Done it!!! No Longer a silent MFW

Emmacw

Today I paid the final payment on our mortgage after slowly reducing it during the past 7 years. What a feeling, don't think its sunk in yet!

Haven't even told my husband! We were aiming for Aug 09, then decided to use some of our savings given the low interest rates and pay it off in April. Its hubby's 44th birthday next week so thought I would move the savings now and pay the mortgage off and put the receipt/final letter in his birthday card as a surprise.

I wanted to thank so many of you on this board who have been an inspiration and kept me focused. I haven't posted on the board before but visited regularly and picked up many tips.:T :T :T

Over the past 7 years we have:
reduced the mortgage term
kept our payments at the same level when interest rates dropped
paid any bonuses into the mortgage pot
down sized from 3/4 bed detached to 3/4 bed semi.
any monies previously paidout on bills that are no longer required went into the mortgage pot - this included childcare costs (DD now 12) & interest free credit on furniture paid off
£4pm saved on switching house insurance
used coupons to reduce shopping bill with savings put into mortgage pot

The list goes on but you get the picture!

Highest amount was £70,000.
Lightbulb moment -sometime in 2003
This last year we have paid off £14k by stretching ourselves as the total had become reachable. Not bad when you consider thats 44% of our take home pay annually!

Good luck to everyone on here, both posters and lurkers alike, I am sure you will reach your goal.

Best wishes

Emma (age 40)

Yay!! Yay!! No mortgage!:j :j :j

Trying_to_be_good

Congratulations - remember to post on the Roll of Honour.

And great idea about the receipt in the birthday card - can you afford a bottle of bubbly to pop, too?!

wantabetterlife

Well done and congratulations!!! Just think of all the extra money you will have now to treat you and the family:beer:

evab_2

That's fantastic, well done. All the best for your MF future.

ernie_3

nice one, what are your plans now

setmefree2

RosieTiger

Fantastic - what a birthday present !

Emmacw

ernie_3 wrote: »

nice one, what are your plans now

Thank you to everyone for your congrats.

As to what we do now - hummm! Hubby wants to 'live a bit' (e.g. go spend the £800-900 we now have on 'stuff') whereas I am torn between 'stuff' and saving for the future.

In an ideal world we would save much of the money as hubby's physiotherapist has told him to get out of his trade sooner rather than later as his back is not good and getting worse. He''ll be 44 next week :eek: . Bit early to be thinking retirement but having done 16 years in the services and now a kitchen fitter/carpenter something has to give and its his back.

Now we have no mortgage we can survive on my income if needs be and anything hubby earns can be extra. He has no intention of giving up work but at least knows now that he can look at lower paying alternatives if his back does get much worse.

Think we'll have 6 months of no serious saving/plans and then knuckle down to the next grand plan.

Finding it hard to not tell him that its paid off though. This next week will be a long one!

Many, many thanks to one and all again for being there for me even though you didn't know I was here!!

Emma

McKneff

wonderful feeling, isnt it. Well done, wallow in it

Welshlassie

Fantastic news, well done and a wonderful birthday present for DH.
Enjoy your new MF lifestyle.