End of the road

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Peelerfart
Peelerfart Posts: 2,177 Forumite
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in Mortgage-free wannabe
My first post on this board was Oct 2007, that was when my wife and I decided to tackle the many headed beast called a mortgage.
We followed the advice and became DFW before starting and never stopped. Sometimes small amounts,sometimes larger when funds and circumstance coincided.
4 days ago we paid off the last 4k of the mortgage to officially become MFW.

Unfortunately, it cost me my job in order to fund the final payments, but all the years of over paying have made the final figure much smaller.

So as I make my way to the pension board where I shall now reside, to all you Wannabees, please don't give up.
It is worth it,it can be done,and yes it's hard work, but ultimately there is only one winner.

Good luck to all
PF
Space available for rent

Comments

  • wildesavings
    wildesavings Posts: 176 Forumite
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    Wow, congrats on being mf!!!! But sorry on the job situation... hope you enjoy retirement to its fullest xxx
    Started my MFW journey in August 14 : £103,650
    2019 : £77,900
  • MichaelDH
    MichaelDH Posts: 154 Forumite
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    Well done for paying off the mortgage!

    Speaking as some one who's currently only one year in to a 30 year mortgage it really is very inspiring to hear about people unshackling themselves from their mortgage.

    Hope you enjoy your retirement!
    Starting Balance August 2016: £170,199.00 | Remortgaged August 2018: £212,000.00
    Current Balance (15th February 2019): £209,278.85 :eek:
    Target: Balance below £170,000.00 by August 2023 :)
  • chelseablue
    chelseablue Posts: 3,303 Forumite
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    Congratulations!

    I currently can only dream of being mortgage free, I'm 18 months into a 32 year term :eek:
  • MichaelDH
    MichaelDH Posts: 154 Forumite
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    chelseablue wrote: »
    I currently can only dream of being mortgage free, I'm 18 months into a 32 year term :eek:

    Scary isn't it! Sure you will get that 32 year term down soon enough :)
    Starting Balance August 2016: £170,199.00 | Remortgaged August 2018: £212,000.00
    Current Balance (15th February 2019): £209,278.85 :eek:
    Target: Balance below £170,000.00 by August 2023 :)
  • Silence101
    Silence101 Posts: 396 Forumite
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    Well done!
  • another_casualty
    another_casualty Posts: 6,506 Forumite
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    Congratulations on being mortgage free:)
    Over the last 10-12 years, I realise more that life is crap and it is a big achievement to do anything like this in these changing times.
    Best of luck to all :)
  • chelseablue
    chelseablue Posts: 3,303 Forumite
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    MichaelDH wrote: »
    Scary isn't it! Sure you will get that 32 year term down soon enough :)

    It is indeed!

    I've always been told to invest rather than paying off 'cheap' mortgage debt, but you don't know what can happen in life.
    If one of us was to be made redundant, become ill or worse still die, I'd rather the house be paid off than not
  • MichaelDH
    MichaelDH Posts: 154 Forumite
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    chelseablue wrote: »
    It is indeed!

    I've always been told to invest rather than paying off 'cheap' mortgage debt, but you don't know what can happen in life.
    If one of us was to be made redundant, become ill or worse still die, I'd rather the house be paid off than not

    I agree 100%. Interest rates are low now but we just don't know where they will be in a few years time or what will happen with jobs or health etc. so would rather make over payments now and get as much capital paid off as possible. I think that if I pay off £1000 now then more of that is going towards the capital than it would if interest rates jumped.
    Starting Balance August 2016: £170,199.00 | Remortgaged August 2018: £212,000.00
    Current Balance (15th February 2019): £209,278.85 :eek:
    Target: Balance below £170,000.00 by August 2023 :)
  • genieuk
    genieuk Posts: 341 Forumite
    First Post First Anniversary Combo Breaker Mortgage-free Glee!
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    Well done,
    Agree totally would rather pay off a larger debt that is relatively manageable with lower interest rates.

    I am not brave enough to dabble with investments
    Mortgage
    June 2011 £145,943.13
    Dec 16 £74,537; Feb
    Aug 17 £59,399.96
    Nov 19 £0.00
  • michelle09
    michelle09 Posts: 912 Forumite
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    MichaelDH wrote: »
    I agree 100%. Interest rates are low now but we just don't know where they will be in a few years time or what will happen with jobs or health etc. so would rather make over payments now and get as much capital paid off as possible. I think that if I pay off £1000 now then more of that is going towards the capital than it would if interest rates jumped.

    This. Besides, the mortgage debt is a certain. Holding onto your capital if you invest isn't!
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