The Mortgage Free Roll Of Honour

djhops

P.S Same as others, I wish you well gra76.. all the best for a long and prosperous future :-)

viola_brandywine

A. The date you decided to become a MFW
2009

B. Mortgage Debt at its highest
£140,000

C. Mortgage-Free Date
14th January 2012

D. Your one pearl of wisdom.
Overpay any amount big or small and come to this forum to read diaries if you ever need any encouragement!

MWOOLY10

a. The date you decided to become a MFW

The day i bought my first house on 17th Dec 2004 for £59,000

b. Mortgage Debt at its highest

I went for a self cert mortgage so it was only a small one at £46,000, but borrowed to renovate, so highest was £55,000

c. Mortgage-Free Date

After a few years of sitting back, i finally decided it was time and on the 10th June 2011 i sold my house for £101,000, and used the money left to buy a mortgage free 2 bed home for £45,000 (even had a grand left) :rotfl: Almost finished renovating this one now into a 3 bed house(moved a wall here and there) and it should be worth around £80,000 so even better off since i moved and went mortgage free.. Even thinking of buying another to put towards the pension fund.. Wouldnt mind though im only 37 :rotfl:

d. Your one perl of wisdom.

Keep your head above water, dont spend more than you can afford and eventually there will be a chance to pay it off, although there might be a compromise somewhere. Mine was i downsized slightly and moved 40 mins up the motorway, and it was a bit scruffy, but now all done i think it was worth it

roversbabe

a. The date you decided to become a MFW

Around 2006, once I'd cleared my credit card debts

b. Mortgage Debt at its highest

43000

c. Mortgage-Free Date

Last Tuesday - 17th Jan 2012, 8 years early. It has been under £3k for the last 2 years though

d. Your one pearl of wisdom.

don't really have one -we just paid off what we could, when we could

tis a good feeling

originalmiscellany

a. The date you decided to become a MFW
2008 - although from the outset I had the theoretical ideal of being mortgage free but the reality always never meant anything happened..

b. Mortgage Debt at its highest
120k in 2008

c. Mortgage-Free Date
Technically today (03 Feb 2012) - Our mortgage is so small that our current account linked to the offset will cover it, every day throughout every month from here.

d. Your one pearl of wisdom.
Get your family on board, set small targets every month and post on MSE to keep you accountable. Keep spreadsheets and be aware of how much interest you pay - and feel pleased how your mortgage drops every month. Keep some things special, e.g. a nice holiday if you can afford it, or the odd take away. Don't boast to your friends/neighbours as many are very negative to people who are keen to overpay/think you are massively wealthy even though you just have different priorities to them and focus on saving.


e. And if you had a mortgage freedom diary on MFW, a link to it.
https://forums.moneysavingexpert.com/discussion/comment/35565969#Comment_35565969

keld

Date decided to be MF - late 2008, after a very slow start and mis-sold endowment fiasco:o, which I should now probably see as a good thing, because if I hadn't pursued it (and got nowhere) then I probably would still be bumbling along with my head in the clouds.

Mortgage at its highest - £70,000.00.:eek:

Mortgage free date - officially today 10.30am 6th February 2012 (although the savings could have covered it a few months ago, but we were just going to let the OPs make it happen, but we got impatient this weekend, it was just over £2,300, so its gone!).

Pearl of wisdom - get your OH on board, and look at things in a clear headed way. There's no point scrimping to the point where you are not enjoying life, but there are ways of making savings without reducing your standard of living, eg we've gone to France for our summer holidays and had a great time and spent £2,000 all in for 5 of us, and our friends have gone elsewhere and spent £5-10,000. I shop in Lidl & Aldi etc as well as Sains... and As.., veg is veg where ever you buy it, and I always have my eyes open for a bargin. I'm not being smug - we've been in real financial difficulty sometimes, but that just made it more important that if it all went t!ts up they couldn't take our home.

Diary -showthread.php?t=1234315

Blue_Tornados

We became MFW's in may 2009..i knew i was losing my job in jan 2010 so we doubled our payments to pay off the mortgage 6 years ahead of time.
We both had good jobs and were able to do this and with 8 months left until redundancy saved like mad and now have a nice buffer to fall back on.
At its highest..£40,000...1990...25yrs...paid off may 2009....very very happy day indeed....!!

Therese1

Always hated being in debt - even for a fiver as a child!

Moved up prop ladder in 2003 - biggest mortgage £45000 - overpaid until March 2009 - DELETE that debt!!

Now I wonder if I should be more proactive about taking some risks and take the plunge with a buy to let....

has anyone done this --- any pearls of advice and/or kick up the backside as necessary??

kymrob

yay!!!!!!!!!!!!!!!!!!!!!!!!!!!
as from 10 minutes ago im mortgage freeeeeeeeeeeeeeeeeeeeeeee
over the moon is an understatement!

paid it up 27 years early with overpaying monthly and lumpsum sum payments yearly.

mortgage was £38500

started to over pay around three years ago after just looking around this website and thinking wow that sounds good, playing with mortgage calculaters.

i then worked out a written plan of monthly payments, interest and overpayments. i wrote 3 different plans based on different amounts of overpayments must say it got additive seeing the mortgage getting lower and lower kept changing the term of mortgage inline of overpayment we paid!

team work helps plus me and hubby are great at saving !

thanks martins as if it wasnt for this website we would still prob have 27 years of mortgage to pay!!

slowfiddler

a. The date you decided to become a MFW
September 2000 - the day I signed up for it.

b. Mortgage Debt at its highest
At the start - £80,000

c. Mortgage-Free Date
TODAY! 16 February 2012

d. Your one pearl of wisdom.
Keep chipping away at it. Every spare tenner. Also, peg your overpayments to as much as you can afford and leave it there.