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Mortgage Free No Longer Wannabes - what did you do next?

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  • I don't know if this counts... we got another mortgage!

    Twice we've been there ....

    Paid off 1st mortgage - got another (for a holiday home).
    Paid off 2nd mortgage - then got a third (for a BTL)
    Third one almost paid off - but in the meantime sold our current house and guess what....got another mortgage.

    Sometimes I look back and think - it's now 20 years when we took out our first mortgage and the balance owing is 5 times the original amount!!!!!
  • When are you mortgage free Tiggifarfar?
    Could you do with a Money Makeover?


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  • MABLE
    MABLE Posts: 4,235 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    We decided at the end of 2013 to be MF by Feb 2015 and to achieve this we over paid by £1200 a month with a lump sum payment of £30,000 in January 2015.

    We were due to go onto a rate of 2.25 percent as the fix was coming to an end and perhaps it may have been wise not to pay the mortgage off and put the extra money into savings. However we like the idea of now owning the house outright and is ours to do what ever we want to.

    Also because we officially own it I don't find redecorating such a chore anymore.

    We paid our mortgage off 12 year early.
  • We've just this week made our final payment on our mortgage. We'd only had the thing for 18 months, thanks to a freak inheritance. We are looking to save up again for the next few months. (We've also managed to refit the kitchen, add vents to the windows, a fan to the bathroom, completely re-roof and re-gutter the house, do some expensive pointing, replace the boiler, redecorate 80%, sort out a damp problem, install a shower, a new radiator in the bathroom, replace both doors with composite and bump-proof locks, repoint the chimneys, buy a new bed (and fancy bedding for it!), get the bay window roof redone, and only the stuff in bold did we out money towards directly from the inheritance) Maybe we'll only buy 10 DVDs instead of the usual 20 :P.
    After my partner's birthday though, we're hoping to get started on our pension. I'm 24 and he's 30, so we have time, and throwing the money at the pension that would have gone on servicing a debt is delicious! We've been investing slowly and we have saved regularly since we started receiving regular pay cheques. So, we're not terribly concerned about building up again, it's just now we get to earn interest, instead of paying it!
  • We are currently looking at buying my parents house, they will continue to live in it rent free for the rest of their days and we will have a pension pot investment.
    We are not looking to diddle them out of any money or my siblings of any future inheritance, we will buy it at full market value, they then get to enjoy their retirement on the proceeds and anything left at the "end" will be divided 4 ways.
    We have discussed it as a family and are looking into the legalities at the moment..
    MFiT-T7 #17 (Jan 2025) £193k (Apr) £177k (July) £
    SPC 18 #6 £299.80 (12/07/25)

    SPC’s (1)£27.19 (2)£728 (3)£1471 (4)£357 (5)£435.18 (6)£1114.92 (7)£1492 (8)£392 (9)£1952 (10)£1866.65 (11)£1177.74 (12)£1445.39 (13)£1608 (14)£603.30 (15)£672 (16)£2563 (17)£1300 (18)£
  • bexster1975
    bexster1975 Posts: 1,576 Forumite
    Part of the Furniture 1,000 Posts Photogenic Bake Off Boss!
    Hi

    Will be mortgage free in seven weeks ( not that I'm counting!) 15 years early!

    I already know I plan to save my emergency fund back up ( as that's how can pay off mortgage) and once I have I intend to quit the day job and work for myself! It's a big scary but much less so with minimal essential outgoings, a years essential spends in emergency fund and no mortgage. I have been planning it for years, seriously for the last four years. If I make the business a success I plan to buy a place in Europe as a second home/rental/pension pot.

    Good luck to all of you, it's exciting reading what mortgage free-ers are already doing!

    Bexster :)
  • Tiggifarfar.
    Tiggifarfar. Posts: 76 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    edited 22 November 2015 at 8:14PM
    MSE Andrea, in answer to your question back in April :) we will notify the bank to pay off the remainder + redemption fee (roughly £200) on November 20.

    We're planning to go out for a meal that weekend to celebrate :beer:

    Edit *update* we did it! Walked into the bank, paid remainder off by Debit card, no fanfares, just a receipt and they told us that the land registry would be in touch. All quite underwhelming really. We're 44 & 46 so feels nice to be able to do it so young.
  • Rebob
    Rebob Posts: 1,010 Forumite
    Part of the Furniture Combo Breaker Mortgage-free Glee!
    We became mortgage free just over a year ago. Last month we moved and are still mortgage free. The weight lifted from us was amazing. My health has been deteriorating and paying off the mortgage meant that the other half could take a pay cut to work closer to home, less hours and in a job he enjoys. Now doing prepared funerals. One done. The co op has no minimum age to do this. Next will be working on the house and husband taking his motorcycle test which has always been a dream of his.
    The best bargains are priceless!!!!!!!!!! :T :T :T
  • juliapenguin
    juliapenguin Posts: 763 Forumite
    Part of the Furniture Combo Breaker Mortgage-free Glee!
    I became mortgage free at 49 by downsizing and paying cash for a smaller house. Three years on - we've done so much travelling, but have also built up our savings and I'm about to leave work. I'll do some freelance work, but I never want to have a boss again.
  • If you've already payed off your mortgage don't forget to come back and tell us how you're getting on :)
    Could you do with a Money Makeover?


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