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  • FIRST POST
    • AsgardFI
    • By AsgardFI 12th Mar 17, 2:52 PM
    • 6Posts
    • 7Thanks
    AsgardFI
    How does it feel being Mortgage Free
    • #1
    • 12th Mar 17, 2:52 PM
    How does it feel being Mortgage Free 12th Mar 17 at 2:52 PM
    Hey all,

    I was looking for posts on how people have felt when finally reaching that MFD and also how life changed after this date. I think that such posts can really inspire people still on the path to becoming Mortgage free and also can highlight the different ways it affects people which can be interesting.

    I myself have been Mortgage free since 2014 and here are a few ways in how it has affected me:
    • My home feels more like its 100% my own and that feels great
    • The extra money freed up has been diverted toward pursuing Financial independence
    • The extra money has been able to fill up Cash buckets more easily as I call them for certain activities/goals (holiday/house work etc)
    • The wonderful feeling that no one can really take your home away from you even if out of work
    • Needing less income which has created less pressure/stress at work
    • Now being completely Debt free which is a great feeling
    • The appreciation of being Mortgage free however has slightly lessened over time and I consciously try to be more grateful of being Mortgage free, writing this post is helping

    I'd love it hear how it has affected others.

    Cheers
    AsgardFI
    Pursuing Financial Independence each and every day...

    Debt/Mortgage Free - 2014 // Side Hussle - 2014 // 50% + Savings rate - 2015 // Bare bones FI - 2017 Jan // Current spending FI - Prediction 2022 // Target spending FI - Prediction 2025
Page 1
    • greent
    • By greent 13th Mar 17, 6:55 PM
    • 5,707 Posts
    • 57,722 Thanks
    greent
    • #2
    • 13th Mar 17, 6:55 PM
    • #2
    • 13th Mar 17, 6:55 PM
    We have been MF on our home for just under 2 years - during which time we have paid for new doors and windows and a new boiler and some new radiators without borrowing. Oh - and had a 3week trip to Florida for the 6 of us in school holidays time (ie: expensive!) We have also weathered OH being without a contract of employment for 11.5 months - which would have been a lot harder if we still had to pay our mortgage! We are now targeting the BTL this year (wef the new tax year) and OH's car finance and supporting our eldest at uni.

    Ultimately OH would like to retire early (I only work very, very part time anyway) but our youngest is only 7, so that's still some way off. But being MF (and also looking to be MF on the BTL) will give us more choice/ flexibility
    Repaid mtge early (orig end 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next up: BTL Mtge Op Bal £69786. Cur Bal £67286 - 2017 target (18) £1000/£3286
    Net sales 2017 £435.84/£500 PAYDOX17 £8983/£10k Apr GC £265.66/£500 NSD 13 Decluttered 696/2017 items
    • Jo Blogs
    • By Jo Blogs 14th Mar 17, 12:09 AM
    • 555 Posts
    • 1,626 Thanks
    Jo Blogs
    • #3
    • 14th Mar 17, 12:09 AM
    • #3
    • 14th Mar 17, 12:09 AM
    It felt like the lid coming off a tightly packed pressure cooker - in a good way
    It has given me a confidence in knowing that no matter what happens, we'll have a home.
    It also gives you the freedom to make choices. You can work less and have a more enjoyable life, or you can work as usual and make improvements / save / invest for other reasons.
    Personally, I chose the latter to keep me on my toes and because I have a fairish number of years before retirement.
    Saved Nitty Gritty £3167.67 [63.36%] / £5000-[May] £548.00 for the 'Save 12k in 2017' #157
    2017 Womble #35 £2529.01 April NSDs 22/25CCCChl 18/52 weeks
    Apl PPChl#002 Pts 189
    • AsgardFI
    • By AsgardFI 14th Mar 17, 7:30 PM
    • 6 Posts
    • 7 Thanks
    AsgardFI
    • #4
    • 14th Mar 17, 7:30 PM
    • #4
    • 14th Mar 17, 7:30 PM
    Some good replies, forgive me but greent what does BTL stand for?
    Pursuing Financial Independence each and every day...

    Debt/Mortgage Free - 2014 // Side Hussle - 2014 // 50% + Savings rate - 2015 // Bare bones FI - 2017 Jan // Current spending FI - Prediction 2022 // Target spending FI - Prediction 2025
    • rasputin_thorpedo
    • By rasputin_thorpedo 14th Mar 17, 8:43 PM
    • 369 Posts
    • 2,397 Thanks
    rasputin_thorpedo
    • #5
    • 14th Mar 17, 8:43 PM
    • #5
    • 14th Mar 17, 8:43 PM
    That's a Buy To Let - a second house purchased specifically to rent out for an income stream
    May15 Mortgage - £185k | Dec16 - £157k | Dec17 - £135k | Dec18 - £113k | Dec19 - £90k | Dec20 - £66k | Dec21 - £40k | Dec22 - 12k | May23 - £0 Mortgage Free at 40 in May23!
    • wazza99
    • By wazza99 14th Mar 17, 8:59 PM
    • 186 Posts
    • 111 Thanks
    wazza99
    • #6
    • 14th Mar 17, 8:59 PM
    • #6
    • 14th Mar 17, 8:59 PM
    We got MF at 42, we're now 48, the best thing i found is the lack of fear of unemployment and losing your home. Of course i still wouldn't want to be but its a massive weight lifted.
    • LittleP
    • By LittleP 15th Mar 17, 8:13 AM
    • 27 Posts
    • 49 Thanks
    LittleP
    • #7
    • 15th Mar 17, 8:13 AM
    • #7
    • 15th Mar 17, 8:13 AM
    I paid the mortgage off a couple of years back aged 36, single male. Truth be told aside from the initial joy of getting rid of the minus sign on the bank statement and the aforementioned security of knowing I have a home regardless, little has changed. You can however pay for whatever you want out of your free cash. I recently paid to have my drive wall fixed and French doors putting in my back room to open it into the garden.


    The concentration has simply gone from paying off the mortgage to try and get some financial freedom which will hopefully mean I can stop work at a reasonable age. The problem is that you look at people around you with large mortgages, new cars and several holidays a year and you wonder if you are doing the right thing.


    The problem is that when you have the mind-set of paying off the mortgage or trying to secure financial independence it’s hard to treat yourself. The best thing I did recently was work out from the last two years out goings (Including the drive wall and French doors) just how much wage I need and it is lower than the one I am on by about £6000 (After tax). Work is hard at the moment and pretty much for no thanks but I hope my end result is that I can walk away and all the people currently living the high life will be looking at me with green eyes rather than the other way round.
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