The Story How to become mortgage-free
Jan 25, 2025
Sarah Tucker, the founder of The Mortgage Mum, shares her expertise on achieving mortgage freedom while Leigh Macfarlane, known as Mortgage Free Lee, documents her personal journey toward that goal. They discuss practical strategies for overpaying mortgages and remortgaging. The importance of financial discipline and understanding mortgage structures is emphasized. They also reflect on generational attitudes and how personal finance decisions shaped by the pandemic can impact a mortgage-free lifestyle. Tune in for invaluable insights on achieving financial independence!
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Capital Repayment Mortgage
- Ensure your mortgage is on a capital and repayment basis, not interest-only.
- Interest-only mortgages leave you with the capital to repay at the end.
Reduce Mortgage Term
- Reduce your mortgage term to save thousands on interest.
- Don't be fixed on your initial term; strive for a shorter one if financially feasible.
Regular Overpayments
- Make regular overpayments to reduce your mortgage balance and interest.
- Small, consistent overpayments are more effective than large, infrequent ones.