The Mortgage Free Roll Of Honour

sweetpea26

Wasn't sure you could post for mortgages that finished a good few years ago ...
A.... February 1989 was the date of our first mortgage and we decided then that we would pay it of asap.

B.... We purchased our first house in 1989 and the mortgage was £34,000 probably seems very small in comparison to todays amounts but our wages were alot lower and interest rates from what I can remember were 14% near 15 %. We overpaid each month and any savings we had the interest was offset against the mortgage.

We lived there for 7 years and build a new house (demolishing the old one) on our family farm we bridged this project with a £36,000 mortgage whilst renting the other out. The total cost for our home was £55,000 a self build.

We sold our first home for £67,000 which left us owing about £20,000 and over the next few years threw everything we had at overpaying.

C... We decided in March 1999 to pay it off from savings and we have been mortgage free since.

D...Pearls of wisdom...every penny paid of it is a penny nearer to owning your own home outright.

E...MSE was not around then but we learnt a great deal more since coming to this site about mortgages investments and money saving so thank you.

F...no diaries to help us but as I have said we have learnt so much from reading all the journeys people have travelled.



We look at our hard earned savings now and wonder how amazing it would be if we got a £14% return !!!!! Dream on !!!!!!!!

greent

We've done it!! After being away for a week I finally got around to paying it off today - should've been the end of last month but I messed that up lol!



a. The date you decided to become a MFW - some point not long into our mortgage on our second house - bought it Jul 1996 with 100% mtge after having negative equity on our first property. Made lump sum OPs from our matured SAYEs.
b. Mortgage Debt at its highest - took £130k mtge on this house 10/2005 (house no 3) and added £25k to it 01/2009 after we'd made some OPs
c. Mortgage-Free Date - 07/07/15
d. Your one pearl of wisdom. - overpay whenever and whatever you can - the little bits add up. I use any cashback, ebay money etc as OPs - it makes a decent difference over the year. Also check if it benefits you to OP as you go along or is it best to wait - I OP'd as and when throughout the month as my interest was calculated daily. Also apply 'pay yourself first' - add a regular OP to your regular monthly DDR/ STO payment - even if only rounding it up to the next £25/50 mark.
e. The MSE Mortgage guides and others that helped you - loved all of them, tbh. Such a friendly place to be xx
f. And if you had a mortgage freedom diary on MFW, a link to it: https://forums.moneysavingexpert.com/discussion/2364743

Former_MSE_Andrea

Like the Debt Free Roll of Honour, you're all a huge inspiration.

Massive congratulations for paying your mortgages off

Hell1

The day has finally come, I have PAID OFF MY MORTGAGE!!!!!


I telephoned my lender and transferred the money online. - The woman I spoke to must have thought I was a right looney, as I couldn't resist a "whoo hoo!"


Debt at highest £168000.


When I became a MFW - in 2005 when I got divorced and bought the other half of my flat from the housing association.


Mortgage free date. - 21/07/15


One pearl of wisdom:


Thinking short term and long term. - All the little things, like taking sandwiches to work, not buying "stuff" or going out to lunch, many tricks learnt on the debt free wanabee section. colouring in squares for each £1000 paid off the total, and overpaying, overpaying, overpaying.


I love the MFW board, as well as old style. DFW was my introduction to MSE and after getting rid of my debt, I started in earnest on the mortgage.


I never thought this day would come, but it has, so lots of luck to all the MFWs here!


hell.

tjp70

Today we paid off our mortgage with Nationwide. I cannot believe this day is finally here.

The date you decided to become a MFW

May 2005

Mortgage Debt at its highest

£92,000

Mortgage-Free Date

Today (27.07.15)

Your one pearl of wisdom.

Am I allowed two pearls of wisdom? Firstly, keep making OPs no matter how small. I made TillyTidies of less than 10p some days. Seeing the balance come down was a great motivator. Secondly, keeping a spreadsheet was fantastic for me as I could see an immediate effect of any OPs made.

The MSE Mortgage guides and others that helped you

Reading diairies on the MFW forum helped massively. Huge thanks to Tilly, Radish, Secret Saving Squirrell & Gallygirl for providing daily inspiration.

And if you had a mortgage freedom diary on MFW, a link to it.

https://forums.moneysavingexpert.com/discussion/3140550

Deadbeat

Hi all

I've just achieved Mortgage Freedom today!

a. The date you decided to become a MFW

I'd say mid December 2014, when I noticed that the upward course of my cash savings looked likely to meet my mortgage amortisation curve some time this autumn. And then I discovered I was no longer liable to pay any penalties for early redemption...

b. Mortgage Debt at its highest

£39,699 - what can I say, it's a small flat and I got in just before property prices went mad...

c. Mortgage-Free Date

26/8/2015

d. Your one pearl of wisdom.

Make excess payments as early as possible to save on interest.

e. The MSE Mortgage guides and others that helped you

I used the MSE Mortgage Overpayment Calculator for inspiration.

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

I've posted a few times on the 2015 mfw thread.

OWAIN

a. The date you decided to become a MFW
Jan 1990
b. Mortgage Debt at its highest
17k
c. Mortgage-Free Date
Jan 2013
d. Your one perl of wisdom.
Pay extra per month if you can afford it
e. The MSE Mortgage guides and others that helped you
Only just joined this site so sorry no MSE guides.

Tilly_MFW_in_6_YRS

a. The date you decided to become a MFW - December 2010 but didn't start a diary until November 2011

b. Mortgage Debt at its highest £379k

c. Mortgage-Free Date - August 2015

d. Your one pearl of wisdom - find all ways to increase disposable income and either OP or save if you can gain better interest. For us, it made more sense to OP, plus Tilly Tidies

e. The MSE Mortgage guides and others that helped you - the MFW forum generally, plus GallyGirl, MuddyWhiteChicken, Elanten, Brizzle, UnhappyShopper, Secret Saving Squirrel, SmallHoldingSister, Watty, Greying Pilgrim, Mr Edinburgher, PollyWollyDoodle, Greent. Crikey so many people have helped us and I definitely can't name everyone.


We are leaving the offset account open until future plans have firmed up but only £10 on mortgage to prevent us losing the facility.

Declaring MFdom.

Tilly

savvy

Waaaaaaahaaaaaaaaaaaay :j:j:j :beer::beer:
So my story, as always, is slightly unconventional......but for 19 years I have been waiting for this day like most others with a mortgage - I own my house outright!! :j:j:j

Although, weirdly, I never had a mortgage but was forced into paying an ex's interest only mortgage for the last 19 years! Even when I was in a life changing accident and couldn't get any help with the mortgage whilst off sick for 18 months and went into £1K of arrears, he still wouldn't pay anything and it was down to me to pay the arrears despite barely any income.

But it is done, and today we completed, and I paid off the £54K and his lump sum, thanks to the car accident (not that I advocate that as a way to pay your mortgage off!!) :j

mummytummy

We became mortgage free on June 8th 2013 :j here are my answers to the 1st post questions

a. The date you decided to become a MFW from the moment we took the mortgage on in 1993, our highest rate was 8% and lowest 1.5%

b. Mortgage Debt at its highest £169,5000

c. Mortgage-Free Date June 8th 2013

d. Your one perl of wisdom. If you can afford to overpay, DO IT, at times our over payment was £20 but it all mounts up..

e. The MSE Mortgage guides and others that helped you this site helped immensely and i'm still here but now i'm saving..

f. And if you had a mortgage freedom diary on MFW, a link to it. I didn't have one but reading other peoples diary's helped keep me going...

And huge congratulations Thank you