no longer a wannabe

slevin

We have just the exit fee to pay now

Light bulb moment was about 6 years ago when i realised just how much interest a mortgage costs. A few calculations and the wonderful wife was on board - she controls the finances . We have reduced the 25 year term on a ~130k mortgage to just 10 years.

We are now in our forever home that we own outright at the grand age of 34.

Thanks to all the contributors on this board for so many handy tips and the free and great advice that you all hand out.

LilacPixie

well done. Does it feel fantastic??

black_taxi_2

nice-your main bill must be your car-feel free to brag if you have paid that off----i wonder what the percentage of UK house owners are mortgage free

gallygirl

Well done, wish I'd seen the light at your age! :beer:

slevin

it does feel good, will feel even better when we get paid this month

we have never been into loans/hpi etc so both our cars are owned outright also

best of luck to all of you with your goals, it does come but it takes time!

setmefree2

BritRael

Congratulations!

Its a great feeling isn't it? When I made my final payment, I had a grin from ear to ear. The funny thing was, that although I had saved up the money in the bank ready to pay off the last chunk, it didn't finally hit me until I had made the transaction and thought "phuk me...thats it!!"

As for the car, I sold mine years ago. It just seemed like such a big drain on my finances, so with my MSE head on I got rid

Guapa1

Fantastic, well done you!

bungrefurb

fab news, well done!

cha97michelle

What great and inspirational news. What are your top tips? Everyone has some. I hope to have a good chunk of ours paid off by the time i reach 34 but we are still at 35k and i am now 301/2, and it will go so quickly.

Well done. What is your next target?

Michelle

BritRael

cha97michelle wrote: »

What great and inspirational news. What are your top tips? Everyone has some. I hope to have a good chunk of ours paid off by the time i reach 34 but we are still at 35k and i am now 301/2, and it will go so quickly.

Well done. What is your next target?

Michelle

About 25 years ago, a friend lent me a book called 'The Millionaire Next Door'. It was written by an American, and it was the results of his research into the wealth of the mid/higher earners in the States; doctors, lawyers etc. What he found was surprising; although they made loads of money and lived very affluent lives, mostly, they spent all (or more than) their earnings and had no money in the bank. They all had very expensive houses, designer clothes, several holidays per year etc., but often the lower earners had more 'money'.

He made numerous recommendations to not fall into this trap which basically turned me into the tight-fisted b***ard what I am today!
In summary, this was to not try and keep up with the Jones', don't buy the biggest house/biggest car etc., don't buy the latest 'must have' electrical-gadget carp, and basically don't throw your money away on 'stuff'.

You look like you've got it figured anyway Michelle. You've paid off large chunks of your mortgage, and with that single-mindedness, you will succeed.

Good luck