The Mortgage Free Roll Of Honour

misselvis

so inspiring my current mortgage is 180k and I cannot see the wood for the trees the reality is hitting me full on but am making my overpayments and attempting to cut my cloth accordingly. the overpayment calculators are really useful for motivating me to continue and increase my overpayments chipping away at the balance many thanks for discussing your journey the good, the bad and the ugly but to the ultimate joy of becoming mf!

alwaystryyourbest

mortgagenomore wrote: »

Yes! there is always hope just keep paying the loans but DONT take out any new ones and eventually they will all be paid :j

just wanted to thank you for this quote it seems impossible to pay mortgage off ,but i'll remember this quote..

kashi56

nice sharing i m agree with u

scart

hi, at the age of 34 I am mortgage free except for £150..... The mortgage company advised me to keep this amount so I can borrow anytime withiout having to re apply. I only have to pay £1.50 a year. I have the £150 spare just in case I want to totally pay it off in the future.

Who knows what the future holds and whether I will move and take a further mortgage, but it feels great to be mortgage free.... It has taken a lot of hard work and sometimes not having much of a life but the relief is amazing....

a) Started with a chronic health problem over 4 years ago and felt that I just needed to get the mortgage paid off so I can reduce my hours at work to make life a bit better. Although it has always been at the back of my mind to reduce the mortgage.

b) I took out my mortgage 10 years ago and was fortunate to only have a £49000 mortgage

c) Paid all the mortgage with the help of my partner in July 2010 and celebrated with a bottle of champagne

d) Pay any extra cash off the mortgage as it is a debut

Have not posted on the forum but has been a total inspiration:money:

nancy17

Lizloz wrote: »

Anyone wanna help me understand how on earth you all did it - my brain has turned to mush reading all this & I don't understand much of it!

I don't feel like becoming mortgage free is possible, especially for us now that my husband has been put on short time at work, which means we'll be down by about £150/wk....now in full panic mode!

I'd LOVE to be mortgage free but being realistic, I don't think it's going to be possible but big congrats to those who have managed it!

I'm with you! This thread has been great to read and I would love to know more!

hotdiggerdy

Mortgage free as of 1st September 2010

decided 7 years ago to become mortgage free ASAP but put both my kids through University so they would not hit the big wide world in debt.

mortgage £36,000 at highest.

pearl of wisdom: overpay on the mortgage but leave a little in the reserve tank just in case.

i read other peoples advice, stories and acheivements on MSE web site and forum and adopted, adapted or improved to my own circumstances.

to all concerned you are too numerous to mention but... THANKYOU

taxi73

Congratulations on becoming mortgage free

Aragon_2

we have finished:j so it took under 10 years but we only really bashed it in the last 4 years with a help from a redundancy payout ,tried to be very carefull but enjoyed life at the same time with a caravan on a seasonal pitch in cornwall ,family income under 20k btw

so mortgage was around 44k then we borrowed 2k for a kitchen ,paid off in 9.5yerars and it feels great:beer:

littleyellowspider

Today is a good day

At 33 years old I've hit my target of being mortgage free. Won't be the last mortgage I ever have (in fact, we're looking to move in the next 12 months). Still, it's nice to have hit this one so hard.

Total amount paid off = £134,300 (£105,700 Capital / £28,600 Interest). It's taken me 9 years and 3 months.

Lessons learnt = should have started overpaying earlier. The incentive came when my daughter was born in December 2006. My car turned into an expensive driveway ornament over the following months so I decided to sell it. The money was less useful sitting in the bank than it would have been to knock a lump off the mortgage. That was in September 2007, and it's since (and including) then that I've paid £101,100 of the £134,300 total.

I'm a bit anal with all things financial, and had spreadsheets coming out of my ears. One bit of advice is to only overpay if the interest you'll end up paying by not overpaying outweighs the ERCs when you do. I hate giving money away unnecessarily.

I've been on two 5 year fixed products throughout the period. One at 4.79% and the second at 5.63%. Not the best rates available but the products were cheap at the time (£99 - it's the absolute maximum I will pay for a product like this!). Having the rates fixed allowed me to budget perfectly (particularly in the latter stages when I was hitting it hard), downside is I was only allowed to pay a max OP of £500pcm before incurring charges, however, like I said, I calculated the interest payable when making other OPs to ensure it was beneficial to me.

I'm thrilled to bits with my efforts. I say my 'my', I should say 'our'. In fact, no I shouldn't!!!!

greent

Well done! I always like to see it when someone posts here of their MF achievement!

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