Mortgage free in 10 years

Kittenkirst

Congratulations NM, what a fantastic achievement!

badmemory

I was trying to figure out how to send you the balloon and streamers but I guess that was a major fail so congrats & balloon and streamers in bold is the best I can do.

SuperSecretSquirrel

It's a shame there were no fireworks and a fanfare when you paid it off, but maybe the instant of settling the balance wasn't ever going to be some earth shattering thing for you, maybe the joy is going to be a slow burn

You have mentioned the need to feel secure in the past, and there's no arguing that paying off all debt including mortgage serves up a fat helping of the good stuff. Angels didn't sing when we hit mortgage neutral, but in the couple of years since I have felt so wonderfully relaxed and laid back. Feeling in control makes me happy, I think you may be the same.

You're pragmatic enough to see that in big picture terms you're not really any better off than you were a few days ago, withdrawn savings, paid off mortgage, zero sum game. However I really hope that a few months of zero mortgage payment sparks a little bit of joy. Maybe what you were paying off the mortgage should wing it's way to a savings account over the next few months, I bet you'll have an immense smile on your face when you blow the lot on your epic motorcycle road trip. Achieving that will be a direct result of your hard MFW work

NorthernMonkey1

Thanks SSS, and thanks for the streamers BM A lot of the driver was around security.

My job is secure at the moment, but I have a nagging feeling in the back of my mind that anything could happen. I guess saving is a positive way of trying to direct that nervousness. The effects of losing my job are a lot less dramatic now that there is no debt on it, but its felt that way for a little while. When I owed £5k, it didn't feel like a huge weight over me like it did when it was much bigger. Every time the interest rates changed, the bank re-calculated the payments based on 18 years, so towards the end they were £30 a month,

A little earlier in the year I booked a taster motorbike trip to see how I like it. I fly out to Ulaanbaatar in early July to ride round Mongolia for 2 weeks on an organised trip. Hopefully it should be interesting. The furthest east I've been before is Poland. I've never been outside of anywhere that didn't feel westernish (USA and most of europe)

SuperSecretSquirrel

NorthernMonkey1 wrote: »

A little earlier in the year I booked a taster motorbike trip to see how I like it. I fly out to Ulaanbaatar in early July to ride round Mongolia for 2 weeks on an organised trip. Hopefully it should be interesting. The furthest east I've been before is Poland. I've never been outside of anywhere that didn't feel westernish (USA and most of europe)

Awesome, I hope you have a huge amount of fun!

NorthernMonkey1

Continuing to follow up.

HSBC have added interest to my account on the day after I made the full payment, to the tune of £7.83

So I'm no longer mortgage free, it's still there. My normal mortgage payment comes out on the 31st, or the first working day after the 31st, which means tomorrow.

I'm guessing that they'll take a payment of £7.83 tomorrow, and then close the account. Who Knows?

NorthernMonkey1

Well, on the 2nd, the first working day after the 31st, the bank took the full amount, so the mortgage was in credit.

This was then refunded on the 3rd, and the mortgage account has disappeared from my list of accounts in online banking.

Still no letter or similar from the bank confirming anything. I'll keep you in the loop.

NorthernMonkey1

In other news, I've decided I need a 'cash under the mattress' stash.

I've managed to sell a few bits and bobs to people with Christmas money burning a hole in their pocket, including a film camera I'd mostly forgotten about, that was sold thanks to a chance conversation by my dad, for £800!!!!. This was promptly put into the 'under the mattress' fund. (its not actually under the mattress)

Does anyone else keep a cash stash? I'm not sure why I feel I need one, but I think it's something I should have.

I'm not sure what to do next now. Other than be on a be on a bit of a budget for the rest of the month, as the monster mortgage payment has mostly cleared out the current account.

NorthernMonkey1

We have the letter from the bank confirming everything is ours, and that any notes in the land registry have been removed.

It's official, the house is all ours.

Unfortunately, my little car has died this week. It's a bit unfortunate, as I was trying not to spend much this month, following the big OP. At least I've got the £800 that I recieved last week, so no need to dip into any savings or emergency funds.

My dad has found me a 2003 citroen c3 for £650, so I'm going to look at that tomorrow, and hopefully resolve my car issues.

I've not spent more than 2 weeks wages on a car for nearly 15 years now, and I don't plan on changing that any time soon,

michelle09

Well done! At least now you don't need to worry about the mortgage when things like the car go.