5 years on and I am nearly there!

Soulistic

I really wished I had taken the time to sense this out a bit. Now I'm stuck in a fixed mortgage till 2014, with 10% overpayments a year. I should have opted for an offset. Anyhow Alex, great inspiration for sure! Congratulations mate!

alex_p

@thriftyminx13 many thanks! It's been difficult to stay motivated over a long period especially since it's easy to spend money on other things (!) but now that I am approaching the end it has been totally worth it!

@Soulistic many thanks. It's all about picking the right product for your needs and also timing. Banks are businesses and will try sell mortgage packages that maybe unsuitable. It is important to decide what features you want in the product from the outset.

black_taxi_2

nice1

the main thing is avoiding burnout/then giving up

alex_p

The mortgage free day finally came last week! Although it felt fantastic on the day, I feel back to normal now. I must say that the actual journey to pay off my mortgage was more fun than actually paying it off! So enjoy the process as nothing will actually change that much when that last day comes! Thanks for reading!

End of thread and my mortgage free journey!

wantabetterlife

Well done Alex :j:j, just think how much disposable income you will have now

black_taxi_2

earlier in thread you said spreadsheet for yearly/monthly bills.finally did mine/it is a big help and gives you solid info how much you can o/p each month.so i can on ave o/p 9k a year.

also switching to o/p -- mortgage account -no limits on-line is a huge bonus

you did everything right--even to emergency fund

when im MF im swapping mortgage for full stock/shares isa

wish i had all this info when i was younger --id be rich

your disposible income will make you feel rich

all the best

alex-p

alex_p

@wantabetterlife - thanks! Yes that will be a big plus!

@black taxi - yes creating a spreadsheet definitly helps to understand your finances in detail allowing you to make the right decisions and see what is possible and what is not! No limits O/P mortgage is key otherwise you maybe penalised with fees etc. I will spend some extra cash for a few months - more than I would normally do - then start saving into my ISA and I want to buy some premium bonds as well!

GettingItRight

A very big, big, big, big well done to you alex_p. I read your thread having done a search on "premium bonds" in the forums

Your thread reminded myself of my early years up until about 21 years of age, except that I did not take out a mortgage. From 22, I gradually killed off all of my investments and savings which I had made up until then.

Account spreadsheets are a really great way of giving the user an overview of everything financial. From spending to saving, it can help greatly to assist in financial budgeting. I have been using these for the past few months and now I'm glad to say that I am back to my old ways.

GettingItRight

A very big, big, big, big well done to you alex_p. I read your thread having done a search on "premium bonds" in the forums

Your thread reminded myself of my early years up until about 21 years of age, except that I did not take out a mortgage. From 22, I gradually killed off all of my investments and savings which I had made up until then.

Account spreadsheets are a really great way of giving the user an overview of everything financial. From spending to saving, it can help greatly to assist in financial budgeting. I have been using it for the past few months and now I'm glad to say that I am back to my old ways.

RosieTiger

Congratulations, I think I understand your point about the journey being better than the arrival. Been thinking much the same thing, as in it's not going to change our lives as we are not going to suddenly spend like there's no tomorrow.
However, as you say, you can enjoy a couple of months of spending more and know that your not having to panic about it. Well done on completing the journey and thanks for a very useful pearl of wisdom.