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
    • Kumara
    • By Kumara 3rd Sep 17, 5:40 PM
    • 23Posts
    • 15Thanks
    Kumara
    Mortgage paid off - Anti-climax with the choice of freedom
    • #1
    • 3rd Sep 17, 5:40 PM
    Mortgage paid off - Anti-climax with the choice of freedom 3rd Sep 17 at 5:40 PM
    Just shared our new expenditure and story of our next year here
    http://forums.moneysavingexpert.com/showthread.php?p=73073702#post73073702

    After saving for 10 years and longing to clear the mortgage off it ended up being a bit of an anti-climax in the end, with no celebration due to me quitting my job. Having been able to get through the awful experience of being unhappy and stressed in my job in the last few months knowing I could quit due to having no mortgage. Made all those hard frugal 120 months of saving, even more worth it.

    The goal of paying off our mortgage was to attain freedom and we have that now.

    How did life pan out for you after you cleared your mortgage and was freedom a primary goal?
Page 1
    • Downshifterella
    • By Downshifterella 3rd Sep 17, 6:16 PM
    • 62 Posts
    • 320 Thanks
    Downshifterella
    • #2
    • 3rd Sep 17, 6:16 PM
    • #2
    • 3rd Sep 17, 6:16 PM
    Wow well done for paying off the mortgage !
    Sorry to hear work has been so stressful...been there and a big part of MF plans for me is having some more control in that aspect of life.

    Give some time to settle would be my advice , not MF yet so not talking from experience there! But I'm thinking it at least gives you a bit of space to think what and where next .

    X
    MF planning for the simple life
    • bexster1975
    • By bexster1975 3rd Sep 17, 8:00 PM
    • 1,053 Posts
    • 4,842 Thanks
    bexster1975
    • #3
    • 3rd Sep 17, 8:00 PM
    • #3
    • 3rd Sep 17, 8:00 PM
    Hello and congratulations

    It was all about freedom for me. I changed jobs rather than quit mine. I'm hoping to go to three days a week next year so I can develop my sideline. The best bit is if the sideline makes zero money, I can still live very well on wages from three days a week, including saving for retirement.

    Good luck to you. Think about what you would like to do with your freedom.

    Bexster
    • Kittenkirst
    • By Kittenkirst 3rd Sep 17, 8:00 PM
    • 1,606 Posts
    • 8,354 Thanks
    Kittenkirst
    • #4
    • 3rd Sep 17, 8:00 PM
    • #4
    • 3rd Sep 17, 8:00 PM
    Amazing to pay it off in ten years- very inspiring to read!
    2017 MFW #20 - OP £2151.52: £2150 100%
    Last 3 months- Sep £206.32 Oct: £179.60 Nov: £12.58

    Emergency fund £3945/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • enthusiasticsaver
    • By enthusiasticsaver 3rd Sep 17, 8:46 PM
    • 4,675 Posts
    • 8,773 Thanks
    enthusiasticsaver
    • #5
    • 3rd Sep 17, 8:46 PM
    • #5
    • 3rd Sep 17, 8:46 PM
    Well done on clearing it in 10 years and hope you enjoy your new found freedom. At least you have been able to give up a job you were miserable in. We planned ours to finish 10 years before retirement. We were able to redirect the money we were paying to the mortgage to our daughters for university and to make further payments towards our pension for early retirement as we planned to go 8 years earlier than our state pension age of 66. Well we planned actually to go 6 years early (age 60) but managed to do better investment wise than we expected so went at 58 instead.
    5 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Kumara
    • By Kumara 3rd Sep 17, 9:30 PM
    • 23 Posts
    • 15 Thanks
    Kumara
    • #6
    • 3rd Sep 17, 9:30 PM
    • #6
    • 3rd Sep 17, 9:30 PM
    Hello and congratulations

    It was all about freedom for me. I changed jobs rather than quit mine. I'm hoping to go to three days a week next year so I can develop my sideline. The best bit is if the sideline makes zero money, I can still live very well on wages from three days a week, including saving for retirement.

    Good luck to you. Think about what you would like to do with your freedom.

    Bexster
    Originally posted by bexster1975
    Thats awesome Bexster.

    Exactly for me, if my 1 year business build project fails I only need a 3 day part time job to take us up a level.

    The reality that it is highly likely I never need to work a full time job again, makes those very lean 10 years so worth it!
    • Betterthanever
    • By Betterthanever 3rd Sep 17, 10:06 PM
    • 357 Posts
    • 1,488 Thanks
    Betterthanever
    • #7
    • 3rd Sep 17, 10:06 PM
    • #7
    • 3rd Sep 17, 10:06 PM
    I felt a bit like that after clearing my other debt. It has become such a focus, I didn't quite know how to deal with being debt free after so long!

    Give yourself a bit of time to take it in properly. It may well suddenly hit you.

    And wooooohoooooo!!!!

    Current balance £115,428.65. Offset £1,775.31. £113,653.34 needed to be mortgage neutral!
    End date - 03/29 but aiming for 10/22
    Money for Nothing pot = £392.99
    Former DFW Nerd 230. Determined to be MF. Bring it on!
    • Kumara
    • By Kumara 3rd Sep 17, 10:24 PM
    • 23 Posts
    • 15 Thanks
    Kumara
    • #8
    • 3rd Sep 17, 10:24 PM
    • #8
    • 3rd Sep 17, 10:24 PM
    I felt a bit like that after clearing my other debt. It has become such a focus, I didn't quite know how to deal with being debt free after so long!

    Give yourself a bit of time to take it in properly. It may well suddenly hit you.

    And wooooohoooooo!!!!
    Originally posted by Betterthanever
    Oh, the focus I know what you mean. I called this my "mortgage obsession"

    You do feel strangely attached to mortgage debt and credit cards I have found, I think its the double issue with this whole consumer debt problem we have worldwide.
    • Kumara
    • By Kumara 8th Sep 17, 1:59 PM
    • 23 Posts
    • 15 Thanks
    Kumara
    • #9
    • 8th Sep 17, 1:59 PM
    • #9
    • 8th Sep 17, 1:59 PM
    Well done on clearing it in 10 years and hope you enjoy your new found freedom. At least you have been able to give up a job you were miserable in. We planned ours to finish 10 years before retirement. We were able to redirect the money we were paying to the mortgage to our daughters for university and to make further payments towards our pension for early retirement as we planned to go 8 years earlier than our state pension age of 66. Well we planned actually to go 6 years early (age 60) but managed to do better investment wise than we expected so went at 58 instead.
    Originally posted by enthusiasticsaver
    Makes it all worth it
    • bexster1975
    • By bexster1975 8th Sep 17, 2:50 PM
    • 1,053 Posts
    • 4,842 Thanks
    bexster1975
    Come on Kumara, what the plan?

    Bexster
    • Escapar2020
    • By Escapar2020 25th Sep 17, 5:30 PM
    • 33 Posts
    • 42 Thanks
    Escapar2020
    I'm not sure what to expect once I do become MF. I think it will be like a new pair of shoes, some pain to start, then supreme comfort (and hopefully no holes if it take care!)
    Mortgage Jan 2017: £45,460___Current mortgage (Oct 2017): £32,908
    Scheduled end: July 2028_______Planned MF day: Sept 2020
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

2,661Posts Today

6,817Users online

Martin's Twitter
  • I believe I can boldly go where no twitter poll has gone before https://t.co/HA0jC92gAK

  • OK I'm wilting to public pressure and there will be a star trek captain's poll at some point next week

  • I can get that. My order is 1. Picard 2. Janeway 3. Kirk. Too early to say where Lorca will end up (or would you? https://t.co/kawtCOe9RA

  • Follow Martin