Mortgage free!

Hi everyone,

I didn't sadly know that this Forum existed as it would have been a great help to us in the recent past. We made our final payment on our mortgage on Thursday of this week. I can't quite believe we've done it!

We bought our house in 2003 for £161,000 with a £126,000 mortgage payable back over 25 years. However, in 2009 something happened to me that made me decide I HAD to pay off the mortgage asap. I set about putting our repayments to the maximum we could afford. We had an 'offset' mortgage at one point too. We've gone without loads of things, not updated our personal technology (phones etc) and reduced holidays/trips to minimums. However, it has been all quite fun, and it was really exciting watching the balance going down!

We got to paying £980 per month for the last 8 years and overpaying to the max every year whenever possible. Loads of stuff sold on ebay/garage sales etc!

I'm 39 so just got in before the Big 4-0 later this year :-)

I hope this inspires someone and I'm sorry not to have travelled the road with you but I'm happy to stick around and given advice and encouragement if I can be of any help.

Good Luck Everyone!

Replies

  • bexster1975bexster1975 Forumite
    1.6K Posts
    Part of the Furniture 1,000 Posts Photogenic Bake Off Boss!
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    Many congrats Ruby.

    I have also recently paid off my mortgage and am just over 40. Similar size to yours, started in 2005. I agree that it can be fun to take on the challenge, but I too have gone without things. I'm not sure what happened in 2009 to you, but I was quite seriously ill in 2014 and the journey I was already on became more important too.

    I hope you have big plans now the journey is over.

    Bexster :)
  • MoneyfordreamsMoneyfordreams Forumite
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    Sixth Anniversary 1,000 Posts Name Dropper
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    well done xx
    Mortgage restart June 2018 £119950
    Re mortgage August 19 £110470, HSBC 0, Hfx £5800, MBNA £6000
    … Mortgage £96500
  • Ruby555Ruby555 Forumite
    2 Posts
    Thanks both

    Well done Bexster! Same with me unfortunately :-( I became seriously unwell in 2009 which made me feel very vulnerable! Silver lining I guess . .. . .

    Ruby
  • KittenkirstKittenkirst Forumite
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    Congratulations on clearing your mortgage!! :wave:

    We've only just started our mortgage in Sept last year but are hoping to shave at least four years off the term (ideally we'd pay off in 15 years but think that's too optimistic really!)

    Please do give any pointers on ways to maximize overpayments :)
    First home- Oct’16 until June’21: £170.995- Overpayments made £13,784 (25% extra!).
    New forever home- Sep’21 £309,449 @ 2.05%. Plan to clear it before 30 years!!!!!!
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