The Mortgage Free Roll Of Honour

kr147

Congratulations beanielou! What an amazing feeling it must be. HUGE congratulations

beanielou

kr147 said:

Congratulations beanielou! What an amazing feeling it must be. HUGE congratulations

Thank you 
Sinking in now I think!

Cornish_mum

Congratulations beanielou! That’s just amazing, well done 

beanielou

Cornish_mum said:

Congratulations beanielou! That’s just amazing, well done 

Thank you 

openside50

a. The date you decided to become a MFW
Was first mortgage free when I waa 30 after paying down a house that I paid £30k for in 1983 at age 25, then upsized  several times as you do, eventually down sizing and becoming mortgage free in 2013 at age 55
b. Mortgage Debt at its highest
£240,000
c. Mortgage-Free Date
2013
d. Your one perl of wisdom.
Buy the biggest most expensive house possible as soon as possible and if you can live in it forever so much the better - I do recognise of course that house prices are at stupid o'clock levels compared to what I was lucky enough to start out with, my first house a 3 bedroom terrace cost the equivelent of my wife and my own wages combined, it would now be 4/5 times our combined salary - madness
e. The MSE Mortgage guides and others that helped you
not for myself but my married daughter got into financial problems back in the credit crisis and a few links here were useful for her re debt consolidation- she is fine now tbf
f. And if you had a mortgage freedom diary on MFW, a link to it.
n/a

weenemo

a. The date you decided to become a MFW
Pretty much as soon as we bought the house in late 2016.  We had money held back in case of maintenance, repairs etc and after 6 months in when we saw we didn't need it, we popped it in the mortgage as our first lump over payment. We then regularly overpaid thereafter. 

b. Mortgage Debt at its highest
£120000

c. Mortgage-Free Date
Late 2020 

d. Your one pearl of wisdom.
We had a mortgage with a provider that allowed unlimited over payments (not capped at 10%) so we made the most of that.  But the smallest amount, regularly, made a big difference.  I suggest seeing the mortgage payments as minimum monthly payments (like a credit card - though always always pay off those in full if you can) and put in as much over that as you can afford while keeping a buffer for savings.  We worked out what extra we could put in each month and set that up as a regular standing order - with the plan we could reduce to the original minimum if anything went wrong and we needed the extra.

e. The MSE Mortgage guides and others that helped you
Cheap Mortgage Finding and First Time Buyers Guide were invaluable. 


The best feeling in the world!!! Mortgage free and just a smidgen over 30. 

financialfreedomxo

Super inspiring!

weenemo said:

a. The date you decided to become a MFW
Pretty much as soon as we bought the house in late 2016.  We had money held back in case of maintenance, repairs etc and after 6 months in when we saw we didn't need it, we popped it in the mortgage as our first lump over payment. We then regularly overpaid thereafter. 

b. Mortgage Debt at its highest
£120000

c. Mortgage-Free Date
Late 2020 

d. Your one pearl of wisdom.
We had a mortgage with a provider that allowed unlimited over payments (not capped at 10%) so we made the most of that.  But the smallest amount, regularly, made a big difference.  I suggest seeing the mortgage payments as minimum monthly payments (like a credit card - though always always pay off those in full if you can) and put in as much over that as you can afford while keeping a buffer for savings.  We worked out what extra we could put in each month and set that up as a regular standing order - with the plan we could reduce to the original minimum if anything went wrong and we needed the extra.

e. The MSE Mortgage guides and others that helped you
Cheap Mortgage Finding and First Time Buyers Guide were invaluable. 


The best feeling in the world!!! Mortgage free and just a smidgen over 30. 

doingitanyway

beanielou said:

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   

So lovely to read your mortgage free post. I hope it will bring you some peace xx

Brricktop69

Countdown to the end of the week, this time next week we will finally be mortgage free.
Next month we are treating ourselves to a little reward of our own choice and then invest the mortgage payments saved into our retirement plans.

Brricktop69

Well today I received the settlement figure to pay off the mortgage and tonight I pressed the button.
Fantastic feeling to know that the house is now ours and won't ever have to make another mortgage payment, but also quite emotional as we lost my father not too long ago and I know he would have been so happy for us.