The Mortgage Free Roll Of Honour

Andy_WSM

I've done it! Mortgage free!

My story starts here: https://forums.moneysavingexpert.com/discussion/4722663

In short though, last year it dawned on me just how much I was spending on interest, while not earning interest on the savings I had. I did the sums and decided to take a hit on the redemption penalty and clear off my mortgage as soon as was possible.

Today I say with a nice man in my local bank, gave him all the details for the CHAPS payment to happen and watched it all happen on the screen in front of me. What a feeling!

I was looking forward to getting the deeds to frame a copy and put on the wall, but it's all done electronically now, so instead I will get a letter from the Land Registry confirming the property is free of all charges. I shall frame that instead :T

Thank you so much everyone for helping me along the journey. I really do appreciate it. :beer:

endoftherainbow

a). I made my first step towards MF two years into my mortgage (April 2007) when my fixed deal expired. Re-mortgaging for 23 years didn't feel right (perhaps a little OCD?!) so I decided to up my payment and reduce the term to a round number.


b). £75,000.00 Not a huge amount by some standards, but I did it all on my own and cleared it in less than 10 years.


c). MF date: today 19/12/2014


d). I worked out what I could afford to overpay and stuck to it. Almost treating it the same as any other bill. When I got a pay rise, the extra money increased my overpayments, not my spending money.


e). I found encouragement through the MFW2013 and MFW2014 forum groups.


f). No diary


How do I get a MF badge please?

FrugalinShropshire

I became mortgage free in February 2011
My mortgage at its highest was £38000
I was fortunate to be left some money when my Nan died and decided rather than buy a new car, holiday etc I would pay off my mortgage as I was a single mum then.
We then moved in with OH and were able to rent my house out.
OH became mortgage free in May 2013
At its highest it was £60000
We used Money Saving Expert as a tool to help us use every penny we could to pay it off. As our interest was charged daily we drip drip fed the account and recorded its drop weekly.
In May 2013 we made the final payment and sold the house. We were then able to relocate to Shropshire from the SE, buy a much bigger house with a big garden, mortgage free and Live frugally off the income from the other property.
If it hadn't of been for MSE we would never of thought of overpaying, renting out etc. We are now living our (somewhat frugal) dream !

hornetgirl

a. The date you decided to become a MFW
I don't think we ever declared it as an intention, the realisation that it made sense just seemed to creep up on us.

b. Mortgage Debt at its highest
£75k. It started off at £50k and we remortgaged twice to do home improvements.

c. Mortgage-Free Date
30 June 2010

d. Your one pearl of wisdom.
Keep focused. Question every spend but don't deprive yourself. We did it without inheritances, high paying jobs etc and so can you.

e. The MSE Mortgage guides and others that helped you
Our quest was already well under way by the time I discovered MSE, but knowing there were other like minded people was very motivating. Pre internet I was inspired by books like Your Money or Your Life and the Tightwad Gazette.

f. And if you had a mortgage freedom diary on MFW, a link to it.
N/A

fab_and_frugal

Hello!
I'm a long time lurker of the forum, but new to posting (part of my 2015 resolution to be more pro-active in saving money!)
2014 was a HUGE year for us as we we became mortgage free in February, making the final payment of our £63K mortgage 8 years and 9 months early :j
We are also debt free having repaid in full an unofficial loan from our savings account. No other debts, loans, credit cards etc - all have been repaid in full so our only outgoings are the regular monthly bills which I am trying to reduce!
My aim for 2015 is to put by £10000.

Happy New Year everyone!

Fab_and_Frugal x

black_taxi_2

if you also post on debt free roll of honour forum fab & frugal you should get both badges


mortgage/debt free

Wentthedaywell?

fab_and_frugal wrote: »

Hello!
I'm a long time lurker of the forum, but new to posting (part of my 2015 resolution to be more pro-active in saving money!)
2014 was a HUGE year for us as we we became mortgage free in February, making the final payment of our £63K mortgage 8 years and 9 months early :j
We are also debt free having repaid in full an unofficial loan from our savings account. No other debts, loans, credit cards etc - all have been repaid in full so our only outgoings are the regular monthly bills which I am trying to reduce!
My aim for 2015 is to put by £10000.

Happy New Year everyone!

Fab_and_Frugal x

Congratulations F&F! All your money is now your own.
Have you joined the "save £12,000 [actual amount is up to you] in 2015" thread? It's a great motivator for saving and they are a friendly bunch.

Luv2Budget

The date you decided to become a MFW
Immediately when I got the mortgage, January 2006

b. Mortgage Debt at its highest
£155k

c. Mortgage-Free Date
30 December 2014

d. Your one pearl of wisdom.
Make sure your budget is realistic. I also overpaid the mortgage on my own, so just want to encourage all the single MFW's out there. It is not easy doing this on your own, but I am really proud of my achievement

e. The MSE Mortgage guides and others that helped you
I was already overpaying by the time I discovered this site

f. And if you had a mortgage freedom diary on MFW, a link to it.
N/A

Wentthedaywell?

What a great end to the year, Luv2Budget.Congratulations!

golfiematt

Debt at its highest.
Around 70k in 2007

Any advice.

I started a diary July 2009 on here , the motivation and inspiration on here can get you through the dark days. At the most our family income was 20k p/a and we managed to blitz it.If we can then anyone can.
We are both aged 36 .