The Mortgage Free Roll Of Honour

superuser

a. The date you decided to become a MFW
2005
b. Mortgage Debt at its highest
Tens of thousands
c. Mortgage-Free Date
This news is hot off the press this month
d. Your one perl of wisdom.
We shortened our mortgage by several years by overpaying early on.

Goldiegirl

jfox22 wrote: »

so, what do you mortgage free people do once you've completed the challenge? Move to a bigger house and start again, or just enjoy a life without worry?

I didn't worry about my mortgage, but not having one any more means that I should be able to retire early

gocat

gocat wrote: »

a. Could have been MF a few years back but two kiddies in Uni, thought would wait till that's been and done just in case, and kept savings in ISA's and esavers.

b. £68000 back in 1990. Reduced to £48000 sometime in the 90's .

c. 24-5-08

d. Er just chuck a bit in the ISA's and esavers whenever I could.

:beer:

Just looking at this thread and noticed I havent got a badge

Anna_Glypta

The date you decided to become a MFW

January 2012

Mortgage Debt at its highest

At the day of enlightenment around £90k

Mortgage-Free Date
Today - 4 February 2014

Your one pearl of wisdom.

Take control of your finances rather than doing what I did for years and just let things ride. Use the calculators to make it hit home how much you can save on interest payments through small changes and use these forums as inspiration.

Thank you everyone, I may not have been visible all the time but I was certainly drawing on inspiration from everyone of you.

:beer::j:beer::j:beer::j:beer::j:beer::beer::j

https://forums.moneysavingexpert.com/discussion/comment/64594521#Comment_64594521

milocat

Guys, does it count if I was lucky enough to buy my house outright? I mean I never struggled through being MFW, but I am totally free of mortgage debt!

EasierThan

a. The date you decided to become a MFW
Around 2003-4. Having a particularly bad time at work and was inspired by a new colleague who spoke his mind and wasn't afraid of upsetting the apple cart.

When I asked him why he wasn't worried about losing his job, the following words (job roles changed for privacy) inspired me to action: "I've worked on everything from driving a bus to engineering bridges and wherever I've worked, I've always made sure I had two months wages in the bank. That way, I can speak my mind and if I get fired or don't like it, I can walk and get a job (any job) somewhere else."

I didn't really start off with the intention of paying off the mortgage, just to feel like I could quit work if I wanted to. As many people will know though, saving is addictive. Selling on eBay, switching off electrical items, turning down the heating, stoozing on credit cards, cutting down on luxuries, buying second-hand, etc.. 2 months wages became 3, then 4...

Then, the epiphany! The mortgage!

b. Mortgage Debt at its highest
£43.5k (7% interest rate)

c. Mortgage-Free Date
Some time in 2007. Like many others, I know it should be etched in my memory, but 2007 was a very busy year.

d. Your one perl of wisdom.
Don't make life unbearable, but sell, save and overpay. TV packs in? You can get a 32" old style Sony CRT with stand and digibox off eBay for £45.

paparossco

a. The date you decided to become a MFW - when I got my first 'Red' letter that my endowment was not going to mature with enough to cover my mortage (never mind the promised bonus!)

b. Mortgage Debt at its highest = £65,000

c. Mortgage-Free Date = October 2013 aged 56

My one wisdom would be overpay now and reap the benefits later!

wannabe_credit_free

I became mortgage free last September.

Mortgage taken out in 1989, interest only and attached to an endowment policy.
Mortgage at its highest was £36.750...as I luckily had a large deposit to put down.

Then the dreaded shortfall problem a few years later. Switched to a standard mortgage but paying extra as often as possible.

Cashed in the endowment last year because it was earning very little.
The surrender value was enough to pay off the mortgage and leave a few thousand in a savings account. The monies the mortgage freed up is put into said savings account every month.

I am over the moon to have that boulder off my back and this has prompted me to become totally debt free within the year...:beer:

Pay as much as you can comfortable afford.

MWOOLY10

MWOOLY10 wrote: »

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

Probably a bit off topic, but thought it may inspire some that want to become MF. 2 years on and i've moved again, moved back the 40 miles to where i first started Sold my house for £67,500 and bought another for £70k, which i believe is worth about £100k now.

So if you dont mind a little work renovating, it can still be done, not saying its easy but is anything these days.. in theory for 6 months work renovating (18 months relaxing) i doubled my pension fund. Dont think theres a savings account out there that could do that :rotfl:
Even in these tough times, you can still make your money work for you

CasaMia11

a. The date you decided to become a MFW

Watched how to become mf in 2 years, sounded great. Got married and wanted to travel before having children. Then interest rates dropped that was my lightbulb moment. Just returned to work after having second child. Decided instead of buying new car with money saved to reduce the term on mortgage as was told by bank To remortgage at a fee or reduce term which would wipe out overpayments with fee. Reduced term firstly by 3 years then another 2 at no cost. Think it was 2008. Googled and found this site.

b. Mortgage Debt at its highest

Good deposit and savings so £32000

c. Mortgage-Free Date

August 2013

d. Your one perl of wisdom.

Used mse and hotukdeals to make sure my children never went without. Both didn't notice any changes as they always had what their friends had and more thanks to MSE and hotukdeals for food, essentials, insurance, savings, Christmas/birthday presents, holidays, breaks etc. The advice/ideas on this site is great. I try never to buy at full price always checked the sites first, do research and shop around. I could have been more frugal but each to their own I like my luxuries but love a bargain more. OH thinks it's great and I've let the family in on my little secret and they too have caught the MSE bug. Could have been mortgage free earlier but then again I've had fun on the way and enjoyed my journey. So do what's best for you, life is for living. Great to have that extra security of being mortgage free.

Good Luck on your journey's.

:T :beer: