The Mortgage Free Roll Of Honour

bit_by_bit

Soo looking forward to joining the MFW stars on this thread next year.
Well done to you all, such and inspiration 

beanielou

bit_by_bit said:

Soo looking forward to joining the MFW stars on this thread next year.
Well done to you all, such and inspiration 

Me too. 

The same month as you I think. 

Not long to go now! 

Urbanshyne

a. The date you decided to become a MFW

I think I realised from the moment I got a mortgage that overpaying was a good idea but for the first two years it wasn't routine or organised, just when I had spare cash. That changed when I stumbled across rasputin_thorpedo's blog on here (which, it seems, is sadly unavailable now), and decided to follow his example of pairing my costs down to a minimum and maximising my mortgage overpayments. I made the first big payment in July 2017. 

b. Mortgage Debt at its highest

£108,950

c. Mortgage-Free Date

18th September 2020

d. Your one perl of wisdom.

I'm with @Lomcevak on this: make it routine. 

e. The MSE Mortgage guides and others that helped you

rasputin_thorpedo inspired me, the annual MFW challenge kept me on track. 

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

I did have a diary, but I didn't keep it uptodate. I instead found the MFW and MFi3 challenges indispensable. 

EmMK2004

A also paid our mortgage off on 18 September 2020. Starting balance £163,500.  9 years early but delay due to having a child, needing to replace my 15 year old car which and a family holiday to Orlando. Finally feel we have a lot of options available to us. Every penny overpaid saved us about £60,000 in interest. Still will live frugally and save. That habit will never leave me. 

Mouse88

a. The date you decided to become a MFW

 I grew up in social care, so moved quite a lot during childhood. When I was 18 and had control in my life, probably the moment I decided to work towards a home of my own that would always be secure, my “castle” I guess

 b. Mortgage Debt at its highest

 My first property was a small flat near London £130K, with a £13K deposit, so £117K mortgage. Then sold it to buy a bigger flat for £210K with £60K deposit, so £150K mortgage

 c. Mortgage-Free Date

 16th September 2020

 d. Your one pearl of wisdom.

 I was lucky to be saving quite a bit of money already, when I then switched to an offset mortgage, seeing how my savings reduced the interest payments really motived me and made it more like a game how much I could save. In total it was about 13 years from first property to mortgage free.

 e. The MSE Mortgage guides and others that helped you

 Didn’t use it, but I thought my mortgage advisor was really helpful. The more questions I asked, the more the options were tailored to what I was looking for.

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

N/A

beanielou

Great result @Mouse88.
Be proud 

2budgeteers

a. The date you decided to become a MFW

First one: Around 2012 when I realised I didn't want to be unhappy in a job just to pay the mortgage (which I was and my mental health suffered). Also, found that the security of paying it off lightens life. Second one, decided to try and do it before turning 33. Still go on hols, just spend wisely and don't waste it. Also worked longer hours at points and in quite boring and stressful jobs that pay more in order to have freedom now (not sure if I would do this again). Plan is for a move and lifestyle change to running own business when appropriate due to housing market. 

 b. Mortgage Debt at its highest

1st one: £72,000 (repossession needing work on an estate) 

2nd one: £135,000 (no heating, flooring, windows missing) (fun!)  

 c. Mortgage-Free Date

1st one: 2014

2nd one: today! 

 d. Your one pearl of wisdom.

 Exactly the mantra most people on here have: do I need it or want it? Can I get it second hand, Freecycle or if buy new get a good deal. And don't waste endless money on food and coffees etc. It all adds up. 

 e. The MSE Mortgage guides and others that helped you

 Cannot pinpoint names but I have lurked on forums picking up tips (or realising I am not the only one out there who enjoys the money saving lifestyle) as I have only found one person so far who lives close by. 

 f. N/A

skribblio

Those are great ideas, thank you for sharing this information

TheChangeIsCast

a. The date you decided to become a MFW
The same day we got our first mortgage on our first home in 2009, aged 26. Having a new home, and a 1 month old baby, we quickly decided  that I would quit my reasonably well paying, stable job (but only just making enough to make ends meet, circa £100/month spare to save on average) to go freelance / contracting (doing the same kind of work). This was a risk, but a calculated risk, and it meant working away from home for potential long periods, but we decided we would take the approach of short-term paid for long-term gain. The aim was to try and do it continuously for 3 years, to pay off the mortgage before I was 30, and then if I so wished, return to a local permanent job. We achieved our goal a year later than planned, in 2014. In hindsight, after a decade of unbroken continuous freelance work, it was by far the best career/financial decision I've ever made, life-changing really.
b. Mortgage Debt at its highest
£174,000
c. Mortgage-Free Date
December 2014 for our first mortgage (£98k). After four years of living mortgage free, we moved to a nicer area and bigger house in 2018, and had to take another £174k mortgage. This has just been paid off (apart from £1) in October 2020. It feels good to be mortgage free again, and re-gaining that sense of financial freedom.
d. Your one pearl of wisdom.
Never forget, you only live once, and so living life comes first, always. There is a critical balance to be struck. We decided to cut back on all unnecessary spending on material things we just wanted as opposed to needed. There are no downsides to doing this in terms of quality of life, as material 'things' don't make you happier (This included a pet hate of mine - pointless DIY and constant home improvements/decorating that everyone seems to enjoy these days I just see this as pointless 'keeping up with the jonses', the perceived need to keep your house looking like a show home. We know several friends who are just constantly tinkering with their home, and all they talk about (yawn) is their house. A waste of time and life, not to mention money). On the flip side, this allowed us to take at least one good holiday each year (usually but not always abroad), which in my view is critically important to have (experiences make up memories and happiness, not material stuff), and although this probably delayed our mortgage-free date by at least a year, I have zero regrets. So I guess in a nutshell, by all means make being mortgage-free your ultimate goal, but not at the expense of quality of life. The key is to make savings in areas (nearly always material things) which have no impact on health or happiness, and keep the things essential to living a good life (Good quality food, eating out as you can afford, hobbies, holidays).
e. The MSE advice and others that helped you
Redding this forum just as we got our first home, in the midst of the financial crisis, confirmed that this was the approach for me in life. The seed was originally planted by a work colleague a couple of years earlier (he was an engineer like me, who had been freelancing/contracting for 20 years, and was long-since mortgage-free).
f. And if you had a mortgage freedom diary on MFW, a link to it.
No diary I'm afraid, other than what was and is in my own head.

Cotswoldfoodie

This thread is so inspiring! Well done to everyone including those recent additions to it, must feel amazing.