The Mortgage Free Roll Of Honour

Tommosyunorse

The Physicians Mortgage Program is a program that offers home financing solutions for doctors who may not have established adequate assets for a cash down payment, but qualify for a mortgage based on income and credit criteria. This program is suited for doctors in the early years of their careers. The program provides 100 - No Down Payment - home financing.Galina Chernova

lincoln-potter

Tommosyunorse wrote: »

The Physicians Mortgage Program is a program that offers home financing solutions for doctors who may not have established adequate assets for a cash down payment, but qualify for a mortgage based on income and credit criteria. This program is suited for doctors in the early years of their careers. The program provides 100 - No Down Payment - home financing.Galina Chernova

:spam: shame on you

The_Doctor_3

a. The date you decided to become a MFW
February 2011. Had just paid off all credit cards :j and did the maths on what what would be required to pay the remaining mortgage. I'm dreading the scrimping that's required

b. Mortgage Debt at its highest
£274,000 :eek: in 2005

c. Mortgage-Free Date
August 2015

d. Your one perl of wisdom.
-Do you really need those new shoes, tumble drier, American fridge...? Avoid trivial expenditure - the consequences of debt never are. (people always say that I never practice what I preach!!)

black_taxi_2

see you again in 4 years then

The_Doctor_3

black_taxi wrote: »

see you again in 4 years then

That would be nice. I'm going to use the strikingly
Positive attitudes of this board to boost our confidence.

I'm more of a mind to offer a quick snapshot each quarter.

While I'm here, can someone explain why BS and banks seem
to structure mortgages so you eventually are paying interest only.
I can understand it if you are on a lifetime fixed deal and are tied
To your lender. Other than that specific case, my simple take on the
Situation is that a larger debt equates to higher interest being earned.
Thus, never paying some interest is never possible until you have zero debt.

Along the same lines, how do lenders decide
The ratio of capital vs interest to be paid each month? Is it merely a calculation based on mortgage duration, affordability, interest rate etc?

Thanks to all.

dave1961

a. The date you decided to become a MFW
Feb 2003, when I lost my job, and realised I had wasted loads of money on nothing really over many years.

b. Mortgage Debt at its highest
March 1995, £ 69,000

c. Mortgage-Free Date
Affectivley Sept 2009, as I have a flexiable mortgage, linked to my bank account, the mortgage pays me...a whole 19p for Feb 2011.

d. Your one pearl of wisdom.
Get a flexible mortgage and pay off as much as you can as soon as you can.

spandles

The Doctor-you need to post your query on the main forum, there are plenty on there to help you. This thread is purely for those who have paid off their mortgage.

The_Doctor_3

spandles wrote: »

The Doctor-you need to post your query on the main forum, there are plenty on there to help you. This thread is purely for those who have paid off their mortgage.

super - thanks for letting me know.

andypr1976

Which is the best lender nowadays? Really struggling to find a decent deal...

lilab_2

Date I decided was August 2006
Mortgage debt at it's highest (which was pre-2006 in 1995) £132,000
Became mortgage free December 2006 aged 44
Pearl of wisdom keep moving, buy something that needs work and hold on to the dream.

I was lucky. I bought first flat for £21,000 in 1982 Sold for £ 32,000 and moved to house in 1984 paid £42,000. 1988 sold for £100,00, upsized and paid £128,000. Dip in housing market sold for £101,000 in 1993 and upsized paid £160,000. Divorced 1995 house/mortgage signed over to me. Sold in 1997 for £260,000 and bought for £160,00. Sold at peak in 2006 for £340,000 and upsized moving out of London paid £276,000 MORTGAGE FREE.