Mortgage burn parties - rude or fun

edited 14 November 2015 at 7:57PM in Mortgage-free wannabe
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pennystretcherpennystretcher Forumite
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edited 14 November 2015 at 7:57PM in Mortgage-free wannabe
So if all goes to plan I will be mortgage free in couple of years.

After reading about mortgage burning parties in US (where you burn your mortgage papers - copies mostly) the general consensus is that celebrating paying your mortgage is naff.

For me this will be a huge step in my life and I definitely want to do something special for it. (After years of scrimping I think it will be worth it don't you?)

Looking for people who are going to pay their mortgage off in the next few years and just to ask what you are planning to do in order to celebrate when the big day comes..?

For me, most likely will be buying a magnum bottle of bubbly to celebrate and maybe get cakes at work (without saying why)....and possibly getting £100 premium bonds or something... But any other fab ideas? :beer:

I don't want to have a full blown party as a lot of my friends do not appreciate paying off mortgage as a priority and they see it as "rent", so weirdly enough I'd feel like I'd be rubbing it on their faces although I know that they could have achieved the same if they had not splurged on unnecessary things......... Go figure.
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  • I'm hoping to clear my mortgage in about 5 years time.

    My plan is to visit London and spend a night at the Ritz, and have a luxury weekend, knowing its fully deserved.
    Mortgage Start - August 2013 £145,000 ************ Balance at April 2017 - £59,000

    Target - Overpay by £2,500 each month ************** Mortgage free by December 2018!
  • A_Frayed_KnotA_Frayed_Knot Forumite
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    So if all goes to plan I will be mortgage free in couple of years.

    After reading about mortgage burning parties in US (where you burn your mortgage papers - copies mostly) the general consensus is that celebrating paying your mortgage is naff.

    For me this will be a huge step in my life and I definitely want to do something special for it. (After years of scrimping I think it will be worth it don't you?)

    Looking for people who are going to pay their mortgage off in the next few years and just to ask what you are planning to do in order to celebrate when the big day comes..?

    For me, most likely will be buying a magnum bottle of bubbly to celebrate and maybe get cakes at work (without saying why)....and possibly getting £100 premium bonds or something... But any other fab ideas? :beer:

    I don't want to have a full blown party as a lot of my friends do not appreciate paying off mortgage as a priority and they see it as "rent", so weirdly enough I'd feel like I'd be rubbing it on their faces although I know that they could have achieved the same if they had not splurged on unnecessary things......... Go figure.


    Absolutely no idea what I will do, probably sell up and move abroad, who knows.


    As for yourself wanting to celebrate but not telling your friends why, well why not tell them you "now have enough money" (how you got it - is up to you - inheritance, mature policy, or you could even have had a lotto win:D - that would really give them something to think about:rotfl: - like how much did you win :rotfl:) to pay off your mortgage, that way they know what your celebrating:beer: and why, just don't know how you really done it.:rotfl:
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • Secret_Saving_SquirrelSecret_Saving_Squirrel Forumite
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    After three years of being thrifty in order to pay off £65000, we had pretty much lost the taste for extravagance and really preferred our simpler way of life. We had a weekend in a cathedral town and had a great time, but didn't feel the need to share it with our friends, for the same reason as you. It just seems like showing off. But each to their own. Good luck with your journey.
    Paid off mortgage nine years early in 2013. Now picking and choosing our work to fit in with the rest of our lives!
    Still thrifty though, after all these years:D
  • pennystretcherpennystretcher Forumite
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    (how you got it - is up to you - inheritance, mature policy, or you could even have had a lotto win:D - that would really give them something to think about:rotfl: - like how much did you win :rotfl:)

    :D I think they would be really disappointed to hear that I've not won in the lottery, but saved pennies over the years :rotfl:

    I will tell my closest friends, but I don't tend to talk about my private life at work :)
  • pennystretcherpennystretcher Forumite
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    I'm hoping to clear my mortgage in about 5 years time.

    My plan is to visit London and spend a night at the Ritz, and have a luxury weekend, knowing its fully deserved.

    Posh afternoon tea in Ritz, maybe something to add on my bucket list...
  • bexster1975bexster1975 Forumite
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    I must say I feelmuch like SSS above ( sorry if that's dull!). I have fully offset my mortgage and am now saving my EF back up prior to actually paying the mortgage off. I wouldn't have a party as most people I know don't seem to see it as something to celebrate. That's fine, I didnt do it for them! i intend to quit my current job once I'm comfortable with my savings level. I will work for myself, but as I have minimal outgoings now I could choose to work very part time. If not, I will travel some more, look to buy a second place abroad and put some money into retirement investments. Will wait and see how successful the business is! Main reason for paying it off is peace of mind and financial freedom. No party will beat that!

    Good luck

    Bexster :)
  • It'd be naff to invite others for a party. You'd be tittle-tattled about and called a show off/pompous behind your back ... and smug etc.

    You'd depress those who were struggling too, alienating them entirely.

    I'd just get a favourite takeaway and some nice chocs and sit on the sofa scoffing and looking at everything and saying "I own you .... and you ... and that .... I own it ALL".
  • I will be mortgage free in January 2019 after my current fixed rate deal ends and I pay off the remaining balance from savings. We will also have a fair chunk in savings, around £60k. I think this is something to celebrate! We will probably have a weekend away with the children to celebrate.

    We will tell immediate family and friends agent when the time comes. We're quite fortunate that both my brother and brother in law have the same mortgage free goal as us.
  • theoreticatheoretica Forumite
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    I realised a little while back that my mortgage was entirely offset by savings, and had been for a couple of months before I noticed. Only thing I did was note that I wanted to increase my donation to Medecins Sans Frontieres.
    But a banker, engaged at enormous expense,
    Had the whole of their cash in his care.
    Lewis Carroll
  • discat11discat11 Forumite
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    like most US imports it's naff.
    As naff as high school proms and naffer even than trick or treat.

    If we go on like this we'll be swapping our enthusiastic clapping and cheering by instead making silly animal whoop whoop noises and getting all OTT about minor would be celebs.....oh wait.

    Just enjoy the feeling without the chance you'll be accused of being smug, Gideon Osborne doesn't like the competition.
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