The Mortgage Free Roll Of Honour

TeaDrinker42

a. The date you decided to become a MFW
2016. We liked our little flat rental enough to inquire about owning it
b. Mortgage Debt at its highest
£110,000 (£60,000 if you exclude our combined deposit) 
c. Mortgage-Free Date
2021
d. Your one perl of wisdom.
Keep a spending journal/kakeibo.  My wife was already great at budgeting and I was the one who let the side down. I always saved and put plenty towards the mortgage but could have done so much more. The money wasted on taxis due to work stress and just wanting to be home asap rather than getting the buses was a real drain, as well as the occasional  amazon/kindle binges. Keeping a kakeibo journal broken down by survival/charity/culture/unexpected/optional spending really helped me realise how much I was spending on stuff I don't need and  cut out the unnecessary expenditure in my life.

 Step 2 of this is learning to enjoy what you have otherwise the cuts won't take and you will relapse. There are so many free podcasts, stories films (OK that last one requires a TV licence) out there so focusing on this instead of personal treats really helped with the overpayment on the mortgage.

Do zero balance accounting and set yourself a limited treat budget, with the rest going to overpayment of the mortgage.  Keeping this habit helps me ensure that any treat money now gets spent on memorable couples experiences/trips rather than 'stuff' that I don't need which is much more enjoyable and helps make memories. 
 
e. The mse mortgage guide and others that helped you
The mortgage free roll of honour has been a source of inspiration. I have enjoyed reading how people achieved their goals and putting these tips into action. The forum has really helped me to focus on future me. 
f. And if you had a mortgage freedom diary on MFW, a link to it.
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TeaDrinker42

Oops, got carried away with my 'one perl of wisdom'. Apologies! 

TediousPhoenix

a. The date you decided to become a MFW
26th December 2012. We were in our starter flat and were a few months from remortgaging after initial 5 year fix was coming to an end. The new mortgage would allow unlimited overpayments. I was 23 when we bought the flat, 28 when I wanted to be a MFW. I’m now 35 and mortgage free in a 4 bed detached forever home.

b. Mortgage Debt at its highest
£273k 5 years ago - this allowed us to get 60% LTV on our new ‘forever’ home when we moved in 2016. 

c. Mortgage-Free Date
Yesterday at 35 yrs old

d. Your one perl of wisdom.
I’m not sure if there’s just one. The most important is getting a mortgage that allows unlimited overpayments, rather than the standard 10% per year. 10% is fine for the first few years, but is very difficult the further into the mortgage you get.

Refuse to accept the norm that you should just pay the minimum on monthly mortgage repayments. We are told not to with credit cards, so why should we with the biggest debt most of us will ever have?

Yes, we both have well paying jobs... but that doesn’t mean anything unless you prioritise and sacrifice. A few years ago I was speaking to a work colleague (same age as me and higher combined household income) who was just getting on the housing ladder. She asked about my situation and I said we heavily overpaid our mortgage. She quipped ‘’yes, but you don’t go shopping or buy designer things”. I guess they weren’t my priority, but absolutely were to her.  

People on our salaries go on nicer holidays and have nicer cars than us. But we had this day in mind since 2012 so accepted the situation.

When we started we earned far less than we do today. Any bonuses or pay rises would be factored into the monthly overpayments and bring the end date closer. We used the linked spreadsheet to ensure we didn’t overpay our fixed rate too soon and encounter a horrifically large ERC. 

Neither of us had help from bank of Mum and Dad. We did it 100% on our own. We weren’t helped out by house price rises either, buying at the top before the 2008 crash. Don’t rely on others or use house prices as a get-out-of-jail free excuse. JUST DO IT the best you can; even if you can only afford £50/month overpayment by making your own lunch for work.

e. The MSE Mortgage guides and others that helped you
The mortgage calculator spreadsheet is just awesome for long term planning and for working out how much to overpay by. 

And most of the MSE website guides - I get the weekly email but have absorbed and applied all financial knowledge from the site guides over the years that I just do it by default now and the email is just a checking exercise.

f. And if you had a mortgage freedom diary on MFW, a link to it.
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Sweetie83

TediousPhoenix such good advice. well done to everyone for their achievements!

grannyx2

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   

Well done Beanielou - we became Mortgage free in 2018 (no badge awarded by badger though) and as of today I’ve had my final settlement agreed on unsecured so as of Friday will be debt free too Granny xxx 

South_coast

I'm very excited to be posting on this thread 😀

a. The date you decided to become a MFW

I discovered the MFW part of the forum early on in my deposit-saving journey, so it was always in the back of my mind - but the thing that really galvanised me into action was the bank insisting on a 25-year term rather than the 17 years I had requested so I could finish at age 50. I'm now 38, so I think I won that particular battle!

b. Mortgage Debt at its highest

£65,495 (March 2016)

c. Mortgage-Free Date

Yesterday 🧚‍♀️🧚‍♀️🧚‍♀️!

d. Your one pearl of wisdom

Only one 🤣? OK: Don't rule out paying early repayment charges without crunching the numbers first. I see a lot of people on here with a huge fear of paying an ERC, but actually sometimes doing so can make better financial sense. I totally get that it's extra money going to the bank and that's what we're all trying to avoid - but isn't paying interest every month on a balance which is higher than it could have been doing exactly the same thing? An ERC is a one-time cost, but you'll be paying the interest every single month for the whole of the life of the mortgage if you don't do it

e. The MSE Mortgage guides and others that helped you

No guides really, but the fab MFW diaries have kept me entertained and motivated for the journey. I love the fact that just when you think you've thought of everything someone will pop up with a fresh idea you've never considered (and can then steal 🤣)

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

Er, I apologise in advance....😳!

https://forums.moneysavingexpert.com/discussion/6086041/keep-calm-and-carry-on/p1

blocpartyfan

a. The date you decided to become a MFW: around mid 2015 when I realised our savings were so paltry and were earning next to nothing. Paying off the mortgage early was always going to be a winner. But it was a real test of resolve and strength to commit to this goal as it does require effort to stay focused. Well worth it!
b. Mortgage Debt at its highest: £200,999 in November 2012. Looking back, if you'd have told me we would have paid this off in 9 years I would have laughed! 
c. Mortgage-Free Date: TODAY! 2nd June 2021
d. Your one pearl of wisdom: It's a long term game to reduce your debt faster than 25/35/40 years. A small overpayment every month, even just £50, makes a humungous difference over the years and will reduce the interest you pay. 
e. The MSE Mortgage guides and others that helped you: I've read so many threads over the last 16 years, so can't give credit to anyone one individual. Everyone on this forum has been a source of positive encouragement and wisdom. You're all amazing. 
f. And if you had a mortgage freedom diary on MFW, a link to it.
I didn't expect to be in a position to pay this off so early, but you will see from my diary that the original plan was to pay it off before my 40th birthday. This way, I've actually got there before my 36th birthday. Feels like a total dream knowing the house if ours, that we are able to step away from the keeping up with the joneses rat race nature of life and make our decisions for us as we see fit. 
https://forums.moneysavingexpert.com/discussion/5766191/lurking-mfw-finally-posting-mortgage-free-in-2025/p1

Youthgonewild

Congratulations everyone. Amazing achievements! 

Roxie

After a rethink earlier this year we decided to downsize.  Absolutely chuffed to say we got the keys to our new place on 11th June and have been able to clear the £44k remaining on the mortgage 🥳  

I’ve been on the MFW threads since 2017  after a lightbulb moment, a little embarrassed to admit it just hadn’t occurred to us that we could overpay and reduce the mortgage term 😊 

Seeing the posts on here as other MSErs cleared mortgages early has been inspiring and kept me motivated, a big thank you to all of you 🙏

caeler

a. The date you decided to become a MFW: January 2013 (after paying my first monthly payment!!) 

b. Mortgage Debt at its highest: £169,000. 

c. Mortgage-Free Date: 20 April 2021. 

d. Your one pearl of wisdom: Knowing your numbers! With thanks to @South_coast for telling me how to calculate daily interest: “if your balance was £100k and your interest rate was 1.5% it would be: 100,000 * 0.015 = £1,500 per year. Divide by 365 for daily interest = £4.11.  Divide by 12 for monthly interest = £125”

A bit more wisdom: Tracking NSDs combined with keeping track of my SOA along with all outgoings motivated me to save as much as I could for overpayments, I was pretty ruthless in the end! I tried to always make an overpayment no matter how small, eventually I was in a position to create a standing order so every month something went out. Don’t rule out paying ERCs, I paid a few but I’m still better off as a result. I also went for fixed rates but I always diarised when the deal was up so I could explore new deals and move, hopefully to a better rate at the earliest opportunity. 

e. The MSE Mortgage guides and others that helped you:  The overpayment calculator was fantastic and powerful. So many lovely people sharing my woes and joy along the journey so having a diary really helped to keep me accountable but also talk to people who were facing similar challenges. I found polite conversation with friends and family didn’t include talking about overpaying the mortgage and being mortgage free!  

f. And if you had a mortgage freedom diary on MFW, a link to it: https://forums.moneysavingexpert.com/discussion/4104681/mfw-next-step-towards-total-freedom 

Thank you to everybody who followed my journey!