Couple in their 30s pay off mortgage 28 years early with clever budgeting
Being mortgage free in London is to most an unachievable pipe dream.
Average house prices in the capital are at a record high of £514k, according to the Office for National Statistics.
But a couple in their 30s have proved it is possible to live mortgage-free after paying off their £95,000 debt 28 years early, Manchester Evening News reports.
Siobhan and Lee Bowen purchased their first home together in 2011, and after clever budgeting, they now own their three-bedroom semi-detached home outright.
The couple live in Great Wyrley, Staffordshire, where the average house price is considerably lower than London’s at £210,000, nonetheless some of their tips might inspire all of us, however big our mortgage is.
The married pair made careful overpayments and sacrificed unnecessary material items so they could wipe their mortgage.
Regularly listening to money-saving podcasts also played an important part in the pair’s mentality.
Mum of one, Siobhan, 36, and husband Lee, 38, set themselves the challenge to clear their debt before Siobhan hit 40 - but they smashed the already ambitious target earlier than planned.
More on: www.mylondon.news