why did you decide to become MF?

inkie

We became MF last month.The motivating factors for us was that it bring financial security (eg, redundancy) allows you to get out of the rat race should you so choose. Also, why shoud I be paying the Building Society £1,000s in interest when i don't have to. It's great - can thoroughly recommend it!

SmlSave

I want to be like my Nan when I grow up and travel lots and be independant and not owe anything

Raggs_2

Though I don't even have a mortgage yet, and won't for a few more years. As soon as we get it we intend to have the shortest term we can affordably take, and then overpay as much as possible.

2 big reasons, one is to move up the ladder a bit (ideally I'd like to make just two purchases, first to a good place, second to the forever home).

And secondly so that I can remove a large financial drain. Ideally using the second "forever" home to run a home business that will cover living costs, and then have part time job for pocket money.

Hopefully, looking at life now, it will be mortgage free at 40-45 for the first time and no later than 55 the second. Obviously depends on how life treats us, but the sooner the better. Once we're there, use the spare money to upgrade the house even further (renewable energy etc) to minimise costs altogether.

casperlarue

greent wrote: »

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

No....we did all the house moves before the babies....didn't start family til i was the ripe old age of 32!

[Deleted User]

what great replies!!
pretty much same as me then in terms of financial security, not having to work to live (or is it live to work? can never remember which way round) ... etc..etc

thanks all!

Courgette

Security mainly, knowing that the house my children sleep in at night and call home is controlled by me and not by a faceless bank. I've come close twice in my life to losing my home (not owned by me at that point) at very vulnerable times (the first time at 38 weeks pregnant), both times due to the stupidity/pigheadedness of people who were supposed to care about me if not actually love me.

Once I took out a mortgage and bought this place I was aware of the theory of OPing but didn't see how it could apply to me. It was only once I remortgaged and the fees put me almost back to square one that I kicked myself into actually making OPs.

When I joined this forum it was after a great deal of lurking and trepidation, like I was being naughty. It took hubby a little while to get on board - I think he tolerated me rather than supported me for quite a while. It was only really a few months ago when I pointed out that being mf in 3 years was totally doable and that he could then have all these amazing adventures that he really 'got it'.

Good luck, keep plugging away

shirlgirl2004

What interesting replies. I'd like to be MF so we can afford to send both DDs to private secondary school. DD1 goes in 5 years and we owe £200k :eek: but it is doable.

Tesco_points_addict

Ok deep breath:

For me personally, my Mum has Parkinsons disease, when/if(if only:() she needs lots of help I want to be able to provide her with my time to care for her to the best of my ability. I don't want to put my hubby in the position of being the sole wage earner with a mortgage to pay so this is my MAIN motivation (not that he would mind, lovely chap he is:o, but would make me feel less stressed/guilty!).
My Mum is the sort of person who would give anyone her last penny, and has on many occassions gone without to give myself or my brothers something, I just want to be able to repay some of that kindness.

It is a bit of a joke in our house that hubby earns the money and I make it work for us (I do work but he earns substancially(sp?) more than me:mad::p)

We all work hard for our money and should make our money work hard for us! B****er th banks and their interest rates.

TPAx

(Very emotional now!)

MFW_DannyG

Obviously the main thing is security, recently had a minor scare with regard to possible redundancy, which has made me even more aware of just how important it is. We want to move house in a few years to a bigger/better house so want as small LTV as possible. And once its totally paid off we want to go to Cornwall to live and hopefully get some more laid back employment so we can reap the reward of our hard work/hard saving! I get excited just thinking about it!!

Queen-Bee_2

For me, it's all about security. I worked very very hard to buy the house I'm in now, and I want to pay off the mortgage asap so when I re-enter the employment market, I can take a job that I choose, rather than one where I have to work 24/7 and have no life (ie like my last job!).

I have very little in terms of pension savings and I guess that my longer term plan will be to buy a second property and let it. Having been stung twice by financial products that didn't deliver (an Equitable Life pension and a managed fund PEP that was found to be managed with irregularities), I want any further decisions to be under my own control!
QB