Mortgage Free - at last!

IanJohnston

Hi all,

Yesterday me 'n the wife paid off our mortgage in full............exciting yes, but compared to some of you guys I know we had it easy. Explain:-

Having switched to an offset mortgage thanks to advice picked up via this forum we kicked off our quest with about 69k left to pay on our main house's mortgage.
We were using the income from a flat we rent out, any spare wages (which was usually about £300pm) and also two ISA's to offset our mortgage..............and with that it started to tumble.

Once the value of the flat had appreciated high enough to facilitate paying off the small loan on the flat and our main house's mortgage we bit the bullet and sold the flat and paid off everything........taking into consideration any CGT on the flat (almost nil).

I've read it soooo many times here and have always been envious.......it truly is a great feeling to be mortgage free and knowing we'll save about £1000pm outgoings each month.

We had intended on keeping the flat for our retirement (nest egg), but with the economic downturn I figured it was best just to turn the page and do something different for a change. The money saved each month on top of the interest on the mortgage saved is significant.

Thanks to all!

Ian.

Froggy-G

IanJohnston wrote: »

Hi all,

Yesterday me 'n the wife paid off our mortgage in full............exciting yes, but compared to some of you guys I know we had it easy. Explain:-

Having switched to an offset mortgage thanks to advice picked up via this forum we kicked off our quest with about 69k left to pay on our main house's mortgage.
We were using the income from a flat we rent out, any spare wages (which was usually about £300pm) and also two ISA's to offset our mortgage..............and with that it started to tumble.

Once the value of the flat had appreciated high enough to facilitate paying off the small loan on the flat and our main house's mortgage we bit the bullet and sold the flat and paid off everything........taking into consideration any CGT on the flat (almost nil).

I've read it soooo many times here and have always been envious.......it truly is a great feeling to be mortgage free and knowing we'll save about £1000pm outgoings each month.

We had intended on keeping the flat for our retirement (nest egg), but with the economic downturn I figured it was best just to turn the page and do something different for a change. The money saved each month on top of the interest on the mortgage saved is significant.

Thanks to all!

Ian.

Well done Ian! many Congratulations!

Froggy :j

greent

Congratulations!!

alex_p

Excellent! Well done!

golfiematt

exellent news!

Sunnyday

Woop! well done you! :beer:

I can just imagine how you must be feeling right this very minute *goes green with envy*:D

Its always great to read everyones achievements.

SD

rlc22

Good work! It's great to hear of people getting to the point where their mortgage is no longer. I find it very motivating

originalmiscellany

Me too! One day, I'll be posting something equally as chirpy, although I think as soon as we're mortgage free, we'll up sticks and move onwards and upwards to a bigger house. Que sera.

black_taxi_2

nice1--no debt

freedom every month to enjoy life

eyeinthesky

Well done! Can I ask a question? What have you done about your deeds? The reason I ask is, my mortgage is coming to a natural end this year. I am only paying about £60 per month, and owe around £670, which I could pay easily right now. I guess I should ask the Halifax, lol, just haven't got around to it yet.

IanJohnston

eyeinthesky wrote: »

Well done! Can I ask a question? What have you done about your deeds? The reason I ask is, my mortgage is coming to a natural end this year. I am only paying about £60 per month, and owe around £670, which I could pay easily right now. I guess I should ask the Halifax, lol, just haven't got around to it yet.

I'm in Scotland, so:-

I've asked the Woolwich to send the deeds to me. They'll then go to my solicitor who will:-
Prepare a Discharge of the Standard Security granted over the property which is then sent to the lenders for signature. Once signed the Discharge is despatched to the Register of Scotland for registration/recording.
Then on the deeds will sit in my solicitors safe.

Ian.