why did you decide to become MF?

[Deleted User]

this may sounds like a stupid question with an obvious answer! but was just wondering what people's motivations have been to become MF?

for me, it is being able to have the financial security of owning my home outright, knowing no one can take it away from me and I will always have somewhere to live; not having to worry about redundancy or being out of work due to ill health as the biggest debt/monthly outgoings will be paid off ....

also wanting to be at a stage by 35-40 of being able to be in a job I like and enjoy doing , or maybe something part time and some freelance stuff on the side that I am passionate about so Im not "working to live"

guess I was just interested in others stories/views....needing a little inspiration at the moment as feeling quite worried about the future with currently being out of work (and also an ulterior motive of needing to twist OHs arm in terms of getting him on board!! :rotfl:)

tyo

poppyoscar_3

want to pay the banks as little as possibe - would rather spend the money on things i want! didn't realise i could overpay until relatively late but when i did that was it! hoping to be MF by the end of september. PO xx

mummyofonechild

Having been made redundant and then getting another job it has to be security first and then money saving second.

Luv2Budget

I agree with poppyoscar - I want to pay the bank as little interest as possible! also to have financial security, especially in this economic climate. I started overpaying as soon as I got my mortgage, and I'm hoping to be mortgage free in around 4 years time (which should be approx 16 years early)

Peelerfart

For us, a very close brush with redundancy triggered a wake up call to reduce the mountain of debt.
Which is really all a mortgage is.That was four years ago and I'm very pleased with our progress.

We've had to call a temporary halt to the OP's because of some home improvments,but these are being financed by us and not by further borrowing.

Hope to resume OP's after christmas.

PF

Snowy_Owl

for me it's security and not wanting to pay over the odds in interest. Having bought 7 months ago and got married, i've decided to spend a year or so building up an emergency fund back up ( I have a money target rather than a time one but using loads of tips from this siteto get there!) then it's cracking on the overpayments!!

Snowy

newgirly

I would like to be mortgage free for lots of different reasons depending what mood I'm in !
I would like to have lots of extra money to spend every month
I would like to buy a nicer bigger house
I would like to buy the kids a house each (more like a small flat to share:D)
I would like to travel the world
I would like a little cottage in the country
I think I'd better stop with this now or I will be here all day!

greent

OH was made redundant twice last year and is now a self employed contractor, so has variable income which can be patchy (only 2 weeks without a contract so far, but it worries him) We're both 40 and I'd like to be MF for when our eldest leaves school and hopefully goes to uni so that we can spend the money on that instead. With 4 children (12 to 1) I'd like to help them out in the future. Really, it's the security thing, I guess. There would be less pressure on OH, which would mean he's less stressed - which would be a bonus for all the family

Also, OH and I would like to take a step back before retirement - get some less stressy, lower paid part time jobs that we really liked - being MF would really help this!

casperlarue

So that we could start a family and live on only 1 income. Mind you I haven't worked in over 6 years now, strangely the babies keep coming!

DH and I managed MF in 5 house moves and 8 years by combining some excellent price rises on houses (we are talking 1998 onwards so it was possible then) with an offset mortgage and as many 0% cards as we could get.

greent

casperlarue wrote: »

So that we could start a family and live on only 1 income. Mind you I haven't worked in over 6 years now, strangely the babies keep coming!

DH and I managed MF in 5 house moves and 8 years by combining some excellent price rises on houses (we are talking 1998 onwards so it was possible then) with an offset mortgage and as many 0% cards as we could get.

5 house moves in 8 years - and with babies - argh! Doesn't bear thinking about.....!:)

silver_4444_uk

Hello,

Main reason for me wanting to be mortgage free is quality of life.

Being able to " put two fingers up " to the threat of future redundancies.

Assist my daughters with their education and help them in the future if they need it or God forbid if they c*ck up ( Please don't tell them that, I have a "Victorian Dad" reputation to protect !)

In short I look at clearing my mortgage as being akin to building a "Sod you Fund". The sooner it is cleared the more cash / choices you have.

Rgds.

Silver