I got 70% off my £98k first home & no deposit - I’ll be mortgage free in 6 years

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'I got a 70% discount on my £98,000 first-home with no deposit – and I’ll be mortgage free in six years'

I use one of the bedrooms as a walk-in wardrobe.I have lived in my house for 34-years now so I really didn't want to move.We live on cul-de-sac so it's also quite quiet and private.The house was valued at £98,392, but we got a 70% discount and bought it for £29,250.After five years, you get an extra 1% discount for every extra year you’ve been a tenant.

The mortgage term is six years at a five-year fixed rate of 1.98% - for the final year we will go onto a variable rate.

 

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