Mortgage Free in Three Yrs

TheBees

It's a bit frustrating being stuck in the fixed rate but at least we know what our monthly payment is every month for the next couple of years and it is relatively low. I worked in a building society and will always remember when the interest rates shot up to nearly 15%. :eek: I think on one day they went up 2 or 3 times! We had customers coming in in tears not knowing what to do....

1274

As of today (or tomorrow when my transfer clears) I have paid off my mortgage:j It's been a rocky road, and I thought I'd never do it at some points in the last year. Thanks to you all in the MFIT challenge I've really focussed on throwing every spare pound at the mortgage and it has paid off. I'm keeping the mortgage "live" though even though there's no money owing as it's cheap borrowing should I need it in the next 12 years.

I'm typing this from a home that no one can ever take away from me and you can imagine how that feels :j

More importantly, as I'm a contractor, the amount I need to earn to clear my overheads each month has halved. If interest rates hadn't gone down so much, my overheads would now be a fifth of what they were when I joined MFIT

Thank you all. I will be sending at least one more PM to TallGirl - mortgage balance 0:j

ETA: the stats for those that are interested
Mortgage 08/01: £180,000
Mortgage 04/06 £160,000
Mortgage 12/07: £125,000 (joined MFIT)
Mortgage 02/09: cleared

ailuro2

WOOOOHOOOO

Well done 1274!

Another green band for our challenge chart.

Congratulations - go have a pint, or a glass of champers, you deserve it!

:beer:

Dithering_Dad

Wow! Well done 1274!! You must be feeling on top of the world, especially in these difficult times re:economy.

Well done mate.

1274

I really don't need to tell you guys on here how good I feel. As I'm allergic to debt in any form including a mortgage it's SUCH a relief not to owe anything to anybody any more.

I'm going to keep following your progress and hope many more of our challenge gang will get to feel like this before April 2010 *

Good luck and best wishes to all

* The actual paying it off is an anticlimax though after all that hard work. I phoned up to find out the outstanding balance and transferred the funds online, so no joyful jumping up and down in the bank. Still ... here's some virtual jumping :j:j:j

Trying_to_be_good

Brilliant news, 1274! Flippin' well done, and inspiring for the rest of us.

Hope you have some fun things in mind to which you can divert the monthly repayment!

1274

Trying_to_be_good wrote: »

Brilliant news, 1274! Flippin' well done, and inspiring for the rest of us.

Hope you have some fun things in mind to which you can divert the monthly repayment!

I'm going to pop over to the savings board once I have some! Throwing all my ISAs, savings and income at the mortgage means that my net worth is now only £2,000

Oh, and a flat of course. :j

taka

:T :T :beer: :j :j :beer: :T :T

Well done 1274!! Congratulations!

angelavdavis

Forget the net worth, it will soon increase.

Great feeling not to owe anyone anything!

Congratulations from a fellow mortgage free type!!!!

gallygirl

:beer: Congratulations :beer:, nice to lose a MFiT member in the best possible way _party_ !!!