Success stories wanted for inspiration...

niftythrifty33

Has anyone on here actually paid their mortgage off a lot earlier due to advise on here and saving etc?
would love to hear some success stories... (but then again once they had paid it off they probably would come on this board!!!:) )

thanks

dimbo61

Not cleared my mortgage yet! but cut down the term from 22 years to about 8 maybe 10 years.
I did the maths nearly 5 years ago and changed the term from 22 down to 10. Now this increased my mortgage payment by £500 a month but it saved me ( wait for it! £50,000 in interest payments)
Now I will be mortgage free by 52/55 years of age and not paying a mortgage till 65
Enough said

mennie

Have a look at the mortage free roll of honour, I think thats what its called. Its a sticky at the top of this board.

I read it often for inspiration.

I wont be paying my mortgage off mega early. I have chopped 15 months off since Feb 2010 and I am hoping to cut it by 7 years in total. Thats 69 more months to chop off. Yikes.

financialbliss

Hope you don't mind me point to post #1 of my diary:
https://forums.moneysavingexpert.com/discussion/572849

Look at the two graphs:

• Mortgage balance summary
• Mortgage balance summary (25 year term)

The pink line on both is the original mortgage schedule - due to finish in March 2029 :eek:

This is our second mortgage and we had to revert to a 25 year mortgage to make it affordable. I've overpaid at varying amounts throughout the mortgage - look at the 25 year term graph to see how much overpayments are shortening the term of our mortgage.

Set to save something like £75,000 in interest and we have shaved almost 18 years off the mortgage.

Being vague with "something like" and "almost", as we haven't actually paid the darn thing off yet.

In short - mortgage is debt and the quicker you can pay it off rather than trundle along on your agreed mortgage terms, the cheaper the loan will be / and the less interest you will be charged over the term.

Financial Bliss.

spidystrider

We paid our last mortgage off in January 2007. We took out a £97,000 mortgage, in December 1999 over 25 years, so it took us just over 7 years to pay it all off.

It was our first repayment mortgage and we scrimped and saved all we could and managed to pay one lump sum of £20,000 along the way. It was hard but worth it.

We took out our new mortgage for £151,000 in November 2009 and have just made our final overpayment for this first year. We have overpaid £14,500, would love to pay the other £500 but don't think I'll manage it.

I have always had sole charge of our finances and secretly hope to pay this 20 year mortgage off by September 2016.

Sometimes I do find it hard though, as I feel I have been scrimping forever. I tend to be obsessive and find it very hard to find a happy medium. Thankfully, this is my dream house so I won't be doing it again!