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

Livelongandprosper

Having paid ours off 5 years ago, we have stopped working full time and DH no longer has to commute to England to work anymore

We both work around 24 hrs a week to keep things ticking over and build some sort of savings pot for our retirement

Can I have a mortgage free badge please

Former_MSE_Andrea

Livelongandprosper wrote: »

Having paid ours off 5 years ago, we have stopped working full time and DH no longer has to commute to England to work anymore

We both work around 24 hrs a week to keep things ticking over and build some sort of savings pot for our retirement

Can I have a mortgage free badge please

Fabulous! Badge awarded :j

emma108pd

we have been mortgage free since sept 2015 (we own 1/2 of the house so will need another mortgage) but with a big down payment and maybe a small mortgage so not sure if we would need one but we will see sorry this was pointless lol but I am 33 so anyone can do it

daisy_1571

Since paying ours off my husband now only works 4 days/28 hours a week, I have given up work and am now studying towards a completely new career that will see me doing something I love but could never have afforded before and will require me to take probably no more than 7 appointments at most a week to keep the money ticking over. Time is a luxury that we now have. And the security of knowing the house is ours.

MSE Andrea can i have my badge please ? thank you

linz

I only became mortgage free a couple of weeks ago. We are now saving in S&S ISAs for another mortgage on a larger house in the not too distant future, once mine is ready to go on the market but the more we can save in the meantime the less we will have to borrow.

amayeta

First I never realised that once I paid the final redemtion that the Land Registry would get in touch with me. Still I have to remember that the kids are still in Education and won't be done for quite sometime.
I would like to get out garage converted into living space not sure going to take some time and consider all my options.

CharlieLido16

Does anyone know if banks will take “an offer” to pay off a mortgage? I have been with the bank for years but due to ill health and then getting to retirement age I have been receiving mortgage interest from DWP but now this is being made into a loan a relative has offered to help but does not have the entire amount. Is it possible to make an offer or am I wasting my time as it is obviously a secured loan. I would appreciate any thoughts on this, thanks.

WeeMidgie

Following divorce, I paid off a 15 year mortgage in 2007 in under 5 years, by doing all the usual frugal things, but most of all helped by having a lodger.

It was a race against time, because a long term health condition was impacting my ability to work full time. I dropped to 3 days a week, then in 2016 I downsized. The remainder after house purchase & fees I stuck in accounts with the best interest rates possible without tying up the funds. I had continued saving like a wee demon in the nine years since paying off the mortgage. Aided by feeling too tired out to have much of a social life.

I finally ran out of the ability to keep going at work in 2017, aged 63. The savings were sufficient for me to move to a small, affordable but lovely retirement flat, eliminating stairs and responsibility for a whole load of maintenance duties, for which I gladly pay a monthly fee. The house I moved out of, I placed with property managers and is let out. The income, along with a small work pension, whilst below the tax threshold has been sufficient to have kept me afloat while I await my state pension (due this month).

Despite the health issues, Ifeel very fortunate, and I'm truly grateful to have paid off the mortgage in short order. I wasn't a big earner (I worked as non promoted staff in a not for profit organisation). I was lucky with my lodgers, one stayed for three years and the other for four. But most of all I benefitted from the inspiration and example of many MSEers, on MFW, DFW and DFW Diaries, and on the Oldstyle threads. My grateful thanks to all!