Done it!!!!!!

happywarmgun

Yesterday was a significant milestone for me....

I have had a Virgin One Current Account Mortgage for the last decade (160k), been chipping away at it very aggressivley for some time -. The objective had always been to clear it before I was 40 (I am 35). Began the year with 28k to go.

Yesterday. My balance went positive. I am mortgage free - years ahead of schedule!

Now - before people ask - how did you do it so quickly? I have to own up to three big helps - the first was that when I remarried my wife sold up her place and put 30k of her equity in which was obviously an accelorator, and the second (and the reason I have just clearead it so quickly) was that this year I took redundancy which was also a big wedge and the reason the balance suddenly cleared yesterday. (oh, the third was that luckily both my wife and I had good salaries which obviously makes things easier).

Neverheless, most folk I know would have used the above factors to either buy a bigger house (and take on more debt) or splurge. We haven't (don't get me wrong we have a nice lifestyle, and travel often, - we're just not as crazy as some of our peers). And now we reap the real rewards!

My goal was always to clear my debts and then start up my own business knowing there is no mortgage to sweat on if the cash doesn't flow in.

Objective met!

I can hardly put into words how good it feels! Now.... next objective.... let's make this business work....

(I've just reread this - the intention was to be motivating rather than smug- hope this has come accross...)

Bestthingsinlifearefree

Congratulations !! Being mortgage free gives you a great level of financial security and the freedom to pursue other goals, without the worry of having to meet the mortgage each month to keep the roof over your head.I think you have made your own luck. Both working hard in well paid jobs and being financially disciplined and as you say avoiding the temptations to splurge / trade up / live beyond your income.Good luck with the business !!! Best.

wynnvegas

Many congratulations! I didn't take your post as smug at all. I look forward to joining you in the land of mortgage and risk freedom this time next year. Hope the business goes well - what is it you're planning on doing?

Cheers,

Billy

Daisy_Duck

Very well done to you both- what a fantastic feeling to welcome the new year in with! :T
Good luck with your business plans :beer:

Courgette

Brilliant! :j:j:j Well done!!!! :beer:

happywarmgun

[QUOTE=wynnvegas;28225021. Hope the business goes well - what is it you're planning on doing?

[/QUOTE]

I'm developing online software to teach kids GCSE maths.... (aim to have a product to pilot in May)

LilacPixie

Well done. have fun with the maths

dimbo61

Well done to both of you and good luck with the new buisness.
Redundancy can be both good and bad and open new doors for your career.

mark5

Well done, enjoy your extra spending power!

george_jetson

Congratulations! Are you going to 'treat yourself' to celebrate?

happywarmgun

george_jetson wrote: »

Congratulations! Are you going to 'treat yourself' to celebrate?

Oh, a decent holiday is in line for March....

Thanks!