The Mortgage Free Roll Of Honour

fieldofdreams

Hi all! Its a special day today - here are my details

a. The date you decided to become a MFW.
January 2006, when I took the mortgage out. I decided that I wanted to pay off the mortgage as soon as I could, although I didnt start overpaying until 2007.

b. Mortgage Debt at its highest
£47K (modest by todays standards I know)

c. Mortgage-Free Date
02/12/2011

d. Your one pearl of wisdom.
Start overpaying as soon as you can, even the smallest regular overpayment can make a big difference long term.

Mortgagefreeby50

Wow! Well done! Now go out and do something frivolous this weekend to celebrate!

RS_Clio

Amazing feeling !! Has felt like an eternity at times and been a real struggle at others, with a fair few personal sacrifices made along the way.
Am proud and elated to say that we are now Mortgage Free :beer:


a. The date you decided to become a MFW.
February 2007. We took the mortgage out in Feb 2006 - I buried my head in the sand for 12 months, then one day read how much interest we would pay back if it ran it's full 20 year term. I decided then that I wanted to pay off the mortgage asap and started overpaying mid 2007.

b. Mortgage Debt at its highest
£110,000.

c. Mortgage-Free Date
02/12/2011

d. Your one pearl of wisdom.
Overpay whenever you can. Keep focused and try to keep motivated. Don't be surprised or get put off if some people think you are mad for overpaying. And lastly, this site is awesome ! :money:

aunt_sal

a. The date you decided to become a MFW

2007

b. Mortgage Debt at its highest

£150,000

c. Mortgage-Free Date

1/6/2010

d. Your one pearl of wisdom

You know what guys? I wish I had kept the £150k cash and was still paying only £700 a month for my mortgage

black_taxi_2

why?????????????????????????????????

RS_Clio

aunt_sal wrote: »

You know what guys? I wish I had kept the £150k cash and was still paying only £700 a month for my mortgage

Don't follow. So you paid off the £150k original mortgage ? Sounds like you got another mortgage that's now >£700 per month ?? Better house though ?

adwat

a. The date you decided to become a MFW

2005

b. Mortgage Debt at its highest

£165

c. Mortgage-Free Date

15/12/2011

d. Your one perl of wisdom.

Increase your mortgage payments to the maximum you can afford rather than making manual overpayments, that way you don't tend to skip overpayments.

damon2810

Date you decided to be MFW - The day i bought my house in 2001, i took a ought to get mortgage free, as per schedule, i am not going to pay any penalties or i would not ask for any extensions and i remained totally focused to achieve this.

Mortgage debt at its highest - £200K

Mortgage-free date - I have been on my planned schedule and made myself mortgage free in 2009.

One pearl of wisdom - I tried to stay focus on my goal and made myself mortgage free. It's the zeal that will push you near your goal. I worked hard enough to live happily and clear my mortgage on time and i succeded any how!!!!!!!!!!:)

SteveV2

a. The date you decided to become a MFW

December 2002, when we bought

b. Mortgage Debt at its highest

£95k

c. Mortgage-Free Date

28/12/2011 (Well, our savings now = more than we owe but paying a debt that charges 1.25% by using money that gets 3% seems silly)

d. Your one perl of wisdom.

When signing up for the mortgage the figure clearly showed that whatever you borrow, you pay back twice over (or there abouts), so overpaying early on is a huge must. The first few years, standard payments only pay off peanuts so overpay or offest

Age: 31

lady1964

Date we decided to go MF - Summer of 2000 when we switched to an offset mortgage.

Mortgage debt at it's highest: £112,000 - summer of 2000

Date we became MF - November 18th 2011 :j

One pearl of wisdom: If you have decent savings & can afford to over-pay - get an offset mortgage.

Age OH & I have become MF - 47/48