Contractor Paying Off Mortgage Contractor Paying Off Mortgage
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    Default Contractor Paying Off Mortgage

    Just wondering how long contractors in general take to pay off their mortgage.

    Of course there are lots of variables such as mortgage amount left,daily rate, life style etc etc.....But if we assume an average mortgage amount of 175000 and a daily rate of 400....how early have you paid it off??

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    Quote Originally Posted by valluvan View Post
    Just wondering how long contractors in general take to pay off their mortgage.

    Of course there are lots of variables such as mortgage amount left,daily rate, life style etc etc.....But if we assume an average mortgage amount of 175000 and a daily rate of 400....how early have you paid it off??
    Is there a worse post of the year competition on this CCUK? if not, can we create one, and can I vote for this one please.

    thank you
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    Quote Originally Posted by monobrow View Post
    Is there a worse post of the year competition on this CCUK? if not, can we create one, and can I vote for this one please.

    thank you
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    but I totally agree

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    Quote Originally Posted by valluvan View Post
    Just wondering how long contractors in general take to pay off their mortgage.

    Of course there are lots of variables such as mortgage amount left,daily rate, life style etc etc.....But if we assume an average mortgage amount of 175000 and a daily rate of 400....how early have you paid it off??
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    Quote Originally Posted by valluvan View Post
    Just wondering how long contractors in general take to pay off their mortgage.

    Of course there are lots of variables such as mortgage amount left,daily rate, life style etc etc.....But if we assume an average mortgage amount of 175000 and a daily rate of 400....how early have you paid it off??
    So lets ignore all the variables required to make a reasonably helpful answer and ask anyway knowing that the answer is just complete bolox

    Good plan

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    Quote Originally Posted by valluvan View Post
    Just wondering how long contractors in general take to pay off their mortgage.

    Of course there are lots of variables such as mortgage amount left,daily rate, life style etc etc.....But if we assume an average mortgage amount of 175000 and a daily rate of 400....how early have you paid it off??
    do we include tips? ;->

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    Quote Originally Posted by valluvan View Post
    Just wondering how long contractors in general take to pay off their mortgage.

    Of course there are lots of variables such as mortgage amount left,daily rate, life style etc etc.....But if we assume an average mortgage amount of 175000 and a daily rate of 400....how early have you paid it off??
    I'm a contractor and pay cash, no mortgage required.

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    Quote Originally Posted by valluvan View Post
    Just wondering how long contractors in general take to pay off their mortgage.

    Of course there are lots of variables such as mortgage amount left,daily rate, life style etc etc.....But if we assume an average mortgage amount of 175000 and a daily rate of 400....how early have you paid it off??
    I got my first mortgage at 27. Started contracting a year later, paid if off 3 years later. Borrowed another 150K, paid that off 5 years late. Assume at 400 per day that you can pay off 25k - 30k per year from contracting alone.

    Answer your question.
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    Any excess I pay off mine is only going to effectively work for me at just a tad over 1%. Why would I want to invest my cash in that scheme?
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    Quote Originally Posted by MarillionFan View Post
    I got my first mortgage at 27. Started contracting a year later, paid if off 3 years later. Borrowed another 150K, paid that off 5 years late. Assume at 400 per day that you can pay off 25k - 30k per year from contracting alone.

    Answer your question.
    Cheers MF....I have a similar target to be mortgage free in 5 or less years ....repaying @25-30K/year

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