What have you done / plan to do after you become MF?

edited 19 April 2011 at 9:12PM in Mortgage-free wannabe
25 replies 2.8K views
SAMMYE_2SAMMYE_2 Forumite
244 Posts
edited 19 April 2011 at 9:12PM in Mortgage-free wannabe
Just thought it would be a good idea and inspirational to hear from people who have managed to become Mortgage free and what they have done with their new found financial freedom!?

or

What you plan to do when you become Mortgage free? :D


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[STRIKE]£106,200[/STRIKE] mortgage with 5% deposit 2 years ago on 6.99% 04/06/08 :eek:
Overpaying the max 10% per year for the next 2 years until July 2013 when I can remortgage and should be able to get down to 55% LTV.
Overpaid 10% £10,619.87 Dec 2010 & 10% £9,475 Aug 2011
Mortgage was £690 now £560 :D
Currently £85,203 - 71% LTV 26/08/11
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Replies

  • SAMMYE_2SAMMYE_2 Forumite
    244 Posts
    I should say my short term plan is to reduce my mortgage payments which were £690 a month down to around the £200 mark in two years time. When I do that I should earn a bit from the rent (£350/£450 a month approx) and for a year or so I will save the extra after that year is up I should have £40,000 saved (current projection).

    This is where it gets a little hazy for me as it depends on what mortgage I can get. The flat isnt my dream home and to be honest I dont want to live there again so probably invest in a house. Although dont know whether to get rid of the flat and release the equity to help with the new mortgage or keep it and just use it to supplement wages....
    [STRIKE]£106,200[/STRIKE] mortgage with 5% deposit 2 years ago on 6.99% 04/06/08 :eek:
    Overpaying the max 10% per year for the next 2 years until July 2013 when I can remortgage and should be able to get down to 55% LTV.
    Overpaid 10% £10,619.87 Dec 2010 & 10% £9,475 Aug 2011
    Mortgage was £690 now £560 :D
    Currently £85,203 - 71% LTV 26/08/11
  • LilacPixieLilacPixie Forumite
    8.1K Posts
    quite sad but I fancy buying bigger or maybe building another and then doing it all over again :)
    MF aim 10th December 2020 :j:eek:
    MFW 2012 no86 OP 0/2000 :D
  • Mine is fairly uninspiring as well, I just want to build up my money so I can have the financial freedom to not have to worry about being old, alone and broke. Serious stuff but not exactly novel writting material.

    Come'on peeps. Surely someone out there must be planning an African Safari or is going to be heading off to America to teach them how to speak english or something noble like that?
    Mini Challenge - Halve 2nd Mortgage by Year End
    Starting: £10,000 Currently £8,142.62
    £3,142.62 to go!
  • theyoungonetheyoungone Forumite
    2K Posts
    Forumite
    No African Safari for me Im afraid! ;)
    Mine is definitely about finding a better work-life balance...I work in a fairly stressful field and have had a difficult past yr so mine is about being able to choose to work rather than have to! also retirement planning I guess - I dont want to be working till 65 or 70 as you just never know whats round the corner and feel my hard graft should be used for fun while I can have it!
    In my fantasy I have a (MF of course! ) house with a garden I can grow stuff in, work -perhaps on a consultancy basis where I can spend some of the time working from home ...holidays without feeling like I *should*/could be spending the money on something else! making hay while the sun shines as they say! whilst Im able to earn/save what I am then I feel I should!
  • ~daisy~_2~daisy~_2 Forumite
    2.6K Posts
    nothing really - save a bit more each month but hasnt had the huge impact youd think - altho life changing in we will always have a roof over our heads not really life changing in an other way tbh

    sorry !!
    :j MFi3 wannabee :j
    mortgage owing 04.07 £36,000
    mortgage owing 07.10 £0 !!!!
  • tootallulahtootallulah Forumite
    2.2K Posts
    Forumite
    RETIRE I hope! then build a smaller eco-friendly house with a big garden. Or buy a bigger flat in Central London with a garden.
  • LA83LA83 Forumite
    25 Posts
    I want to buy a bigger house in the same nice area but want to be mortgage free first encase my situation changes and i cant afford to do so.
    Mortgage OP hopes for 2012 £2000
    OP made this year £300.00
    £113,746.51 Outstanding

    14 years 8 month remaining
  • earthgirlearthgirl Forumite
    3.8K Posts
    Mortgage-free Glee!
    Forumite
    I want to buy bigger with a bigger garden, and then go part time and do loads of things with my family, have a holiday home or caravan for the summer, and go on really interesting holidays, seeing whole areas and travelling (in comfort!). Well I can dream!
    15/5/12 Paid off Mortgage 1 (£220k) Bought Dream House:www: Dec 13 - Mortage 2 -£116,508. 15/7/18 Mortgage Free Again :j

    Progress not Perfection
  • hornetgirlhornetgirl Forumite
    6.1K Posts
    Part of the Furniture Mortgage-free Glee!
    Forumite
    I haven't done anything much except feel a bit smug sometimes :o. I lost my job in 2009 and it's nice not feeling too squeezed on only one permanent income. Money that was used for the mortgage is now directed towards retirement savings.
    We talk about buying a motor home and touring Europe in it, but haven't done anything about it yet.
  • pawlalapawlala Forumite
    1.4K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    Forumite
    or is going to be heading off to America to teach them how to speak english or something noble like that?
    I'm not a miracle worker! ;)
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