Pay off your mortgage in a year

Watched this by accident as it were and was impressed by the couple in the programme.

This is their website: http://www.hotcreations.co.uk/HOT-contents.html

very downsizery.

jocorless

I saw that as well - I watched the first part of the series last year and enjoyed it - A real inspiration - The kids asked me whether we could do that - I replied I'm thinking I'm thinking !!!

sally_in_wales

Brief synopsis for those of us that missed it? What did they do that worked particularly well?

jocorless

The stove that Behemoth provided the links to was the key - each one is made from recycled bits - Old gas bottles and old bits from Volkswagens - In the first series the guy was making one or 2 a year for friends - He was encouraged to start selling them commercially at around £1500 each

They sold about 100 stoves plus the income from renting out their cottage in the summer and teaching yoga to mean that they managed to pay all their debts of £7K in the first year and £106K i.e. Their mortgage in the second

They also foraged for food - showed them making Elderflower fritters as a meal and generally lived a very Downsizer style life

What was so good was that they didn't have to compromise their principles BUT they did have a very good product to sell and that was their big big advantage

Beckyess

He created a stove, rather funky and very expensive!
Becky

Behemoth

Two hippy dippy surfers end up in a house with a £101k mortgage. Not quite sure how, missed that bit. They economised, lived in a shed and rented their house in the summer, she became a freelance yoga teacher and he developed an idea for a stove made out of recycled stuff which developed into a business and he made and sold enough to stoves in a year or so, with guidance form the expert, to clear the mortgage, while maintaing their personalities and outlook on life.

sally_in_wales

Fair play, thats a lot of dosh for a stove though, Just shows though that there is a market for such things Cool

Chez

My MIL bought us a book about paying off your mortgage in two years - it had some figures in and it was really surprising how early overpayments bring it down really quickly. We've started overpaying a bit and are making a game out of it. I need to work on my stove-design though, to really go for it! Smile

judith

Chez wrote:

it was really surprising how early overpayments bring it down really quickly. We've started overpaying a bit and are making a game out of it.

It certainly does. While the interest rates were falling, we instructed our BS not to reduce our mortgage payment whenever there was a change in base rate. That really has brought the total down quickly without really being noticeable as we were used to paying the larger sum from the start..

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