Bye bye mortgage

Today has been a significant day and one which the DDWT family will remember for a long time to come. Why? Well it’s the day that we finally paid off our mortgage and can for the first time in our lives say that we own our own home – outright.

We’ve been lucky, very lucky and it’s fair to say very shrewd with our finances along the way and as a result we’ve only had a mortgage for just over 11 years. Not bad considering we’re now living in a 4 bedroomed detached house and we’re only 36 years young 🙂

I suppose the one thing that the whole mortgage episode has highlighted to me and us as a family for that matter, is how silly the house market has gone over the last 5 to 10 years. We started off with a house (3 bedroomed detached), which I bought for £56,800 and ended up selling it at a whopping 41% profit – some 3 years ago. Good business and/or just lucky? Lucky to be quite frank.

But what chance do the youth of today have? I was always told to get on the property ladder as soon as I could – but in today’s financial climate of highly priced property how are the younger generation meant to get on the ladder – even at its lowest rung.