Frugal Thoughts

We have a largish piece of land in Crete, where the family house is being built. Also the plot next to it is available to buy. Should we build another house and sell it to repay our mortgage earlier? If it all works out well then we would take years of the mortgage but if it doesn't sell then we are stuck with additional debt (and plenty of houses!) and probably an even longer mortgage.

Perhaps it is better just to plod along at the day job until it is paid. I wonder if there is a middle ground where we can find someone who wants a house there and get them into contract before we build. That would be the best solution for us. Anyone who bought from us would get a good deal because we have really good contacts in the area & also access to land, through word of mouth in the village, that an outsider just would not get. Perhaps we will think some more about it. I dont want to end up working full time for years longer than I currently plan to.

These thoughts led me along the usual path of considering any other large one off type payments we could make towards the mortgage. Which of course led me back to every day economies and living frugally too pay extra from the mortgage on a regular basis.

So maybe the best way is a mixture of all of these ideas. Try to live as simply and frugally as is reasonable. Put a % of any savings agasinst the mortgage. ANy windfalls ensure a % goes straight to the mortgage too. Lastly think of other possibilities might help you meet your goal. Weigh up the ideas and see if you get an advantage or disadvantage from them overall. My husband thought of building a house to sell. I would never of thought of doing anything like this myself, so maybe discuss it and you will get others idea.

This is a phot of my little village.


  1. hi lizzie
    my head spins with all different thoughts on a daily basis!
    I'm constantly coming up with different plans to clear our mortgage :)

  2. Hello Lizzie

    We found paying a little bit more off the mortgage each month was the best idea to clear the bill sooner.

    25 year debt went in 12 - yes its still a long time but this was back in the 70s and our wants weren't the same as they are today.

    Know what extra you can afford to add to the existing payment each month without feeling the pinch and stick to it. Also if any extra comes your way pay that off the principal.

    Worked for us - but you have to be comfortable with the idea.

    The other way if your bank allows it is to make fortnightly payments - that way you get an extra amount in each year

    Building to sell and clear another mortgage is risky - you yourself said you could be left with 2 debts instead of one and thats not a good feeling:(

    Take care

  3. MTP - I know - I am always checking what you have to say on the subject!

    Cathy - I agree with the little and often (as per MTPs example). We were down to just 12 years left until we bought the Crete house & we had knocled several years off our final repayment date. I didn't make overpayments as such but each time we re-mortgaged I asked the mortgage company to shorten the term. I wont be doing anything too risky, thats for sure!


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