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How to live Mortgage Free (Ch4)


Dharl

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Watching Ch4 +1 at present a program called "How to live Mortgage Free with Sarah Beeny".     Very interesting program where Sarah Beeny meets people who own their home mortgage free.  First item was very interesting, a lady who built a home out of an old reservoir!    However she is also meeting a young lady who bought a Dutch barge in.....London and she is now doing it up!

 

to be fair they have talked about having to move the boat every 2 weeks as the barge has a Continous Crusing lisence and also they have interviewed a couple living on their nice little springer on the BNC about some of the ups and downs, however still making out that living on a boat is cheap!    

 

Worth watching if only for the first build which was stunning!  

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I found it quite interesting.

They did talk about costs and not giving the impression living on a boat  was free .

Being free of a mortgage almost suggested as meaning you didn't need to go to work.......... which is not the case (unless  on a pension or some other means of income).

The programme was very much a comparison with very expensive property areas where people are spending the great majority of their income simply to pay  a mortgage or a very high rent.

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6 hours ago, GoodGurl said:

did she say there were 20,000 liveaboards and 10,000 of them were in london? or did i hear that wrong

It is what she said - how accurate that is, I don't know.

I thought the former reservoir was fantastic!  I immediately started googling brownfield sites for sale :D   The programme was better than I thought it was going to be actually and covered various different ways of living mortgage-free.  Will be interesting to see what's in the following episodes.

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She did manage to store a lot of clothes on her boat - different outfit for every shot :-)

And, for once, a cold eyed appraisal of the realities of living on a boat in this review here

Edited by starman
adding a bit
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Shame they didn't feature more on the couple living on the little Springer.  They seemed to be pretty well sorted and a much better example of real live-aboard boaters.  I would guess this was filmed last year - I hope that poor girl on the dutch barge survived the winter.  Those Westlander barges with their huge windows are not the warmest of things at the best of times.  

Anyway, good luck to any one who rejects the idea of enslaving themselves to a mortgage for most of their (short and very precious) life, just because it is what we are expected to do.  Give it a go and if it all goes wrong then at least you can say you tried.  

 Sarah Beeny, mmmmmm.

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26 minutes ago, Machpoint005 said:

They missed a proven way of living mortgage free, often used by my generation ---

 

 

 

 

 

 

Pay off your mortgage in 25 years and then the house is yours.

No they covered that with a couple who overpaid every month and saved interest for several years as I did as well

 

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17 minutes ago, roland elsdon said:

I had a mortgage for 2 years then I worked out what they cost over 25 years so I stopped.

havent played that game again, other means of buying property are available.

Like what? Rob a bank? Inheritance? Bank of Mum and Dad?

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We bought our cottage 5 years ago mortgage now paid off, downsizing the boat, pension lump sum, cashing in life assurance and working every hour we could and paying earnings off the mortgage made it happen.

Now at 65 have to work for a bit longer to get some cash for our retirement.

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14 hours ago, roland elsdon said:

I had a mortgage for 2 years then I worked out what they cost over 25 years so I stopped.

havent played that game again, other means of buying property are available.

House bought for 24 grand.

Mortgage payments over 25 years about 70 grand.

House "value" now 275 grand.

Those figures make sense to me..

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1 minute ago, Machpoint005 said:

House bought for 24 grand.

Mortgage payments over 25 years about 70 grand.

House "value" now 275 grand.

Those figures make sense to me..

However unless you downsize the next house value will be roughly 275 grand so you're not actually gaining anything.   If you pay off early you do gain.

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2 salaries loads overtime and double  and night shifts, live on one, no children 500  quid cars   No time to spend money so save money , bought a repossession  repaired with help of  interest free credit , sorted it out sold to some person, repeat, repeat repeat. Each move financed by capital gain and overtime. 

 

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We downsized substantially. No mortgage then.  Use this little home all winter long. Go boating all summer. Live fairly simply. Genuinely happier. If we can't afford stuff we don't get it. We stay debt free that way. 

The money from downsizing is drawn down to supplement our pensions. We feel we are truly lucky. We have planned to divide the downsizing lump equally into the years up until we are eighty. If we die earlier...well we won't know about it. If we live longer....we will sell the boat and downsize a final time to an easy small flat.

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