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Real Estate

Financial Independence: Is It Really Possible for Anyone Paying Off a Scary Mortgage Every Month?

In the current UK climate, mortgage debt is seen as a necessity. Mortgages are the only way for the larger percentages of the population to get on the property ladder. However, the proliferation of mortgage debt hasn’t made it less of a huge issue.

The average UK household debt as at November 2016, with mortgages included, was £55,982. This worked out at 113.2% of average earnings per adult.

It is therefore easy to see why many people battling with mortgages are stuck wondering if they will ever be financially independent. Fortunately, examples abound of people who have paid off huge mortgage and went on to become financially independent so it is possible to do so. Apart from winning the lottery, this piece looks at practical steps you can take.

Seek Professional Help

If you find yourself slaving away each month to pay off the mortgage and it looks like you are barely scratching the surface, consider getting professional help. You can use mortgage calculators to do basic calculations on the situation of your mortgage but a financial advisor can take a holistic approach to analysing your debt. Can you get better rates elsewhere? Are paying off the mortgage in an efficient manner? Will you be better served getting a remortgage now? These are questions that will be answered by the advisor that can drive you closer to getting rid of the debt.

Cut Down on Major Expenses and Save

As you battle big mortgage payments, it is easy to forget the needs to save and cut down expenses where necessary. Putting away the money spent on coffee or pints is good but for anyone seeking financial independence, the big hits will make more impact. Look for possible ways to save money on food, transportation and household expense. Do you really need to upgrade your 1080p TV to a 4K/Ultra HD? How much will you save over the course of a month if you take your own food to work instead of eating at your favourite café? The savings made from cutting down on impulsive purchases, including one-offs, can quickly add up. Put the money away and your savings will suddenly start looking up.

Invest What is Left

Putting all your income into paying off mortgage will make the journey to financial independence harder. When you have worked out the most efficient way to pay off your mortgage and how to put more money away, the next step is to make calculated investments. Your investment fund should be separate from your retirement savings where possible. It is where you should send extra money as a result of raises, cash gifts and more. When properly managed, your investments can become your go-to source for mortgage payment funds. In your investments,  look beyond typical financial portfolios. Crowdfunding property investments and investments in viable startups are all possible angles.

Financial independence with heavy mortgage payments is possible. Proactive approach and meticulous planning is what you need.

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Erin Thompson

Erin Thompson spent years managing her own blog about budgeting and debt. Because of that, she has great insights not only about managing spending and borrowing but also about running websites profitably. When she's not writing articles for us, she's traveling and looking for new types of wines to try.
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The content on is for informational and educational purposes only. It is not financial advice and we are not certified financial advisors. strives to keep its information accurate and up to date, but it may differ from actual numbers. We may have financial relationships with companies listed on our site. We may receive compensation for the placement of sponsored products or services. We work hard to write authentic and accurate articles.