Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Dithering Dad
    • By Dithering Dad 3rd Jul 07, 8:33 PM
    • 4,230Posts
    • 8,150Thanks
    Dithering Dad
    The Mortgage Free Roll Of Honour
    • #1
    • 3rd Jul 07, 8:33 PM
    The Mortgage Free Roll Of Honour 3rd Jul 07 at 8:33 PM
    Welcome to the Mortgage-Free Roll of Honour.

    This is for Mortgage-Free Wannabees who are no longer Wannabees.

    Please report

    a. The date you decided to become a MFW
    b. Mortgage Debt at its highest
    c. Mortgage-Free Date
    d. Your one perl of wisdom.
    e. The MSE Mortgage guides and others that helped you
    f. And if you had a mortgage freedom diary on MFW, a link to it.

    And huge congratulations

    (I thought that we MFW's deserved a roll of honour too )

    PS Please no one else post - let's keep this a pure record of successes


    This Forum Tip was included in MoneySavingExpert's weekly email

    Don't miss out on new deals, loopholes, and vouchers

    Last edited by MSE Andrea; 21-02-2014 at 8:02 PM. Reason: added a p.s. by popular demand
Page 32
    • Pinkiepenquin
    • By Pinkiepenquin 12th Apr 17, 4:10 PM
    • 29 Posts
    • 25 Thanks
    Pinkiepenquin
    The date we decided to be mortgage free was when hubby got made redundant for the 3rd time. (2003)
    We decided to move to a low priced part of the country that was since then we live roughly in the same area (ish) but bought and sold 2 more properties and remain mortgage free
    Our biggest debt would have been during our time of paying for the mortgage.
    Last edited by Pinkiepenquin; 12-04-2017 at 4:11 PM. Reason: Spellings
    • grannybiker
    • By grannybiker 29th May 17, 9:04 PM
    • 10,572 Posts
    • 1,014,670 Thanks
    grannybiker
    We didn't set out to be mortgage free initially, but switched to an offset mortgage when we were both working full time.
    We're also of an age where we benefit from lower property prices in the 1980s. Our first house in 1986 was £21,500 and our repayments were about £80-90 per month. That said, Mr GB only brought home about this amount per week. I was unqualified and a Mum.
    As interest rates began to soar I had to seek part time work as the repayments rose to £200 a month! Our children were small, so I could only work evenings and weekends when Mr GB could do the child-care. I also became a registered childminder. It was really tough and we got stung by an ill-advised loan linked to our mortgage which fortunately Dad repaid from his pension lump sum which we then paid at no interest. But we did it!
    After a few years, I went and got a degree so my earning potential increased. As we weren't used to having this extra monthly income I repaid my student loan in full the first year I was working. (I was one of the last wave of students to get a grant.)
    When we moved again it was 1998 to a house costing £71,000 and our mortgage rose to £47,000.
    As we'd had to be so frugal in the early days of our marriage, we always had some money left at the end of each month. We still had holidays with the children, usually camping in the UK which was great fun despite the weather. We ran older cars with Mr GB doing all our servicing which was easier on older cars- no computer systems! I enjoyed scouring the charity shops and jumble sales, (Remember them?!) and grew adept at altering clothes, making curtains etc. I still look in the Whoopsie / yellow stickered / reduced items when shopping! I discovered Grabbit on MSE and was an enthusiastic DTDer, especially when they ran the promotion with Asda
    We've had endowment, pension and repayment mortgages, but our last was offset. We threw all our savings into the pot and it's amazing just how quickly our total owing diminished. We were paying more in council tax than mortgage for some time!
    So now we're mortgage free. I no longer work, Mr GB has reduced down to 3 days a week and we can enjoy spending time together.

    Mortgage / debt free and proudly liberated
    Worse things will have happened in the world today...
    "The only thing that really matters, it to love and to be loved."
    • EdKings
    • By EdKings 20th Jun 17, 9:33 AM
    • 1 Posts
    • 12 Thanks
    EdKings
    Our circumstances were different in that we'd lived in West Herts for 19 years with a never declining mortgage of £103,700 (interest only deal done when we hit a difficult period about 1998). In 2011 letters started coming asking what plans we had to repay the whole amount by September 2017. We had no real plans to be honest and being near to retirement age it initially looked ominous to say the least. The house was a lovely but very small 1932 semi in a parking-problematic (no drive) street. We had thought of one day moving north to Nottinghamshire where my wife is originally from (where we met) but never thought it a possibility.

    Mortgage free was looking very ominous indeed!

    So we called a couple of estate agents and they relayed to us the solution to our challenge - our pokey little semi turned out to be worth £450,000! What? Wow! and other expletives abounded.

    Got mucked about by one agent but eventually we sold for £445k and today we live in rural Nottinghamshire in a lovely detached 1998 house with all the trappings that we'd hoped for and we are finally mortgage free, plus with some of the spare money realised we bought another property which we did up and rented out and all thanks to our long slog of paying 19 years mortgage on a property that to our amazement had rocketed in value.

    Got there in the end.
    • Vickimichelle
    • By Vickimichelle 28th Jul 17, 12:57 PM
    • 1,580 Posts
    • 5,940 Thanks
    Vickimichelle
    Mortgage free since April 2012 due to clinical negligence payout
    • Seasidegal58
    • By Seasidegal58 4th Sep 17, 1:58 PM
    • 1,191 Posts
    • 6,694 Thanks
    Seasidegal58
    I've been mortgage free now since the end of May 2016. The original mortgage was £62,500 and I made a conscious decision to take a 15 year term so that it would be finished before I actually retired.


    Back in the 90s my home was re-possessed due to the breakup of my then relationship and where my ex decided that as he left the premises he didn't have to contribute to the mortgage until the place was sold! This was back in the day when interest rates hit 15% and the housing market was dire at that time! I couldn't sell the property and in the end had to bite the bullet and let the place go as I couldn't afford the mortgage.


    A few years later I was working for a firm that had been taken over by a big high street name bank and was able to get a reasonable mortgage as an employee rather than go the sub-prime route as a defaulter! I could actually afford a bigger flat than the one I ended up buying but was frightened over what had happened before! I had some shares bought through the staff employee scheme and sold these at a profit and the proceeds funded my 10% deposit and fees. A couple of good bonus payments through work enabled me to pay off some of the mortgage.


    I now have a nice little flat in a good sought-after area ready to sell when I decided to relocate after retirement in just over three years. I'm still glad though I didn't go for the bigger mortgage!
    Finally Debt Free! - July 2016
    Finished Emergency Fund- £10,000 April 2017

    Next Scrimpy Goal - Save for New Kitchen!
    My debt free diary - " Paid off the £31,000 - BUT still scrimping!"
    • rockabillygirl
    • By rockabillygirl 15th Oct 17, 7:48 PM
    • 133 Posts
    • 745 Thanks
    rockabillygirl
    We have been mortgage free since April 2015. At it's highest our mortgage was £223,000.00. We were working very long hours which were unsustainable, and we were very unhappy. We took the decision to move to another part of the country to be able to buy a property out right, which was such a relief and completely liberating. We were incredibly lucky to of been able to do this, and are working hard to pay off the remaining personal debt to be truly free.
    Advice from Martin Lewis and this forum has helped us hugely on our debt free journey, for which we are truly thankful x
    It will all be ok in the end - if it's not ok, then it's not the end!
    Saving for Xmas 2017 #10. :
    Sealed pot challenge #32
    Mortgage paid off.
    • beanielou
    • By beanielou 15th Oct 17, 8:37 PM
    • 49,085 Posts
    • 182,315 Thanks
    beanielou
    We have been mortgage free since April 2015. At it's highest our mortgage was £223,000.00. We were working very long hours which were unsustainable, and we were very unhappy. We took the decision to move to another part of the country to be able to buy a property out right, which was such a relief and completely liberating. We were incredibly lucky to of been able to do this, and are working hard to pay off the remaining personal debt to be truly free.
    Advice from Martin Lewis and this forum has helped us hugely on our debt free journey, for which we are truly thankful x
    Originally posted by rockabillygirl
    Pleased for you
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "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.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • princesspink
    • By princesspink 17th Oct 17, 4:25 PM
    • 6 Posts
    • 18 Thanks
    princesspink
    Mortgage Free is a wonderful feeling
    I always wanted to be mortgage free by the time I was 52. My children would then be 21 & 19 and I felt if I could be mortgage free by then, I could start taking the life and work balance to a whole new level.

    a. The date you decided to become a MFW. That was unfortunately 6 months after we lost my father in law. He worked hard all his life, he won't go on holiday and thought second hand everything was good enough, weather it be a TV or washing machine.

    b. Mortgage Debt at its highest. £300k yes I know that was a lot! But when we took it out we had a fixed term of 2% for 10 years which was a bargain when a few years before we had been paying 13% on a mortgage of £50k

    c. Mortgage-Free Date; Sept 2014. I only just found this forum!

    d. Your one perl of wisdom. Always pay that little bit extra. Even on a fixed mortgage you can normally pay a little extra each month. We payed £500 a month extra. It soon adds up and reduces the interest your paying dramatically. I always said I won't do it in August, summer holidays or in December, but we always did and it makes a big difference.

    e. The MSE Mortgage guides and others that helped you; I can't say the mortgage guide specifically helped in clearing the dept, because it very much went along with my thinking anyway. But I did lot of research into my mortgage lender and the MSE guides and advice did help.

    Mortgage free and very proud of it.
    • MSE Andrea
    • By MSE Andrea 18th Oct 17, 12:43 PM
    • 8,838 Posts
    • 21,149 Thanks
    MSE Andrea
    Huge congratulations princesspink.

    What are you doing next?
    Could you do with a Money Makeover?


    Follow MSE on other Social Media:
    MSE Facebook, MSE Twitter, MSE Deals Facebook, MSE Deals Twitter, Forum Twitter, Instagram, Pinterest
    Join the MSE Forum
    Get the Free MoneySavingExpert Money Tips E-mail
    Report inappropriate posts: click the report button
    Point out a rate/product change
    Flag a news story: news@moneysavingexpert.com
    • beanielou
    • By beanielou 23rd Oct 17, 9:04 AM
    • 49,085 Posts
    • 182,315 Thanks
    beanielou
    Great result Princesspink.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "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.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • womble65
    • By womble65 8th Nov 17, 12:19 PM
    • 469 Posts
    • 2,916 Thanks
    womble65
    Always wanted to be MFW and own my own home. I remember in the 1990's when interest rates went from around 7% to around 15% and how I struggled, that was the catalyst for trying to rid myself of the debt.
    At the highest I think we owed £140,000.
    We cleared the Mortgage in July 2012
    My one pearl of wisdom. As some have already said always pay that little bit extra off the Mortgage if you can afford too. I worked as much overtime as I could and while friends had new cars and lots of holidays mine went towards the Mortgage.
    MSE and its members is a fantastic site for inspiration, savings and advice. Thanks one and all
    Everyone seems normal until you get to know them
    • WorldTraveller
    • By WorldTraveller 26th Nov 17, 10:21 PM
    • 19 Posts
    • 32 Thanks
    WorldTraveller
    Mortgage free since about two weeks ago! Always had an offset mortgage so always wanted to make overpayments and pay it off as soon as possible.
    Highest amount we owed was £105k when we last moved house ten years ago. It was a 25 year term which we have paid off in 10 years.
    My pearl of wisdom is to put as much spare money into it as possible, although we did also spend on a holiday each year as that is important to us.
    • Spider In The Bath
    • By Spider In The Bath 27th Nov 17, 8:54 AM
    • 1,016 Posts
    • 3,231 Thanks
    Spider In The Bath
    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
    Last edited by Spider In The Bath; 27-11-2017 at 8:59 AM.
    • frivolous_fay
    • By frivolous_fay 30th Nov 17, 10:11 PM
    • 13,056 Posts
    • 6,219 Thanks
    frivolous_fay
    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!
    Edit: refunded £515 for TV 1.5 years out of warranty - thank you Sale of Goods Act!
    • beanielou
    • By beanielou 4th Dec 17, 12:33 PM
    • 49,085 Posts
    • 182,315 Thanks
    beanielou
    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
    Originally posted by Spider In The Bath
    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.
    Originally posted by frivolous_fay
    Great result for you both.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "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.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

287Posts Today

1,465Users online

Martin's Twitter