How does it feel being Mortgage Free

AsgardFI

Hey all,

I was looking for posts on how people have felt when finally reaching that MFD and also how life changed after this date. I think that such posts can really inspire people still on the path to becoming Mortgage free and also can highlight the different ways it affects people which can be interesting.

I myself have been Mortgage free since 2014 and here are a few ways in how it has affected me:

• My home feels more like its 100% my own and that feels great
• The extra money freed up has been diverted toward pursuing Financial independence
• The extra money has been able to fill up Cash buckets more easily as I call them for certain activities/goals (holiday/house work etc)
• The wonderful feeling that no one can really take your home away from you even if out of work
• Needing less income which has created less pressure/stress at work
• Now being completely Debt free which is a great feeling
• The appreciation of being Mortgage free however has slightly lessened over time and I consciously try to be more grateful of being Mortgage free, writing this post is helping

I'd love it hear how it has affected others.

Cheers
AsgardFI

greent

We have been MF on our home for just under 2 years - during which time we have paid for new doors and windows and a new boiler and some new radiators without borrowing. Oh - and had a 3week trip to Florida for the 6 of us in school holidays time (ie: expensive!) We have also weathered OH being without a contract of employment for 11.5 months - which would have been a lot harder if we still had to pay our mortgage! We are now targeting the BTL this year (wef the new tax year) and OH's car finance and supporting our eldest at uni.

Ultimately OH would like to retire early (I only work very, very part time anyway) but our youngest is only 7, so that's still some way off. But being MF (and also looking to be MF on the BTL) will give us more choice/ flexibility

Jo_Blogs

It felt like the lid coming off a tightly packed pressure cooker - in a good way
It has given me a confidence in knowing that no matter what happens, we'll have a home.
It also gives you the freedom to make choices. You can work less and have a more enjoyable life, or you can work as usual and make improvements / save / invest for other reasons.
Personally, I chose the latter to keep me on my toes and because I have a fairish number of years before retirement.

AsgardFI

Some good replies, forgive me but greent what does BTL stand for?

User1489

That's a Buy To Let - a second house purchased specifically to rent out for an income stream

wazza99

We got MF at 42, we're now 48, the best thing i found is the lack of fear of unemployment and losing your home. Of course i still wouldn't want to be but its a massive weight lifted.

LittleP

I paid the mortgage off a couple of years back aged 36, single male. Truth be told aside from the initial joy of getting rid of the minus sign on the bank statement and the aforementioned security of knowing I have a home regardless, little has changed. You can however pay for whatever you want out of your free cash. I recently paid to have my drive wall fixed and French doors putting in my back room to open it into the garden.


The concentration has simply gone from paying off the mortgage to try and get some financial freedom which will hopefully mean I can stop work at a reasonable age. The problem is that you look at people around you with large mortgages, new cars and several holidays a year and you wonder if you are doing the right thing.


The problem is that when you have the mind-set of paying off the mortgage or trying to secure financial independence it’s hard to treat yourself. The best thing I did recently was work out from the last two years out goings (Including the drive wall and French doors) just how much wage I need and it is lower than the one I am on by about £6000 (After tax). Work is hard at the moment and pretty much for no thanks but I hope my end result is that I can walk away and all the people currently living the high life will be looking at me with green eyes rather than the other way round.