finance

Thrifty couple now debt-free after paying off their mortgage 28 years early


A THRIFTY couple have paid off their £95,620 mortgage 28 years early.

Siobhan Bowen, 36, and husband Lee, 38, bought their three-bed semi for £112,500 in 2011, when on a combined £40,000 wage.

Siobhan and Lee managed to pay off their mortgage 28 years early

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Siobhan and Lee managed to pay off their mortgage 28 years earlyCredit: Caters
Siobhan and Lee budgeted smartly and now own their home outright

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Siobhan and Lee budgeted smartly and now own their home outrightCredit: Caters

The loan started at £394 and they overpaid £160 a month by budgeting.

They still enjoyed holidays in New York, Croatia and Italy, as well as riding out spells when Siobhan took maternity leave or was out of work.

Siobhan, now a financial planner of Great Wyrley, Staffs, said: “We became disciplined and educated ourselves with money-saving podcasts.

“Over seven years we repaid £112,924.57, saving £57,288.71 over the mortgage’s expected lifetime.

Lee and Siobhan took money saving tips from podcasts

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Lee and Siobhan took money saving tips from podcastsCredit: Caters
Lee and Siobhan's back garden at their home in Staffs

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Lee and Siobhan’s back garden at their home in StaffsCredit: Caters

“There was no inheritance or secret lottery win.

“It was done through hard work and saving.

“Being debt-free has given us security, freedom and peace of mind.”

Super scrimper Gemma Bird reveals how she paid off her mortgage and gives advice for first-time buyers





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