I've almost done it!!!

Lavandula

So I just got my mortgage statement. 27K left. I have 50K in savings. My 3 yr fixed rate deal ends in Feb, so when it does I will be paying off my mortgage. I can't tell you how excited I am. I'm 40 and took the mortgage out when I was 30. At first I wasn't earning that much, but as my salary has risen over the years I continued to live as if it had not. I made an overpayment of £500 every month for the last 4 years and the balance really started to go down quickly. I also saved every penny I could.

As I'm being made redundant later in the year, it is an enormous relief to know my house is all mine:j

Danni-R

Wow!

Thats amazing! Well done. What kept you motivated? How much was it to start with?

Congratulations.

downsizer3

Well done - a fantastic attitude - and its paid off.
Even when your redundancy happens you have great savings too. Should be proud of yourself!

Shashwoo

didn't want to read and run so CONGRATUALTIONS!!!

I have a 27 year mortgage well it's 25 in Feb and i'd love to be MF

so sorry to hear you are going to be redundant but hey, you own a home!!

beth111

Thats great. WELL DONE:T:T:T

Lavandula

Danni-R wrote: »

Wow!

Thats amazing! Well done. What kept you motivated? How much was it to start with?

Congratulations.

Cheers!:)

It wasn't massive to start with (70K), but I am the only earner and my husband is a stay at home dad.

Motivation was security and not having to carry on in a stressful job until I was 60, spend more time with my son etc. Ok, I could get another job and hefty mortgage and move to a bigger house, but the redundancy has really shaken me and I don't think I would have the confidence to have another mortgage again.

I am quite frugal and thrifty and find saving quite exciting (sad I know:o) and easy. I've saved a huge fortune on kids clothes, toys and shoes by buying at boot sales. I don't have sky, have a v cheap PAYG mobile, keep my car until it falls to bits and fails MOT, grow my own fruit and veg, basically I don't buy stuff unless I really need it (that's need it, not want it!).

suburbanwifey

Congratulations honey, it will be all yours, there is no better security than that for you and your families future x

RosieTiger

Well done!

busiscoming2

That's brilliant! Well done!

someday_soon

Peace of mind is worth so much..
And I'll bet that you won't miss your stressful job either.
Well Done

Desperate_Housewife_2-2

congratulations lavandula! you must be so pleased. A tip from me is to charge yourself rent now and save the money in an isa..