The Mortgage Free Roll Of Honour

Thesmiths

Hi we are new members, came across this thread while looking around the site.

We became morgage free four months ago now. We are really pleased as our hard work and focus has finally paid off :j

A. Decided we wanted to do this in 2004. Target to pay off at 40 years old and eight years early.

B. Max morgage was £115K

C. Completed August 2011

D. Wisdom - we had a life plan with a financial plan to support it. Switched morgage supplier. Used any unexpected extra monies to pay more off. Attempted to increase overpayments as often as possible.

RosieTiger

Wow, I am not sure what the collective noun for a whole group of new Mortgage Free Achievers is so I will steal one and say - Congrtulations on a whole gaggle of Mortgage Freedom !!

Congrtaulations to you all.

Celtic_Shore

A. The date you decided to become a MFW
June 2006 when we swapped to a repayments mortgage having cashed in a next to useless endowment

B. Mortgage Debt at its highest
£49500

C. Mortgage-Free Date
6th December 2011

D. Your one pearl of wisdom.
Nothing technical, just overpay by whatever amount you can afford and NEVER go to the Halifax for your mortgage

I have to say it's one of the best feelings in the world getting that letter to say that your mortgage lender no longer has a charge on your property and that they are advising the Land Registry as such. Just keep at it, we went for five years without holidays and any of those extras but we can now touch any part of our property and say its all ours! :rotfl:
Good luck to all of you about to undertake or are on your journey already to being mortgage free.....

Gra76

A. The date you decided to become a MFW
The same date we took out the mortgage originally back in 2001. Wanted to be MF ever since!

B. Mortgage Debt at its highest
£132,000

C. Mortgage-Free Date
14th Oct 2011

D. Your one pearl of wisdom.
Critical illness cover IS worth it when things go wrong healthwise. Without it I'd still be paying my mortgage off for another god-knows how many years. It's by no means the 'ideal' way to pay off a mortgage but when I was diagnosed with Hodgkin's Lymphoma in September last year it was a very worthwhile £49 a month as it turned out. Didn't think I'd ever need it though. We're all immortal right? I know not everyone thinks critical illness cover is worth it and we're all entitled to our opinions of it but in my case I'm very glad I paid for it. Not too shabby being mortgage free at 35! Now I just have to finish off the chemotherapy and hope it stays in remission!

skint_spice

Fingers crossed for you Gra76.

black_taxi_2

gra76--brave post

people take life/health for granted

keep us up-dated

all the best

greenface

gra76 .Health is wealth good luck to you and yours.

SwitchyChick

Date I decided to become MF: March 2008
Mortgage: £130,000
Date I became MF: Dec 2011

Not sure I have any pearls of wisdom, just OP as much as you can afford whilst still doing the things you want to do with your partner &/or family.

Switchy

RosieTiger

Well done, these are coming in thick and fast !!!

djhops

Here's the challenge to all fellow MFs... instead of now taking on the next big house and the next big mortgage (and so continuing the 'game', which I personnally call the rat race(!))... instead save up cash for a while to build up some investments.. the real trick of the truely wealthy is that they don't have to work if they don't want to. They live day to day off their investments, then any cash earnt through work they either invest further to make day to day life even easier or they use to splash out on a car or a bigger house etc (i.e. when they can much better afford to and don't need to lend money again).

Not easy I appreciate, absolutely, but I've lived fairly lean and mean for a good while, well within my limits (I've worked hard and been very patient) but now I manage to clear £10k per annum after tax BEFORE I even go out to work. Unless there's a total financial crash I believe I'm set up for life.. possible I promise, just a thought, have a think about... if it's not for you fair enough!