(Note, no children). Then what use is their experience to real adults?”

    This says it best

    “Ms Wright, 35, said: ‘It’s all based on the premise of never going without – but just buying what we want, seeing if we can get it cheaper, and then saving the difference.”

    Eating at home instead of eating out is a massive “get it cheaper” thing. We almost never take the kids out for dinner. We got invited to dinner by friends, only to then realise they meant “at Pizza Express”. £100 for 4 of us to eat pizza and industrial deserts. I could have cooked the same food at home for around £20. Even if you factor in my net hourly rate as elapsed time (waiting for pizza dough to rise) that isn’t worth it.

  7. we did the same thing before children. We did eat out, and in some pretty expensive restaurants, although we used to get the bus home.

  8. £70k/year between 2 is £54k/year after tax.
    They save approx £36.25k/year, which leaves them £17.75k/year spending money, or just under £50/day. £25/day each. Not too difficult.

  9. Rob,

    “AND THEY STILL SHOP AT WAITROSE.”

    Waitrose is really not much different to anywhere else, unless you buy the fancy stuff they sell. If you buy the organic, fairtrade, hand-woven baked beans, it’s expensive. If you buy their own brand “value” beans, they’re about as cheap as anywhere else.

  10. BiS and the mums who go to Waitrose are yummier than the ones in Lidl. Even the check-out staff are yummier and better supported

  11. My brother bought his ex-council house at 25, sold on at 33, sold again at 40 and cleared his mortgage paying for his current house with no borrowings.
    It’s easy if you spend sensibly, though he had the additional advantage of buying and living in a wreck and doing it up each time. I’m about ten year’s-worth of employment behind him, and if I’m careful I’ll have cleared mine by 50 in a couple of years. Lack of paid work in the ’90s is the only reason I’m not already ten-years mortgage free.

  12. Bloke in Swindon,

    > Pizza Express = £100 for 4 of us to eat pizza and industrial deserts

    And the kids don’t have the patience to sit still for three hours either. A better option (in good weather) is a pub with a playground in the garden. The food will still be industrial, but at least the kids won’t annoy you.

  13. Andrew M,

    Taking little kids out is fine. Kids meals cost a few quid.

    This is teenagers. They eat adult size meals.

    It’s the death of dinner parties that really pisses me off, though. When you’ve got 8 people to feed, you might as well cook. The labour of making a stew for 8 is the same as a stew for 4.

  14. Shouldn’t the title of this post be:

    “Lenders hate this one weird trick for paying off your mortgage!”

  15. “JJ
    £70k/year between 2 is £54k/year after tax.”

    Meanwhile a single earner of £70k with a spouse at home is on about £48.4k a year.

    And if you really want to play silly buggers with the tax system, £120k a year between two is c£85k take home while £120k a year for a single earner is c£73.4k take home.

  16. “Waitrose is really not much different to anywhere else, unless you buy the fancy stuff they sell.”

    Their bread and cheese are wonderful. Various other foodstuffs too. But their value stuff is as cheap as anywhere else.

    But the clincher for me is the “ten items or fewer” sign. Little things matter.

  17. “But the clincher for me is the “ten items or fewer” sign. Little things matter.”

    Well said, Rob. That grinds my gears, too.

  18. Congratulations to the childless lezzers on paying off their mortgage. Paying off debt is praiseworthy in my book. Being childless isn’t: it’s the shortcut to the death of western civilisation and British culture.

  19. Kevin B,

    That should be the rest of the economy that hates you paying off your mortgage quickly rather than spending.

    We did something similar, but not as radical. No foreign holidays, very few meals out, especially in expensive restaurants etc. Once we’d paid off the mortgage and had a nest egg then the luxuries started to flow.

  20. “Once we’d paid off the mortgage and had a nest egg then the luxuries started to flow.”

    Precisely. That’s what prudent people do. Now financial prudence is no longer a virtue.

  21. My father, 1910-1983, always said: “Never borrow to consume – only borrow to invest”. In business and property. The maxim has served me well.

  22. @Rocco Siffredi
    “B the mums who go to Waitrose are yummier than the ones in Lidl. Even the check-out staff are yummier and better supported”

    I have found that not to be at all true.

    You get the fittest birds in the cheaper supermarkets, being both younger and dressing more pleasingly.

    We go to MnS every Saturday, and there’s barely one there i’d do with yours, best available might be a well kept milf, and they dont dress to please.

    There’s far better perving opportunities at the Tesco just further up the high st. Poorer = younger and more likely to dress sexily.

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