The Mortgage Free Roll Of Honour

cod3

a. The date you decided to become a MFW
When my children's father died unexpectedly in June 2018, I was left to sort through his financial affairs.  I thought it would be easier for the kids (paperwork-wise) if I were completely debt/mortgage free.  Less faff for them when I shuffle off, so I started overpaying what I could.

b. Mortgage Debt at its highest
£31,500.  Small due sale of matrimonial home on divorce plus some debt consolidation.  Small mortgage, small budget.

c. Mortgage-Free Date
18 May 2022

d. Your one pearl of wisdom
I made a picture of a little house (with a sun shining above it haha) on excel with each brick representing £100.  Started in 2018 with 210 bricks representing the then £21,000 balance.  Would colour them in as each £100 was paid off.  Sounds daft, but I like visual aids!  Started OPing the 10% allowed annually.  After a couple of years, I didn't re-fix.  Being on the variable rate meant I could pay as much as I could afford without penalty.

e. The MSE Mortgage guides and others that helped you.
I read all the boards here.  There are moneysaving tips everywhere!  

f. MFW diary link
I didn't have one, but would post monthly OP updates on the annual Mortgage-Free Wannabes thread.  

P.S. - My name has nothing to do with fish.  I needed to choose a username and my son was playing Call of Duty.  It could have been anything!

YBR

a. The date you decided to become a MFW
Can't remember, definitely by the time we bought the current house in 2014 I was hoping to pay it off sooner than 25 years

b. Mortgage Debt at its highest
£159,500

c. Mortgage-Free Date
3rd May 2022, confirmed today that the charge is removed from the property deeds.

d. Your one perl of wisdom.
Do your arithmetic! I found that shortening term was best _until_ it brought the term shorter than the fixed rate period, then reduced payments. Also I've been mortgage neutral for some time, but factoring in the Early Repayment charge it better MSE to keep money in savings until the end of the Fixed rate period.

e. The MSE Mortgage guides and others that helped you
Can't really say - just the whole spectrum of better understanding, and finding the balance between and staying on top of finances without obsessing/excluding all else!

Misslayed

@MSE_Laura_F Some well deserved badges are due!

MSE_James

We've awarded a load of badges to recent posters in this thread

South_coast

Ooh, could I have my badge please? I posted back in May last year, but I must have slipped through the net 😀

Submarineruk

the date you decided to become a MFW - January 2012
b. Mortgage Debt at its highest - £150,000
c. Mortgage-Free Date - TODAY 16th June 2022
d. Your one perl of wisdom. - how ever little you over pay it makes a difference, some months you can't everyone has these but don't give up, just put the wage rises / promotions into extra payments each month and never forget cars are a depreciating asset..

Misslayed

@MSE_James More badges please! 

fluffpig

a. The date you decided to become a MFW
Some time in 2015. I bought the house in 2013, spent the first year spending on stuff to put in it/decorating. Year 2 I saved a decent emergency fund. Year 3 the overpayments started...

b. Mortgage Debt at its highest
£106,000

c. Mortgage-Free Date
22nd March 2022

d. Your one pearl of wisdom.
Just keep going. If you really want it you'll get there sooner than you think  

e. The MSE Mortgage guides and others that helped you
I can't remember who, but somebody posted a brilliant overpayment calculator spreadsheet. This spreadsheet became the basis of my plotting, scheming and dreams for the last 7 years   

gorgeousme

a. The date you decided to become a MFW ABOUT 10 YEARS AGO
b. Mortgage Debt at its highest £190k
c. Mortgage-Free Date MID-JUNE 22
d. Your one perl of wisdom. REVIEW AND COMMIT YOUR MORTGAGE OVERPAYMENTS EVERY 6MONTHS - you can do it!
e. The MSE Mortgage guides and others that helped you I KEPT MY EYE ON THIS FORUM TO KEEP POSITIVE 

I did have moments of despair, especially when I realised that my endowment was £40k short. I set myself 6 monthly overpayment goals and eventually closed the gap and paid off the mortgage 18 months early.

This forum kept me positive and I’m sure it will help you too. Don’t give up! You can do it!

IvanOpinion

a. The date you decided to become a MFW
Never a factor

b. Max Mortgage Debt
£180,000

c. Repayment Date
16/07/2022

d. pearl of wisdom.
Overpay when you can afford it. Back in 2007 when the financial crisis hit and interest rates tumbled, I remember saying, on this board, that I would still keep paying the same amount.  I did and my mortgage debt tumbled very quickly.  Some old endowments also matured that helped.

Keep looking at those interest rates and switch when you can. My first deal was the 3-3-3 deal (Santander 1992?) which was 3% for 3 years with 3% cashback.

By 2013 my mortgage repayment was less than £10 per month (which was still over paying). I just never got around to repaying that last few hundred quid. I loved the fact that I went in with cash to pay off my house (Just under £350).

e. Guides that helped you
I had been searching for rates before any guides were available.