The Mortgage Free Roll Of Honour

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  • a. The date you decided to become a MFW
    I found this board and the cogs started turning...
    b. Mortgage Debt at its highest
    £225,000. Bought in 2007 - really bad timing! Negative equity was annoying.
    c. Mortgage-Free Date
    30/11/17. We took out a 35 year term in 2007, over £1k p/m repayments, 5%+ fix. We are now 40 with 2 children under 5.
    d. Your one pearl of wisdom.
    Embrace the offset. Overpay early if you can.
    We used balance transfer cards and 0% purchase cards to retain as much cash as possible in the offset account. In the last few years I worked harder on finding savings accounts that would earn more than the mortgage’s 2.39%. I could tell you to the penny the interest we were paying each day. As of today our savings + offset exceed the total of the mortgage and we have over a year before the 0% on the credit cards runs out.
    e. The MSE Mortgage guides and others that helped you.
    The latest 0% credit cards, savings and mortgage guide.
    My TV is broken! :cry:
    Edit: refunded £515 for TV 1.5 years out of warranty - thank you Sale of Goods Act! :j
  • beanielou
    beanielou Posts: 89,816
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Ambassador
    Hello,

    Just wanted to add my name (and my husband's too) to the list please.

    a. The date you decided to become a MFW
    The day we got the mortgage in May 2005. It is the only debt I have ever had an I hated every minute of it - so glad to be free. Paid it off in 12 years.

    b. Mortgage Debt at its highest
    £109,500 (+ the large cash deposit we also paid for the house)

    c. Mortgage-Free Date
    The last overpayment (and final payment) goes through 27/11/2017 - TODAY!

    d. Your one perl of wisdom.
    Buy the smallest house you can, don't have lots of clutter and be clever with the space.

    We are so pleased to be mortgage free. It is part of our plan for early retirement and so this is a big step towards achieving this.

    Spider :T
    a. The date you decided to become a MFW
    I found this board and the cogs started turning...
    b. Mortgage Debt at its highest
    £225,000. Bought in 2007 - really bad timing! Negative equity was annoying.
    c. Mortgage-Free Date
    30/11/17. We took out a 35 year term in 2007, over £1k p/m repayments, 5%+ fix. We are now 40 with 2 children under 5.
    d. Your one pearl of wisdom.
    Embrace the offset. Overpay early if you can.
    We used balance transfer cards and 0% purchase cards to retain as much cash as possible in the offset account. In the last few years I worked harder on finding savings accounts that would earn more than the mortgage’s 2.39%. I could tell you to the penny the interest we were paying each day. As of today our savings + offset exceed the total of the mortgage and we have over a year before the 0% on the credit cards runs out.
    e. The MSE Mortgage guides and others that helped you.
    The latest 0% credit cards, savings and mortgage guide.

    Great result for you both.
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • In 2013 I had no choice but to take out a mortgage. I won't bore you with the details.
    The date I decided to be a Mfw was the day the first mortgage payment went out of my bank account.
    Mortgage debt at it's hightest was £62,500.
    Mortgage free date was,Wednesday 27th December 2017.
    My one pearl of wisdom would be ,listen to yourself,not other people.
  • Frugaldom
    Frugaldom Posts: 6,936
    Name Dropper First Post Photogenic First Anniversary
    Forumite
    Congratulations and well done to everyone who achieves mortgage freedom! :)

    This is another board I have overlooked! I opted for frugal living & saving to avoid a mortgage and we finally managed to buy our first fixy-up in 2012, waving goodbye to rent forever. I covered the entire progress & process in the MSE forums but somehow never got around to posting here. So, I;m finally declaring myself mortgage free, even if it's 5 years later with more property under the belt. :D
    I reserve the right not to spend.
    The less I spend, the more I can afford.


    Frugal living challenge - living on £4000 in 2024
  • pandoraskids
    pandoraskids Posts: 899
    First Anniversary First Post Mortgage-free Glee!
    Forumite
    edited 17 January 2018 at 9:49AM
    MFW July 2004 When I got divorced from grotty ex. Single with 2 small children, vowed to be debt free asap

    Debt at it's highest level £50,000

    Mortgage Free Date 17 November 2016
    Pandora's Little Sister 30/11/17 x
  • a. The date you decided to become a MFW
    Before I'd even got the mortgage, I knew I didn't want it, we started overpaying once the mortgage was approved, but even before contracts were exchanged. There was a brief pause in OP for a year or so, but soon got right back on it

    b. Mortgage Debt at its highest
    £102,000

    c. Mortgage-Free Date
    December 22nd 2017, thanks to an unexpected christmas bonus from work for the last £2000

    d. Your one perl of wisdom.
    All the £20s and £50s add up. Ebay things, work that little bit of overtime, sell that junk you don't need, and don't waste that birthday money, and when you get it, overpay straight away.
  • a. The date you decided to become a MFW - At some point in 2006/2007..
    b. Mortgage Debt at its highest - £107k
    c. Mortgage-Free Date - Today :) 2nd March 2018. :beer:
    d. Your one perl of wisdom - no OP is too small - they all add up in the end.
    e. people that helped you - MSE forums have been a huge inspiration, and Martin of course too!!
    f. And if you had a mortgage freedom diary on MFW, a link to it - sorry no diary, but been lurking here for few years ;)
  • Kittenkirst
    Kittenkirst Posts: 2,563
    Photogenic Name Dropper First Anniversary First Post
    Forumite
    a. The date you decided to become a MFW - At some point in 2006/2007..
    b. Mortgage Debt at its highest - £107k
    c. Mortgage-Free Date - Today :) 2nd March 2018. :beer:
    d. Your one perl of wisdom - no OP is too small - they all add up in the end.
    e. people that helped you - MSE forums have been a huge inspiration, and Martin of course too!!
    f. And if you had a mortgage freedom diary on MFW, a link to it - sorry no diary, but been lurking here for few years ;)

    Congratulations Pennystretcher :j:j:beer:
    First home- Oct’16 until June’21: £170.995- Overpayments made £13,784 (25% extra!).
    New forever home- Sep’21 £309,449 @ 2.05%. Plan to clear it before 30 years!!!!!!
  • Magsy99
    Magsy99 Posts: 12
    First Anniversary First Post Mortgage-free Glee!
    Forumite
    Mortgage decision to be mfw
    1995 with a £35,000 mortgage.
    Cant recall the highest amount.
    Mortgage free 2011 thanks to the Virgin one account. Before that we had an endowment and interest only setup.
    1 pearl of wisdom, overpayments as much as you can, treat it as a savings amount. Which it is as you save on interest payments.
    All done before I knew about MSE and no diary.
    Still in the Virgin one account as it will be easier to move house if we want to.
  • Date decided to become Mortgage free: Oct 2009
    Mortgage debt at its highest: £91,000
    Mortgage free date: 7th March 2018
    Pearl of wisdom: save where you can it all adds up in the end
    People who have helped: MSE has been fab and frugal bloggers such as Meanqueen, Frugal queen and Frugalwoods
    I didn't keep a diary but I read most on the wannabe thread
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