Woman saves £56,000 to become mortgage free 10 years early – and shares top tips

A woman has saved £56,000 in five years living a budget lifestyle, and is now on track to paying off her mortgage 10 years early.

Fair Metcalfe, 39, who runs a money-saving blog Fairly Frugal, said she had to cut down on spending over the years to pay off her home loan.

Instead of buying new clothes, Fair would repair her old garments to save money.

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She also slashed the prices on her grocery shops and spent less on Christmas.

With her frugal lifestyle, Fair and her husband, Chris, now aim to pay their home loan in just five years.

Once they pay their mortgage off, Fair and Chris said they will retire early and travel the world.



The former veteran blogs about saving money

Fair said: « The plan is to pay the mortgage off and reach financial freedom by retiring early and enjoying our later years whilst we still have a spring in our step. »

Many mortgage lenders will allow homeowners to repay extra on top of their normal monthly repayments.

In 2016, the couple had £158,950 left to pay for their mortgage after putting down a £30,000 deposit.

The urge to own their own house outright then intensified, and the couple started to get serious about overpaying their mortgage.

Since 2017 they have repaid an extra £56,662 on top of their normal mortgage repayments, with around £25,000 in the last two years alone.



In 2016 the couple had £158,950 left to repay on their mortgage after putting down a £30,000 deposit

But they had to make some cuts in their expenditure.

Fair sad: « If we continue on this path, we will pay our mortgage off 10 years earlier than planned.

Every January, the couple would calculate their expected payments to see where they can make cuts.

They had to cancel direct debits and unnecessary subscriptions.

Fair said: « We looked at what we could survive on, and the rest went onto the mortgage, » she said. « We are incredibly open with one another about our finances, and I think this has been the reason we have been successful. »

She added: « We only purchased essential clothing when ours were worn out. »

They also had to cut down on spending too much money for Christmas gifts.

Fair added: « This might be an unpopular one, but we reduced our limit of spending for Christmas. We recently capped the limit to £50 for gifts for each other. We have a no ‘tat’ rule, so only buy gifts we can use.

« We also stopped sending Christmas cards, and we donated half of what we would spend on cards to charity and saved the rest. We call people or text them instead. »



Fair is a fan vintage items and repairs old clothes instead of buying new full-priced ones

The couple reduced their spending on groceries and cooked food in bulk.

Fair also stopped going to salons and did her own home facials, eye brows and gel nails.

She switched her luxury face products to budget brands, saving her hundreds of pounds – and insisted they work just as well.

Fair said: « We did the classic brand swap at supermarkets, and we created a meal plan which we stick to. »

« We bulk cook soups every week to take to lunch for work. We bulk cook freezer meals during holidays.

« This includes ‘fakeaways’, so we aim to defrost a freezer meal instead of a takeaway when we are tired and fancy a takeaway.

« Small things like making homemade dog biscuits saved pennies too. A lot of time is spent meal prepping, but it saves us money. »

Fair added:  » stopped using luxury face creams and switched to shop brand ones, and I also started doing at home facials, brow tints and gel nails at home, which saved time and money. »

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