The Mortgage Free Roll Of Honour

trix-a-belle

a. The date you decided to become a MFW: Potentially the day I took out my mortgage (Sept 2007) but definitely the day I took out my last fixed deal (Feb 2011)
b. Mortgage Debt at its highest: £53,000
c. Mortgage-Free Date: 11th Feb 2016
d. Your one perl of wisdom.: Even small amounts make huge differences so never be disheartened, everyones journey is different.
e. The MSE Mortgage guides and others that helped you: MFiT-T3
f. And if you had a mortgage freedom diary on MFW, a link to it.: n/a

Ningaloo

I have paid off my mortgage !!! Yippeeeeeeeeee. How did I do it? I just paid in any extra I could each month and the final bit was a lump sum from my redundancy pay off. It feels wonderful.

mrssnowy_2

DH died nearly 2 years ago.
I paid off the mortgage ,not much by then, with bits of savings.
Love being debt free.
Now retired,so also work free!But only what I want to do.
Pearl of wisdom.Live life,love life but follow the mantra-do I need it and can I afford it? Will it bring me joy?

MoneySavingNovice

[FONT=&quot]A ) The date you decided to become a MFW: When I joined the Mortgage Free in Three Challenge in 2007 - Number 77[/FONT]
[FONT=&quot]B) Mortgage Debt at its highest: £65,000[/FONT]
[FONT=&quot]C) Mortgage-Free Date: Nov 2009[/FONT]
[FONT=&quot]D) Be canny with you outgoings.....even a little helps.[/FONT]
[FONT=&quot]E) Respect to Dithering Dad and TallGirl for organising MFi3 and the support by every-one else.[/FONT]
[FONT=&quot]F) https://forums.moneysavingexpert.com/discussion/435291[/FONT]

NigeWick

Just spotted this thread. Finally got our mortgage paid off last November. The endowment actually paid out the original sum insured. We'd been told it would not make by up to £10,000 therefore I overpaid each month so that even at worst case scenario we would have nothing outstanding when it matured. Bought new lounge suite, carpets and car which were really needed.

Jenniefour

Tried to balance retirement planning with getting rid of mortgage, sorting out the house (pigs ear kitchen and bathroom, falling down garden walls and fences) and enjoying life at the same time so I have not gone hell for leather to get rid of the mortgage - but still managed to get rid of it earlier than I thought when I started just under five years ago.

a) The date I decided to be mortgage free was when I bought this house in May 2011 using an offset mortgage and big deposit from previous property sale. Have had a lodger for most of that time and got work on house done from savings pot linked to offset mortgage. Made big overpayments every month after work on the house was finished. Paid off the remaining mortgage with a windfall which shaved just over another year off.

b) Mortgage debt for this property at it's highest was £77k.

c) Mortgage free date was 10th March. Saved £8.5k in interest. The original 12 year term on the mortgage would have ended when I was 70 years old had I not overpaid it! Eek! No thanks.

d) Pearl of wisdom or two. Aim to live within your means. Know the difference between 'want' and 'need'. Have a plan for retirement, the earlier the better. Build up a safety net savings pot, especially if you're self employed as I am, so if anything untoward impacts your financial situation you're in a better position to get through it with less harm done. Having financial security is often less to do with how much you earn and much more to do with making smart choices about how to make your money work for you.

e) No diary - but did use the MSE overpayment calculator as part of keeping me on track and reading some of the diaries from time to time. Great motivators!

elle_may

It finally happened we are Mortgage Free, and thank's to the Government we have done this before i get my pension.

wpgallie

Just spotted this thread.
a) wanted to be mortgage free July 1996 when we bought first house, but REALLY wanted to be mortgage free when we realised out endowment wasn't going to cover our debt.
b)£65,000 amount originally borrowed
c)May 2006, had been repaying capital, but final 'chunk' with redundancy payment
d) don't save if you have debt costing you more
e) no diary
I LOVE going into bank, being asked everytime if they can help to reduce my mortgage, and replying 'I DON'T HAVE A MORTGAGE'!

CEON44

Been mortgage free since Nov 2006. Started off back in 1983 with a 20k mortgage on a 21k house. Moved up the property ladder over the years but never had higher mortgage the 70k. Now live in house valued at about £250k ( Well above area average) all paid off! Also own 2 smaller buy to lets with zero mortgages. I also am free for any kind of debt and now own no credit cards. Its a great feeling

norfolkdream

a. The date you decided to become a MFW - June 2009
b. Mortgage Debt at its highest - £90,000
c. Mortgage-Free Date - 01.04.16
d. Your one pearl of wisdom - Never buy things full price if you can help it, find discount codes, always shop around and use cashback where possible.
e. The MSE Mortgage guides and others that helped you - Just being part of a community with the same goal in mind and wowwing at your achievements cos no 'real life' friends would understand.
f. And if you had a mortgage freedom diary on MFW, a link to it. I do but its not used as much as I should. feel free to look though if you must