The Mortgage Free Roll Of Honour

tesuhoha

I've just set up the final payment for the mortgage which I have waiting in the bank account for 25th January :beer: :j

Date I decided to be mortgage free = the date we took out our final mortgage July 3rd 2006.

Mortgage debt at its highest = £76,000
Mortgage free date = 25th January 2013 (a bit premature I suppose but only a week!)
My one pearl of wisdom = I got a small sum of money when I was made redundant and also a lump sum pension payout. With this we were only £4,000 short of being able to repay the mortgage. However, I didn't want to repay and be charged redemption fees. Fortunately for us our mortgage consisted of a further advance and a mortgage so we were able to put the money in easy access savings accounts and overpay by £1,000 per month without any penalties. This has finally paid off because no redemption charges so I would say look into the cheapest way of paying without incurring charges but you already know that anyway don't you.

Of course what really helped us was the current low interest rates.

Update - Its now paid off completely :beer:

thedriver

a. The date you decided to become a MFW = 2008 sometime
b. Mortgage Debt at its highest = £85,000
c. Mortgage-Free Date = 16/01/2013
d. Your one pearl of wisdom =
savings are useless, unless you have plans for that money. Interest earned is less than the interest charges on your mortgage, overpay and overpay some more. My mortgage was for 20 years, it took 10years 1month!

forgot to state now saving for a bigger property! This time want to pay for it cash + my old house!

lbnblbnb

thedriver wrote: »

a. The date you decided to become a MFW = 2008 sometime
b. Mortgage Debt at its highest = £85,000
c. Mortgage-Free Date = 16/01/2013
d. Your one pearl of wisdom =
savings are useless, unless you have plans for that money. Interest earned is less than the interest charges on your mortgage, overpay and overpay some more. My mortgage was for 20 years, it took 10years 1month!

forgot to state now saving for a bigger property! This time want to pay for it cash + my old house!

Congratulations!:T

black_taxi_2

Driver-- where are you putting your cash to pay for new mortgage outright?

pollys

We are mortgage free:j

Since 2008 we have cleared £45,789. It feels so good. It hasn't been easy,having four children one going through university, but we've done it.

Pollys

barnowl21

This is a great idea and something I'll be doing when I get my first house :-)

brenda10

We are MF since 2010
We took out a 60,000 mortgage at variable rate in 2005, I lost my job through ill health, my partner was on low wage ie 190wk. I cut every corner I could because I became stressed worrying I would die and leave him in debt, had insurance cover but failed to mention an item I had overlooked it. I began to save every time I had the opportunity, I wasn't able to help my daughter get through university across the water, paying rent etc, she took out student loans, cheapest way. I saved in isas with best interest rates, 2 yrs ago martin lewis suggested 4.2% newcastle build soc 5 yr bond so I had the mortage saved and it was £48,000 then. I put the money into the ncbs bond and as the mortgage rate was and is still at 1.5% I now make 134£ after tax for saving the lump sum I was going to pay the mortgage off with, there is a 6 month request date to have it taken out of the bank if interest rates rise. I have managed to do it, I shopped for the cheapest food, car insurance, house insurance, went for short trips, it was hard. I say never feel overwhelmed just getting started is the hardest part, you will surprise your help. Now I am going to help my daughter who has learned from me and is very money savvy, she is trying ot get her boyfriend into that frame of mind also. She also knows I have managed and she too can and I will help her as much as I can. I am still alive to enjoy being mortgage free.

tattycath

Well done Brenda. :j That's brilliant!! :j

mortgage12

Thanks to post this tropic.....

brenda10

tattycath wrote: »

Well done Brenda. :j That's brilliant!! :j

Thank you so much Tattycath as I really appreciate your comment.
The last few years have been very tough but if you put your mind to anything you can achieve your goal. Good Luck.
Martin is my hero, saved my soul and mind.:money:
Brenda