The Mortgage Free Roll Of Honour

kissjenn

a. The date you decided to become a MFW
Joined MFiT T2 at the beginning of 2010.

b. Mortgage Debt at its highest
1998: bought property on £100,000 mortgage
2001: remortgaged to pay divorce settlement £135,000 int only.
2006: remortgaged to enter BTL market £249,000 int only.


c. Mortgage-Free Date
11th November 2013 - 100% offset

d. Your one pearl of wisdom
Offset mortgage worked well for me money was ( and still is accessible) so don't need to worry about carrying large levels of emergency savings as well.

Also big fan of PAD - payment a day - where I round down all my account to the nearest tenner and build up a pain free reserve for mortgage or general savings.

e. And if you had a mortgage freedom diary on MFW, a link to it.
Never had one.[/QUOTE]

jeferey

I have joined the club! :j

LBM? - From day 1 I wanted to pay it off as soon as practical

Mortgage at highest - £54,000 in Sept. 1994. Bought current house for £58.5k. Got a lucky break taking out a mortgage with ING Direct Apr.'07 on a base rate + 0.89% deal. When base rate plummeted so did my interest but I left payments the same and even overpayed for a while.

Mortgage Free Date - 13th November 2013

Pearl of wisdom - use every money saving technique you can - I was a coupon as cash user, I used to stooze credit cards, I use cashback sites religiously, shop around but have fun too

waveyjane

LBM? - Not sure. At first we thought that a mortgage was going to be for life and really we were more interested in maintaining the house and improving that rather than putting money into improving our finances. But then I was made redundant, and s**t got real, as they say in Brooklyn. Amazingly, I had taken out redundancy insurance to cover the mortgage, which actually paid out during the 4 months I had no income.

Mortgage at highest - £95,000 in April 2002. It was a split capital and interest-only one, so the rate was comparatively low (5.5% I think). We had an endowment to pay off the interest-only part, but didn't use that in the end - it pays out in 2 years time.

Mortgage Free Date - 6th April 2013. For the curious, here is the letter that you get sent by the Land Registry confirming that you have now full ownership of your own dwelling and the land that it sits on: http://bayimg.com/OacmnAAfH (not that you'd understand that by the amazingly obscure wording!)

Pearl of wisdom - Overpay. Don't think about it, just do it. Windfall? Mortgage. Savings interest? Mortgage. Gym membership? Mortgage. You get the idea.

One other thing we did was to cancel the life insurance policy once the mortgage got down to about £20K. We assumed that if one of us died then the other would be able to deal with £20K one way or another. That freed up about £12 a month towards the end.

Eltee12

Hi there

Long story short - I had a serious illness last year (had 3 ops so far) and had an insurance claim settled early this year so I paid off all my debts/overdrafts AND our mortgage.

so we've been mortgage-free since March 2013

and I'm recovering nicely thankuverymuch :T

Would love a badge please, badger:)

Eltee12

Waveyjane - we had one of those letters, I put it in the cupboard in April to read (and try to understand) whilst I was off work recovering from latest ops - 7 months later and I still haven't re-read or understood!

Totally agree about overpayments. We shortened the term of our mortgage each time we came to the end of our fixed deal.

waveyjane wrote: »

Mortgage Free Date - 6th April 2013. For the curious, here is the letter that you get sent by the Land Registry confirming that you have now full ownership of your own dwelling and the land that it sits on: http://bayimg.com/OacmnAAfH (not that you'd understand that by the amazingly obscure wording!)
QUOTE]

amber03

DATE YOU DECIDED TO BECOME MF

We moved to our current home in October 1991 and renewed our mortgage , decided then to try and pay off the mortgage as soon as possible.

MORTGAGE DEBT AT ITS HIGHEST

our new mortgage was £80,000.00

MORTGAGE FREE DATE

Our final payment was 30th October this year.

PEARL OF WISDOM

We could have moved to a larger property a few times over the last couple of years, but as this would have meant increasing our mortgage and adding a couple of years to it, we decided to stay put. Also decided to double up repayments on our mortgage for the last four years, to finish it sooner. Now putting our mortgage payments into a savings account so we can retire earlier as well.x

kissjenn

Hi Badger,

We've been good boys and girls honest. Please can all of this page have badges.

Many thanks, slightly needy, Jenn.

xx

black_taxi_2

http://www.youtube.com/watch?v=TFwprS_L6tg

lowspend2011

Ooh a thread just for us :-)
I became mortgage free September 7, 2013.
We bought our house on July 7, 2013 and paid off a NZ$198,000 mortgage in 7 years and 8 weeks :-)
Because we did without so much in these years we have been catching up and not managed to save a lot yet but 2014 is the year of savings :-)

amber03

I second what kissjen said, please can we have our badges, it would be a nice xmas present. :)xx