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Made it! \o/

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Ed_Zep
Ed_Zep Posts: 340 Forumite
Part of the Furniture Combo Breaker
in Mortgage-free wannabe
I never really officially signed up for the list of people here wanting to pay their mortgage off but I was always there in spirit. :A

7 years after getting this house, I've turned a scary £83K mortgage with 16K savings into a 44K mortgage with 44K savings. So I am now (technically) mortgage-free!
:j
I've been very fortunate that I took out a tracker mortgage which was fee-free and just .5% above BofE. So I've only been paying 1% for two years now. Not many of my financial decisions have been so good. Also fortunate in that I've kept my job.

Certain things have inspired along the way, like Karl Jeacle's very useful mortgage overpayment calculator and the TV programme "Pay Your Mortgage Off in 2 Years".

Best wishes,
Ed.
«1

Comments

  • adwat
    adwat Posts: 255 Forumite
    Mortgage-free Glee!
    Congratulations!
    MFi3T2 #98 - Mortgage Free 15/12/2011
  • RosieTiger
    RosieTiger Posts: 863 Forumite
    Congratulations - didn't log on yesterday and now I find that 2 people have made it!!!
    RosieTiger - Highest £242,000 Feb 2004 :mad:
    Lightbulb Dec 2008 £146,000 by March 2026:eek:
    MFi3T2 and T3 No 28 - Dec 2009 Start Balance £117,000
    Current Position-Fully off set by savings since March 2013
  • Wee_Pilsbury
    Wee_Pilsbury Posts: 368 Forumite
    Home Insurance Hacker! Cashback Cashier
    Congratulations :j. Starting off myself in 4 months time so fingers crossed!
    DFW Nerd Club # 1364
  • originalmiscellany
    originalmiscellany Posts: 1,655 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Mortgage-free Glee!
    Well done Ed - Well done (soon) for Wee Pilsbury... Loads of positivity on this forum, and great to keep us motivated :)
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045
    Aims: 1) To pay off mortgage within 20 years - 2037
  • Desperate_Housewife_2-2
    Desperate_Housewife_2-2 Posts: 1,787 Forumite
    Mortgage-free Glee!
    well done Ed and congratulations!
    Save £12k in 2012 no.49 £10,250/£12,000
    Save £12k in 2013 no.34 £11,800/£12,000
    'How much can you save' thread = £7,050
    Total=£29,100
    Mfi3 no. 88: Balance Jan '06 = £63,000. :mad:
    Balance 23.11.09 = £nil. :)
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Part of the Furniture Combo Breaker
    Well done!! congrats! must feel great- what other tips do you have for keeping going on the journey??
  • tattycath
    tattycath Posts: 7,175 Forumite
    Part of the Furniture 1,000 Posts
    Well done Ed!! x
    GE 36 *MFD may 2043
    MFIT-T5 #60 £136,850.30
    Mortgage overpayments 2019 - £285.96
    2020 Jan-£40-feb-£18.28.march-£25
    Christmas savings card 2020 £20/£100
    Emergency savings £100/£500
    12/3/17 175lb - 06/11/2019 152lb
  • Ed_Zep
    Ed_Zep Posts: 340 Forumite
    Part of the Furniture Combo Breaker
    edited 8 September 2023 at 3:56PM
    Deleted_User wrote: »
    Well done!! congrats! must feel great- what other tips do you have for keeping going on the journey??

    Thanks to everyone.

    As for tips, I'm not sure I could add much to what people would say on this forum but I have saved for many years in a nice, safe cash ISA at a higher rate than the mortgage, which is why I'm not going to pay this particular mortgage off just yet.

    I think what really motivated me was hearing from someone I used to work with. She and hubby had paid their mortgage off. She was a wee bit full of herself about it and it really got me motivated (I hope I haven't sounded big-headed).
    I also went to the One Account Mortgage Shrinker web page. That showed how quickly I could pay it off.

    I mentioned Karl Jeacle's overpayment calculator as well. I really like that because it shows the monthly breakdown of payments and how the capital decreases. I copied that as text and put it on my mobile phone to keep me motivated.

    I've recently got into shares but that's very risky. I like to invest ethically as well so am quite restricted in what I buy but I don't put in a huge amount. I've made a small profit in the ones I've sold.
    I put some money in an ethical shares ISA and that's done ok in the last two years.

    Best wishes to all.
    Ed.
  • lincoln-potter
    lincoln-potter Posts: 939 Forumite
    Part of the Furniture Combo Breaker Mortgage-free Glee!
    Ohh very well done Ed!

    Mortgage free - 01/05/2019, mortgage high £200k 2011
  • museumworker
    museumworker Posts: 2,240 Forumite
    Part of the Furniture Combo Breaker
    Amazing, well done!
    Mortgage [STRIKE]16/03/2011: £190K 01/01/2017: £107,729.65 [/STRIKE] 01/07/2017: £95,979.89
    OPs 2011-2016 = £45K 2017 OPs = £9250.20
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