The Mortgage Free Roll Of Honour

beanielou

Well done MargB.
Great achievement.

mortgage_girl

I've kept up with this thread for years and can't believe that it's finally time for me to post here. Technically, I could have posted on here last year when I became mortage-neutral but I wanted to wait until I'd actually paid it off before posting. So here it is:


a. I decided to become mortgage free as soon as I bought the house in November 2006.


b. The mortgage debt at its highest was £105,000.


c. I became mortgage neutral in August 2018 but wanted to build up some savings before fully paying it off. I decided to bite the bullet and pay it off on 8th August 2019, I checked my balance online yesterday and it felt amazing to see £0 staring back at me.



d. One pearl of wisdom - Create a budget and stick to it, but alongside that use a mortgage calculator so that you can see how much of a difference even small overpayments can make to the term of your mortgage - it was this that really spurred me on to stick to my budget and make further minor adjustments to maximise my overpayments. Oh and make sure that the mortgage company reduce the term rather than reducing your future payments.


e. There are too many to name but I regularly visited the mortgage-free wannabe board for inspiration.


f. I managed to chart most of my journey here: https://forums.moneysavingexpert.com/discussion/3025548



MGx

beanielou

Great result m_g

treenyttt

Good effort MG, well done!!!

mortgage_girl

Thank you so much beanielou and treenyttt.


MGx

Claireybeau

A) Date decided to be Mortgage Free....23-06-2009 The intention has always been to be debt free by the time I turned 40 so my Husband and I have made overpayments at every opportunity

The Mortgage Debt at it's highest was....£129,371

C) Mortgage Free date - 29/08/2019


D) One pearl of wisdom... Always budget - I use spreadsheets to plan all known expenditure and ensuring a contingency fund for unknown factors. Mortgage was due to be paid of June 2023 so we have managed to pay it off 3 Years 9 months early

alan_d

a. The date you decided to become a MFW - when I moved house in December 2012 and didn't want to extend the mortgage term.
b. Mortgage Debt at its highest - £145.000
c. Mortgage-Free Date - 23rd August 2019
d. Your one perl of wisdom - There's lots of money to be saved (and put towards mortgage etc) running older cars! No-one NEEDs a new or flashy car.
e. The MSE Mortgage guides and others that helped you - Many!

Note, I 'cheated' a bit in paying off my mortgage early, as I had some help along the way in the form of the sale of BTL property, and some inheritance money, however I also over-paid along the way to clear it faster.

Lesmo

Well I just logged into the Banking Online and it feels real. The Mortgage account has gone from the lists of accounts. After 26 years and two houses we are mortgage free. Went into the branch yesterday and paid it off. The cashier said 'congratulations' as we walked out of our branch.

We decided to become mortgage free August 2016 with a period of restructures in both our work - the Building Society said, they thought we could do it in 5 years if we set our minds to it. We did it in 3.

b. Mortgage Debt at its highest - £167,000 but at point of the decision £115,000

c. Mortgage-Free Date - 7/9/19

d. Your one perl of wisdom. - A little makes a lot of difference I would drip £10 - £499 a month in over payments into the account depending on the months outgoing and set the account to reduce term of mortgage for over payments, using the 10% penalty free payments each year.

So there we go for the first time in our lives we are completely debt free. And wiped 13 years off the Mortgage.

Claireybeau

So now we are Mortgage free are there any steps we should take - I saw a post saying about removing mortgage provider as an interested party on your deeds but struggling to see how to do it on land registry page and to understand as to is it something I want to be doing - also do I need a copy of my deeds as looks like there is a charge to get this....

alan_d

Claireybeau wrote: »

So now we are Mortgage free are there any steps we should take - I saw a post saying about removing mortgage provider as an interested party on your deeds

I received a letter about 2 weeks after I paid it off from my bank stating:
"Our charge has been discharged at the Land Registry"
So it sounds like it should happen without any intervention by me. I understand that the LR can be slow to process stuff, so will give it a few weeks before following-up with them.