Mortgage Free in Five Years

1159573_moneyIn January 2013 I decided that I should be aiming to pay off the balance of my joint mortgage (just under £82,000) in 5 years. My partner at the time didn’t think it was possible to be mortgage free so quickly. I figured that despite being on a tight budget already, we could take things one step further: knuckle down, double our income, halve our expenditure. However, in May 2014 I ended that relationship which caused a new problem: buying my ex out of our mortgage.

With the joint mortgage problem solved in February 2015, and the mortgage solely in my name, I had a new balance of £97,800.24 and a target of 5 years. That’s £19,560.048 per year or £1,630.04 per month I need to find just for my mortgage, not including interest. Good job I like a challenge!

Plan of Action

  • Reduce unnecessary spending
  • Put the work in to get my projects off the ground which have a potential to earn me passive income
  • Improve my self-employment output to make more money from my skills
  • Put all income earned from blogging and advertising into the mortgage pot

How it’s going

The trials and tribulations of trying to become mortgage free…

Current mortgage balance: £91,762 (January 2017)