‘We were mortgage-free at 45, here’s how you can do it too’
Source: The Guardian ·
Even modest overpayments can save you a fortune. We look at the best ways to pay off your biggest debt early When Adrian Massey was made redundant from his job as a food developer in 2010, the bill that worried him the most was the mortgage. Just over a decade later he and his wife, Tulay, had cleared their debt early, saving themselves £30,000 and freeing up some money to start their own…
From the source
When Adrian Massey was made redundant from his job as a food developer in 2010, the bill that worried him the most was the mortgage. Just over a decade later he and his wife, Tulay, had cleared their debt early, saving themselves £30,000 and freeing up some money to start their own business. The couple had bought their six-bedroom home in Banbury, Oxfordshire, for £280,000 two years before he lost his job. With an interest rate on their mortgage of 6.1%, the couple’s monthly payment was about £1,400. “It felt like a burden; a chain around my neck,” says Adrian, 50. “I started thinking about the best way to pay it down. “It dawned on me what could happen if you overpay even a relatively modest amount. You can really start to make a difference.” When he started his next job he set up a standing order to overpay the mortgage. “We looked at our current income and outgoings, and then, based on our spare cash, we decided how much did we want to put into clearing the mortgage without…