Edward and Pamela Burrell, from Surrey, were keen to boost their pension savings and wanted to be free of the constraints of mortgage repayments ahead of their retirement.
To do this, they decided to sell their three-bedroom home 25 years – a Dutch barge called The Angelus – and put it on the market for £140,000.
They then collected materials such as wood salvaged from a water-damaged house and recycled windows from an old cabinet to build a new boat half the size.
The Burrells revealed they’d previously been spending around £5,000 a year living aboard he Angelus, with running costs including diesel and an environment agency license for use of the waterways on the Surrey Thames.
They worked out that the new smaller boat, which would be permanently moored, would save on fuel and reduce their license fee by up to 75 per cent.
Rather than buy a ready-made boat the size that they wanted, which would have set them back around £50,000, the couple decided to have a bash at building one themselves on a tight £20,000 budget.
It wasn’t all plain sailing, but the couple managed to achieve their debt free dream.
Sarah said: “This is so glorious. You can have your cake and eat it – clearly!”
With a combined income of £55,000, the family looked at alternative ways to do things to save money.
Their main focus became paying off their mortgage, which meant living on a “shoestring regime”.
They were able to pay £300,000 off at a time – any income they had went straight into the mortgage.
In just eight years, they managed to pay off their £210,000 mortgage and made £148,000 worth of savings on interest.
Daily Express :: Life and Style Feed
