The Mortgage Free Roll Of Honour

Meadows

We decided to become mortgage free in 2006, we took on a mortgage in November 2001, part repayment and part interest only after no time at all we changed the term from 19 years to 15 then over the next few years paid more in payments as the rates dropped.
Then after a few years changed to repayments only, then on having an insurance policy end we paid of a large lump. Finally when hubby left his then job on early retirement we decided to use the lump sum he received to be done with the mortgage.


Best thing we ever did and by not having to pay out a mortgage every month you not only have the freedom and security of knowing the house is yours and you owe no one a penny it is great to see your savings grow.

bauhaus_modern

a. The date you decided to become a MFW
this coincides with the date i signed my first mortgage contract. as soon as i bought the debt, i wanted it paid off.

b. Mortgage Debt at its highest
similarly, the year in which i first had my mortgage (2001), despite payments being made, it seemed to get higher.

c. Mortgage-Free Date
June 2015, after 14 years of overpayments, regular transfer of mortgages to lowest interest rates, and an insurance payout.

d. Your one pearl of wisdom.
Overpay monthly, reduce the term in which you payback (increases premiums over a shorter term) ANY windfall of over £100 - put into mortgage account (it all adds up). It will eventually come down to a manageable sum.

e. The MSE Mortgage guides and others that helped you.
Reading other folks tricks and tips helps.

f. And if you had a mortgage freedom diary on MFW, a link to it.
sorry - didn't keep one.

DdraigGoch

A. I always, from the first signature, hated having a mortgage, so that'll be 1990
B. Highest mortgage debt was in 2010 - do I have to say how much? *shudder* in excess of £200,000
C. 18th December 2014
D. My one pearl of wisdom? Keep at it, any way you can and don't for one moment think you can't do it.
E. Reading other people's journey on here and following NYKmedia, as was, in particular.
F. Sorry, didn't keep one as such, but crawling from the abyss kept me glued to here for many years!

Thanks to my parents for their hard work, wisdom and example, also their financial acumen and generosity.

squashysausage

a. The date you decided to become a MFW
When we moved to a bigger home and increased our mortgage by from £65k to £85K

b. Mortgage Debt at its highest
£85,000

c. Mortgage-Free Date
September 2015

d. Your one perl of wisdom.
Think of your home as a savings plan and pay off as much as you can, when you can to invest for yours and your families future.

A_Flock_Of_Sheep

a. The date you decided to become a MFW

When I had a windfall lump sum and was able to pay off the mortgage

b. Mortgage Debt at its highest
£68,000

c. Mortgage Free Date
July 2006

d. Your one perl of wisdom
Don't borrow to make improvements like a new kitchen or bathroom

Scottish_Banana

Hello
I'm a long time lurker but have just signed up to join a challenge on another forum, so I thought I would pop over to join the roll of honour

a. The date you decided to become a MFW
March 1997 when we bought our home
b. Mortgage Debt at its highest
£54000
c. Mortgage-Free Date
February 2014 (8 years early)
d. Your one perl of wisdom.
Even if it's just a fiver, it all adds up!
e. The MSE Mortgage guides and others that helped you
Old Style Moneysaving Forum was a great source of info on saving the pennies
f. And if you had a mortgage freedom diary on MFW, a link to it.
I didn't do this, sorry.

Thank you
Banana x

patentgirl

a. The date you decided to become a MFW
When we were both made redundant DH first in 2008, me just after DH used most if his to clear mortgage leaving us with £19,000 which has been our aim to clear.

b. Mortgage Debt at its highest
£85,000

c. Mortgage-Free Date
June 2015

d. Your one pearl of wisdom
Keep over paying don't lower if interest rate changes.


e. The MSE Mortgage guides and others that helped you
Old style money saving and Frugal living challenge on Debt free challenges although only recently started reading daily again as credit card crept up lately and want to nip in bud so going back to mse ways as saving for retirement now too.

joe_mcclaine

a. The date you decided to become a MFW ... June 1998 when I took out my mortgage
b. Mortgage Debt at its highest ... £35k
c. Mortgage-Free Date ... Dec 2013
d. Your one perl of wisdom ... When interest rates drop keep your repayments at their usual level
e. The MSE Mortgage guides and others that helped you ... My Dad always says "you won't be able to beat the system, but you might hold it to a draw"
f. And if you had a mortgage freedom diary on MFW, a link to it ... I didn't get round to doing one as I was close to being Mortgage free when I joined

McTaggus

Such inspirational stories! I have many years to go before I can get to this point (two decades by my calculations... at minimum!) but you have all inspired me to do it from day 1 - thank you!

SavvySimon

I am about to join the roll of honour. Having received my final repayment forecast today from my mortgage company I thought I would work out how much I have saved by overpaying my mortgage. I have to say I was rather shocked by the results. I based my estimates on the original forecast when we took out the 25 year mortgage in July 2004. We've managed to pay it off in 11.5 years by a process of regular overpayments and additional lump sums. What I actually repaid to the lender was £173,293.29. When compared to the forecast repayments (see below) I calculate a saving in mortgage interest costs of a whopping £106,112.02

So, at the age of 42, from next month I will own my home outright, and I have also bought my own home in France (and I have paid that off in full too!).

Here's my application for the MFW Roll of Honour:

a. The date you decided to become a MFW:
14/12/2010 (when I decided to cancel the Direct Debit for the mortgage and replace it with a Standing Order, thus putting ME in control of the repayments, not the lender)

b. Mortgage Debt at its highest:
£145,000.00 (5.09% APR, over 25 years would have been £279,405.31 in total payments to lender)

c. Mortgage-Free Date:
Final payment will be made 01/02/2016

d. Your one perl of wisdom:
Take control of your mortgage repayment schedule; cancel the Direct Debit and replace it with a Standing Order. If the requested instalments drop, but you have allowed for the higher figure in your monthly household budget - keep paying. Of course, if the instalments go up, you must amend your Standing Order instruction with your bank

e. The MSE Mortgage guides and others that helped you:
Generally being savvy with the cash; using basic MSE principles and consulting with my dad along the way (who is, incidentally, so tight with his money he squeaks when he walks!)

f. And if you had a mortgage freedom diary on MFW, a link to it.
No, I didn't keep one.