Anyone else a closet MFW?

Rushy

Hi All,

I feel this is a good place to make my confession (to someone at least), me & the missus want to be MF asap, and so last year we were lucky enough to pay off half the mortgage with a lump sum of my missus' money from the sale of her house. We had enough to pay it all off, but she didn't want to as we need money for other things, and so wanted to keep it accessible. So the rest of this is in her own account.

However such is my desire to be MF asap, since Oct I've been overpaying by an extra £499 a month, which I get from my own savings/ being frugal / saving, etc. although this is leaving me extremely tight now, so may have to miss a month or two.

The point is though that I'm such a closet, that the wife doesn't know! I have already managed to knock the term down from 12 to 9yrs since Oct. I think she'll be really pleased when I do tell her, but now feel afraid to :embarasse , as she may go mad that we've not been going out as much for meals, as I've been so frugal, and am a bit skint.

Do I 'fess up now? Or surprise her in a couple of yrs when hopefully (if I can keep it up) we'll be MF!!! :beer:

savingforoz

Hi Rushy
I think it would be lovely to keep quiet and surprise her! Well done to you.

cupid_s

Rushy;
If you told her maybe she'd want to pay more towards it. Or maybe at least put any interest from the money she has in her account towards it. Two people working on it has got to be better than one.

Martinslovechild

Some good news today...

I applied (and was accepted) for a credit card offering 0% Balance Transfers. Originally, I intended to use the card mainly for foreign purchases (as they don't charge a foreign loading fee), but I had a brainwave this afternoon...

I decided to call them up to arrange a Balance Transfer. As my mortgage is currently £10,736 outstanding, I asked them to transfer an amount to my Egg Money card from where I'll transfer it onto my mortgage account.

This should mean that i'll now be mortgage-free on 1st July!!!

Of course, it doesn't mean i'll be completely debt-free , but my total debt (i.e. the mortgage) will of course then be at 0% (rather than the 6.29% mortgage interest rate that I'm currently paying ), so the intention is then to pay off the CC in full when the BT period expires early next year. In the meantime, i'll be paying the minimum payment each month on the card and the remainder of my normal monthly mortgage payment will go into a savings account.

Needless to say, I'm a happy bunny. I can *finally* see the light at the end of the tunnel

Hurrah!!!

Ilona

Hi
It's great to read about other peoples efforts to pay off their mortgage. I have always been carefull with money, never spending more than I earn, my mother taught me that. I am on my 3rd house and have had a mortgage for 31 years. Now I am trying my hardest to pay the last little bit off. I'm doing a job I am fed up with, it really depresses me sometimes and seems such a struggle, but the money is quite good. I don't go out much, don't waste money. I am a single female, and have done it all myself. I would eventually like to use the money from my house for a massive spending spree, there is no point in keeping it untill I die, I have no one to leave it to.
Live your life NOW
Ilona

Mozette

Interesting! I'm a DFW at the moment, but once I'm DF, I shall definitely be a MFW. Already planning to use a lot of what I currently pay to my non-mortgage debts to overpay my mortgage once I'm able.
See you next year!

Gringot

Hello there! I have been lurking here for a while, and I thought I would add my thoughts to this thread.

My husband and I will be mortgage free in the next week or so! I'm so excited! I was quite shocked when I realised how much we had paid off in 5 years, and wondered how we had done it. When I thought about it, it is because we dont really feel the need to keep up with the flashy lifestyle so many people like. We don't buy new cars every three years, we buy clothes when we need them. My stereo is 10 years old, but works perfectly, so why would I waste hundreds of pounds buying a new one? I guess we live within our means.

We don't go without things though, we have lovely holidays, although they are what most people would consider very cheap (we rent cottages in UK an Europe in lovely peaceful spots). We look after our health, and enjoy each other's company. There is no need to spend a fortune to have a nice life!

Good luck to all of you who are working to pay off that mortgage, knowing you have done it is an amazing feeling, and think of all that interest you won't be handing over to the bank!

xx

PS I was thinking about getting my husband a little gift to celebrate our lack of mortgage, does anyone have any clever ideas for a "Hurrah we are mortgage free!" gift?

runmartin

Gringot wrote: »

PS I was thinking about getting my husband a little gift to celebrate our lack of mortgage, does anyone have any clever ideas for a "Hurrah we are mortgage free!" gift?

What about a flashy new car. :rotfl:

Gringot

runmartin wrote: »

What about a flashy new car. :rotfl:

What about this sports car?

Is that what you had in mind? :rotfl:

do_it_today!

Hi:hello:
Im still a DFW but getting close - I have wanted to be MF for years now and I feel this year we will be able to start making a difference on our mortgage balance. We have £128,000 to go! which isnt the smallest or the largest amount to clear but does seem like a challenge!
I am in a stressful at times soul numbing job and would love for the day that I dont need to be there! being MF will help that... the only issue is we dont want to live in this area forever - anyway one thing at a time lets work on bringing this mortgage down!!!