The Mortgage Free Roll Of Honour

longway2go

Well done 

Spogchait

I have wanted to post here for so long!  The savings in my offset account will match the mortgage debt with the next payment in January.  I’ll repay the mortgage with the savings and close the whole account down soon after.

a. The date you decided to become a MFW

February 2012 when I bought this flat, my third purchase, I decided to go for it.

b. Mortgage Debt at its highest

£130k

c. Mortgage-Free Date

15 January 2020

d. Your one Pearl of wisdom.

I found that having an offset mortgage really motivated me, should have done it sooner than 4 years ago. 

I should have been overpaying from the start of everything (first mortgage taken out in 1997).  

A little regular overpayment makes a big difference over time.

e. The MSE Mortgage guides and others that helped you

I loved using the mortgage overpayment calculator.

Martinslovechild

Spogchait said:

I have wanted to post here for so long!  The savings in my offset account will match the mortgage debt with the next payment in January.  I’ll repay the mortgage with the savings and close the whole account down soon after.

a. The date you decided to become a MFW

February 2012 when I bought this flat, my third purchase, I decided to go for it.

b. Mortgage Debt at its highest

£130k

c. Mortgage-Free Date

15 January 2020

d. Your one Pearl of wisdom.

I found that having an offset mortgage really motivated me, should have done it sooner than 4 years ago. 

I should have been overpaying from the start of everything (first mortgage taken out in 1997).  

A little regular overpayment makes a big difference over time.

e. The MSE Mortgage guides and others that helped you

I loved using the mortgage overpayment calculator.

A very big well done.  The bank won't congratulate you, they'll merely send you a letter confirming that the "charge has been removed from your deeds" - but you should absolutely celebrate.  It really is a massive achievement, so very well done.

kr147

Huge congratulations! Must be a real weight off. These posts are so inspiring! 

benmclaughlan

a. The date you decided to become a MFW -  2010, but 2015 in earnest when we took out an offset mortgage
b. Mortgage Debt at its highest - £160k in 2006
c. Mortgage-Free Date - 22nd December 2020
d. Your one pearl of wisdom - an offset mortgage really helped to focus our efforts, the ability to access our savings was reassuring but thankfully not needed. It was also a great way to see the reduced interest charges 
e. The MSE mortgage guides and others that helped you - The whatsthecost calculator,  the MFW Challenge run by julicorn, and being able to learn from others in the forum.

Cotswoldfoodie

Congratulations! What a feeling in these crazy times and a huge achievement. 

Octobergirl

Can I ask whether you receive a letter /documents from the bank once the mortgage is paid off? I paid mine off 9th Dec (HSBC) and have had a statement with £0 balance, it's also disappeared from my online banking, but I've not received anything else. Is this normal?

Martinslovechild

Octobergirl said:

Can I ask whether you receive a letter /documents from the bank once the mortgage is paid off? I paid mine off 9th Dec (HSBC) and have had a statement with £0 balance, it's also disappeared from my online banking, but I've not received anything else. Is this normal?

Yes, I received a letter confirming that the charge [i.e. ownership of part or all of the property by the bank] had been removed.  The property deeds were included with the letter.

od244051

Will be mortgage free next week. Had some inheritance which just covers the balance.

To be mortgage free aged 40 will be amazing. 

beanielou

The post I never ever thought I would write.
Finally mortgage free at 58!!
38 years after I had my first joint mortgage.
After taking over the mortgage on my own more years ago than I care to think about and & thinking at times I would not be able to pay the mortgage I am done.
Thanks to MSE for helping me along the way & to all my MSE friends for all your support.
I could not have done it without you.
I think it is finally sinking in.
If I can do it then anyone can.
MSE Badger if you are about I would love love love a Mortgage Free Badge.  Thank you