We did it - We're mortgage free!

evab_2

That's fantastic, I totally agree about living within your means we have a fairly old car but its roadworthy and goes so what's the point of changing it just to look like we are well-off (which we're not). I see so many people who have new cars and we just think hmmm I wonder how many years that's going to take you to pay off.

We haven't had a holiday, apart from going to family in different parts of england and wales, for three years but it was funny yesterday because I found out that my hubbie has been saving some odd pennies secretly and so have I towards a holiday only £30 so far but it's a start.

Thanks for your post it will keep me going with my own goal.

Gringot

sparklymessygirl wrote: »

Congratulations! I love hearing these stories. Hope you don't mind my being a bit nosy here but I do have a question - Were you devoting a lot of energy and focus to paying off the mortgage? - and if so, where do you think you will channel this now? I have become a bit obsessed about figures and not spending and I am wondering how being mortgage free affects others - not just re not spending money but about what you will focus on (if that makes sense?!)

Well done again :j
Sparkly

What will we focus on now? Well, for me I want to make sure I have enough to be able to retire early (about 60ish). I am worried we will end up having to work until we drop dead the way things are going with pensions! So, I will start investigating on how I can make that a reality.

Kaz2904

32- WOW! There is no way that we will be mortgage free by then. Our current projection shows January 2013 for the mortgage when DH will be 36 (that month) and I will be 34.
We will have enough money available to clear all of our mortgage and debt by October 2012 but will se what interest rates hold until then. If they remain as they are at present then we will be completely debt free september2013 when I am 35.5 and DH is 36.
I am desperate to get it sooner and will do anything to chip off a month at a time!
Congratulations to you you must be so proud of yourselves!

keeperbear

Gringot wrote: »

Thanks! I know we are young to have paid off the mortgage, but I am sure we are not alone. However, no matter whether you knock 20 years or 2 years off your mortgage, you are still saving money, and that has to be a good thing!

Congratulations! I was 35 when I paid my mortgage off, and it really opens up your life. No more money worries. Since paying my mortgage off I have continued to save, but now have 3 holidays in Colorado, USA every year. Enjoy the rest of your life!!!!!

Gringot

keeperbear wrote: »

Congratulations! I was 35 when I paid my mortgage off, and it really opens up your life. No more money worries. Since paying my mortgage off I have continued to save, but now have 3 holidays in Colorado, USA every year. Enjoy the rest of your life!!!!!

Its a wonderful feeling isn't it?

I was just thinking how much the banks and building society must hate forums like this that help people pay off mortgages early... Think how much money we are collectively robbing them of by not incurring so much interest!

*feels even happier*

Bestthingsinlifearefree

Gringot wrote: »

Its a wonderful feeling isn't it?

I was just thinking how much the banks and building society must hate forums like this that help people pay off mortgages early... Think how much money we are collectively robbing them of by not incurring so much interest!

*feels even happier*

HI Gringot,

Congrats on being Mortgage free !

You must have very good salaries Gringot to clear £120,000 in 5 years. That is £24,000 a year cash (plus extra for interest). So to earn that you would need a £40,000 (before tax) a year salary ALL going on the mortgage and then you would need another salary to live on.

You say you only tried to become MF in the last TWO years so to clear say 100K in two years you and your OH must be earnining together circa £100,000+ a year.

Anyway however you have done it well done, you have used good salaries to gain financial security rather than just blow it on rubbish / extravagent life style etc:beer:

Best,

CharleneUK

Congratulations to you!!

cupid_s

Congratulations to you!

About 3 years until we (and loads of others) are mortgage free hopefully. Can't wait!

wisewoman

Gringot wrote: »

Thanks! I know we are young to have paid off the mortgage, but I am sure we are not alone. However, no matter whether you knock 20 years or 2 years off your mortgage, you are still saving money, and that has to be a good thing!

I am on a bit of a high about it actually. This morning I went and stood in each room in the house (including the garage) and thought "This is all ours, we earned it and now we're going to enjoy it". How daft am I?!

Not daft at all, Gringot. Last month I drifted round the house in a cloud of euphoria, stroking the walls...and even kissed a few...all inside, not outside...that would be going too far!

angelavdavis

Fabulous fabulous news - congratulations! What a great achievement.
As of next month, I will be on the mortgage-free path (having cleared my credit card debt by the end of this month and saved for my wedding).
I have joined the MFW in 3 years club and am hoping to be mortgage free by the time I am 41.
Worked out, at today's bill levels(!) I will be able to live on £500 per month.