Anyone else a closet MFW?

Kaz2904

Our friends and some of my (older) work colleagues ridicule me for being so "young" (29 HA!) and wanting to pay off my mortgage. A lot of the younger/ newer to mortgage colleagues are very interested as they can see a huge difference in overpaying by even a small amount! - That and the fact that us "youngsters!" can't wait for anything!!!

eilidh_s

I'm only 24!

daleyd

eilidh_s wrote: »

I only have a decision in principal but I am already desparate to be MF. My pal is still a student after 6 years and with a lot of help from her parents she never had to work during her uni days but she was all for the money-managment and she saved every penny. She even went so far as sitting in borders book shop reading the books so that she didn't have to actually buy them, when we meet up for lunch we have a picnic and she loves charity shops! She is the only one of my friends who can understand why i would want to be MF as soon as is humanly possible. I am lucky in that i earn a pretty decent wage that can only go up but i empty my wallet of its pennies every night and i am saving a fortune that way, i amn't frugal and i don't deny myself anything but i don't spend any money that i dont have to so it can all be poured back into my mortgage.

Wow that is good going - and there was me waiting until I had a mortgage!!:rotfl:

On a serious note I agree it's good to know that there are other people in the same boat.

Good luck to all.

minimoocow

I'm 26 - I think all our friends have always thought we did things early especially when we got married and bought the house at 23 - thing is only 1 generation ago it would have been unusual not too - at least in our families.

Funny how our idea of not waiting for anything is to pay off the mortgage when the exact same concept drives others to spend spend spend!

Maybe we aren't so different!

daleyd

I'm 31 and MrsD 29 - been together for 11 years and for 9.5 of those we have had a mortgage.

IMO it's been the best thing we have ever done - having your own place is great and I can't wait for the day it's REALLY ours!!:j

ailuro2

People seem to think we are greedy saddos when we mention putting a bit extra into the mortgage overpayment fund.

When they hear I could be mortgage free when I'm 40, with 6,000 a year to spend on whatever I want they change their tune a bit...:rolleyes:

We should have done it years ago instead of having poxy old ISAs

Helonearth

I've only taken on my mortgage 7 months ago and I'm already dreaming of being mortgage free. Had trouble getting to grips with the payments at first, especially with having had to get a new car, but I'm now starting to make inroads into my credit card again. After that, watch out Northern Rock, I'm coming for you!

Kaz2904

We got our first mortgage 6 years ago in August. We have 6 (+/- depending on overpayments!) years to go. We are living in a house which is big enough for us with great neighbours, good schools and in a nice cul de sac. There are things that I would like, such as a bigger garden off street parking and a garage but I don't need them. I could have had these things with the house we were buying (that fell through) when we found this. It was cheaper and smaller though and in a grotty area. I thank my lucky stars every day that we have my beautiful house and I want it to be mine not the building societies! If it all goes belly up or DH loses his job I want to be able to stay here.

londonchap

Inspiring to read all the previous post. I am a closet MFW and hope to have my mortgage paid off by the time I'm 30. I think the real reason for doing so is that it will give me so much freedom when it's gone - I could take a more enjoyable, less stressful job; I could stay in my current job and use the equity as a deposit for a palace (!); or I could sell up completely and move abroad...the possibilities are really endless once you have equity behind you and a substantial montly outgoing is removed...

JenPup

This is such a revelation reading this. I had thought I was verging on the obsessive - putting as much as I could each month into an overpayment (we're able to overpay up to 10% of the outstanding balance each year).

We have online banking and it's so nice to be able to see what a tangible difference even a small amount makes to the overall amount left to repay!

Took the mortgage out a couple of years ago - I hadn't even thought about overpaying until I came across this site and have been regularly overpaying since. Was a real shock initially when the mortgage advisor told us how much the mortgage would cost overall at the end of the 25 year period - it was more or less double the cost of our flat in the first place. That gave me a real jolt and even more determined to pay off as much as I can ASAP.

Nice to know there are so many like-minded folk around here!