We did it - We're mortgage free!

Gringot

Bestthingsinlifearefree wrote: »

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,

Hi! I did say that we had reasonable jobs, and I know that not everyone is as lucky as us. However, you it the nail on the head that when you said "you have used good salaries to gain financial security rather than just blow it on rubbish / extravagent life style etc".

mudmole

You both must feel great, you have achieved so much, its great to know there are like minded people around, 100 inch tv,s and flash cars do nothing for us either, security and peace of mind are far more important. well done again, in 16 months or less I will celebrating too.

Jonmurgie

Congratulations on your great achievement... can only dream on what it must feel like to put your feet up in YOUR house knowing that it's all yours!!

ailuro2

Well done :beer: have a holiday- you deserve it- and then straight back to funding an even better secure future- hopefully we will do the same in 3 yrs time:j

scottp_2

Bestthingsinlifearefree wrote: »

HI Gringot,
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.

To me that makes it sound even more achievable, as if both partners are in reasonable jobs, using one salary to pay the mortgage and another to live on would mean that the mortgage would be paid off very quickly and also still lead a nice lifestyle.

I'm mortgage free as well! I'm 17 so no one will let me have one! :beer:

Well done!

cqdaniels

Congratulations Gringot! We became mortgage free in February and are still on a high.

Like you we are both in reasonable jobs and don't waste money on flash cars and TVs - actually we finally changed ours last month which blew up after 13 years...so we're very similar. Do you find that some people think you're 'tight' with your money? A friend of mine has the latest, flashest gadgets, but has mountain of debt and often says I'm mean because I'm careful with my money. Well, who cares? I have the knowledge that we are financially secure and can now work towards retiring early.

Well done again and enjoy!:j

Gringot

cqdaniels wrote: »

Congratulations Gringot! We became mortgage free in February and are still on a high.

Like you we are both in reasonable jobs and don't waste money on flash cars and TVs - actually we finally changed ours last month which blew up after 13 years...so we're very similar. Do you find that some people think you're 'tight' with your money? A friend of mine has the latest, flashest gadgets, but has mountain of debt and often says I'm mean because I'm careful with my money. Well, who cares? I have the knowledge that we are financially secure and can now work towards retiring early.

Well done again and enjoy!:j

Thats an interesting question about whether people think we are tight with our cash. I know my family think we are poor as my brother has a flash car etc, and I don't. In reality we probably earn similar amounts, but we just choose to spend it differently.

I really dont think there is anything wrong with looking at the money you have coming in and spending it wisely. It's not as though we are mean about presents, and buying a round of drinks! I wonder if people who think that way realise they are wasting their money, and need to justify it by saying those of us who take a more considered view are mean.

LJD1_2

You should be so proud of yourselves. It makes me realise that it is attainable and i'll be joining you long before my mortgage would naturally end. Well done xx

oldenufftoknowbetter

cqdaniels wrote: »

Congratulations Gringot! We became mortgage free in February and are still on a high.

Like you we are both in reasonable jobs and don't waste money on flash cars and TVs - actually we finally changed ours last month which blew up after 13 years...so we're very similar. Do you find that some people think you're 'tight' with your money? A friend of mine has the latest, flashest gadgets, but has mountain of debt and often says I'm mean because I'm careful with my money. Well, who cares? I have the knowledge that we are financially secure and can now work towards retiring early.

Well done again and enjoy!:j

Must be the thing to say as I get this as well at work, one guy in particular has made a joke of how tight I must be and that my main aim is the mortgage. When I told them I was paying it off his reaction was why not spend some of the cash on a big holiday and carry the mortgage on..........That's why he has massive debt problems I guess.
We run an older car haven't had a holiday for a while and don't buy the latest gadgets unless they are needed.

Congratulations Gringot like you we cleared ours yesterday. Still not sure how I feel about it though maybe seems a bit unreal at present. Mrs Oldenuff is only 29 so I cannot imagine how fantastic it is for her.

Kantankrus_Mare

Well done to you !! :beer: I am soooo jealous.

Fantastic that you have managed this at such a young age and I take my hat off to you. Must be a fantastic feeling.
We only have a small mortgage (34,000) but not brilliant incomes. If we pay what the building society want us to pay, we will be 52 when it is paid off (we are 40 now) but I have got one debt to pay off and then want to start trying to bring down the age at which I am mortgage free. Age 45 would be nice but realistically I am looking at late forties.

It just frees up so much extra cash and must give a wonderful feeling of freedom.

Once again ......Well Done!!