The Mortgage Free Roll Of Honour

vivatifosi

Date we decided to become DFWs... about 10 years ago.
Mortgage debt at highest £110k
Mortgage free date... today


Pearl of wisdom: set some milestones along the way and celebrate when you reach them. we celebrated every time we paid off another 10k.



Thanks to people who have commented on my thread, especially when I was down last year when my dad died, esp Beanielou.

beanielou

vivatifosi wrote: »

Date we decided to become DFWs... about 10 years ago.
Mortgage debt at highest £110k
Mortgage free date... today


Pearl of wisdom: set some milestones along the way and celebrate when you reach them. we celebrated every time we paid off another 10k.



Thanks to people who have commented on my thread, especially when I was down last year when my dad died, esp Beanielou.

Fantastic news :j :j
So pleased for you :A

TiredDonna

The date you decided to become a MFW
When my relationship ended in 2015. It was a terrible shock, and a terrible time and a time of loss, but I realised that I wasn't about to lose my house because I could afford to keep it alone. I became motivated to pay it off because I didn't want to be in the situation of possibly losing my home ever, ever again.

Mortgage Debt at its highest
At this point £60k was left on the mortgage. Initially it had been £100k.

Mortgage-Free Date
Today! 3/12/18

Your one pearl of wisdom.
This is what worked for me - No overpayment was too small to make. Secondly, I didn't impoverish myself in order to pay it off. I still had holidays, takeaways etc.

The MSE Mortgage guides and others that helped you
I became addicted to the overpayment calculator

And if you had a mortgage freedom diary on MFW, a link to it.
I've whittled away at this quietly and privately. I am not sure when/if I will tell anyone about it in real life.

beanielou

Well done TiredDonna

doingitanyway

Well done you. Life gave you lemons and you made lemonade

doingitanyway

Sherbet66 wrote: »

Date Mortgage Free: 01/11/2018

Highest Debt: £119,000

One Pearl of Wisdom: Don't forget that even after the mortgage is paid off the land registry still has the mortgage provider listed as an "interested party" in your property. You need to update the land registry to reflect the fact that you own the property outright. In Scotland this has to be done by by a Solicitor which costs around £160, elsewhere in the UK it can be done DIY for free.

I did not know that and I became MF in the Spring. Thank you and well done too

Staffordia

The date you decided to become a MFW

2012 - When I purchased a property of my own after the break up of a long term relationship.

Mortgage Debt at its highest

£127,000

Mortgage-Free Date
27/11/2018

beanielou

Staffordia wrote: »

The date you decided to become a MFW

2012 - When I purchased a property of my own after the break up of a long term relationship.

Mortgage Debt at its highest

£127,000

Mortgage-Free Date
27/11/2018

That is awesome.
Well done:D

katsu

Waiting for the final paperwork from the bank but the final overpayment has been made!!! We liked the symbolism of clearing our mortgage on a DF anniversary.

a. The date you decided to become a MFW
Initially when we became debt free in 2009. The mortgage was the next logical target. We made overpayments occasionally over time but initially we had little spare cash so they were very occasional. We were advised by our initial mortgage broker that we should try and overpay when we could, but initially that was a dream.
b. Mortgage Debt at its highest
We borrowed £137,250
c. Mortgage-Free Date
Dec 2018 - cleared around 13 years after we took out our first mortgage. As we had to take out a 30 year mortgage (they wouldn't give us a 25) I'm really proud and happy.
d. Your one pearl of wisdom.
I'm going to be naughty and go for two.
1 - reducing the mortgage term by a year when remortgaging was a fairly painless way to reduce the term. It was a really motivating thing to do, as it helped us feel we were getting the mortgage down, even when we didn't have a lot of spare cash.
2 - not increasing our lifestyle with salary increases. We wouldn't be MF now if there hadn't been some above inflationary pay increases. Once we had enough to make ends meet, we just saved the extra income, and then mostly used it to pay off the mortgage. Money goes a lot further when you have no debt repayments each month, and saving payrises is like getting free money to overpay your mortgage.
e. The MSE Mortgage guides and others that helped you
The overpayment calculator was great for looking at how much interest we would save. Very motivating

I have to credit Martin with turning our lives around. This morning I was excited to open the post and deal with our paperwork. His advice and this site transformed us from people who were bad with money, not opening/nervous about bank statements etc to people who use the site for deals, have switched accounts, use savings accounts etc. I couldn't be happier. :money:

beanielou

I salute you katsu