Mortgage free before I'm 45!

taffynoel

Money Making Megastar!
Joined
Sep 25, 2017
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67
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Question... suppose you own 90% of your home, and have a mortgage for the rest.... you clearly “have a mortgage” which costs in terms of interest to serve the loan. If you then got £x thousand interest free on a credit card, and used it to stooze the remaining mortgage so that you didn’t pay ANY interest per month (eg assume it’s a small offset mortgage) then my question is this... could I justifiably consider myself “mortgage free” albeit that my assets are not the full house but 90% of it. This is on the basis I pay no interest to the bank, that I would repay any credit promotional 0% ended, and that 90% of a £300k home under these circumstances is the same as 100% of a £270k home.

Ps this is all just “psychological” in the interest of obtaining a point of being “mortgage free”, I know.
 

mikecmr

Money Making Megastar!
Joined
Oct 31, 2014
Messages
553
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163
What a crazy year this has been, I took the decision to not get a lodger in during the lock down for health reason so i took the financial knock.

Saved on expenses of day to day life so it wasn't to bad a hit.

Took the investment out of funding circle and into my stocks and shares isa, currently got a return of 66% partly down to getting on some stocks in feb/march time (airline)

still doing the odd survey mainly panelbase/prolific most of my time has been spent on the shares.
 

XXX007

Money Making Megastar!
Joined
Mar 5, 2018
Messages
37
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138
Age
50
What a crazy year this has been, I took the decision to not get a lodger in during the lock down for health reason so i took the financial knock.

Saved on expenses of day to day life so it wasn't to bad a hit.

Took the investment out of funding circle and into my stocks and shares isa, currently got a return of 66% partly down to getting on some stocks in feb/march time (airline)

still doing the odd survey mainly panelbase/prolific most of my time has been spent on the shares.
What platform do you use for your S & S isa. A lot of them charge quite a lot for share transactions.
 

mikecmr

Money Making Megastar!
Joined
Oct 31, 2014
Messages
553
Points
163
I'm using fidelity who charge £10 per order but i wont deal in anything lower than 1k for that reason but the returns i have had this year far outweigh this, 20% on voda, 400% on jet2 80% on boohoo itts becoming a nice little account one of my funds is runnign at 30% too :D
 

mikecmr

Money Making Megastar!
Joined
Oct 31, 2014
Messages
553
Points
163
Another crazy year,

Took some time out of doing things online and focussed on the stocks and shares (funded by rent a room scheme) so far its going well. Re-mortgaged for a fixed 5 years at 0.88 with nationwide reduced my payments and the money im saving goes into the lisa each month.

Had a month of online working last month which returned just over £200 not to bad,
 
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mikecmr

Money Making Megastar!
Joined
Oct 31, 2014
Messages
553
Points
163
No update for a while so here goes.

I maxed out the rent a room scheme income which has been the main focus of my extra income, this has been very lucrative i would suggest anyone with a spare room look into it.

Online working has scaled back as i don't need to be at a screen all the time now, currently only do the odd survey and prolific.

Income from stocks and shares isa has been good, again i would suggest everyone open one and invest in a few funds my return last year was 11%

Topping up the LISA too - Free money from the GOV!

All in all its going ok, i decided to stop setting targets and just go with what i get, i know what comes in extra each month and happy with that, must say far more relaxed approach to when i first started!
 

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