Money and Life - my journey so far

Cornish_mum

Congratulations :j:j:T

A_Frayed_Knot

Congrats :beer: :j:j

Catching up with your diary, seems very similar to mine I "borrowed Peter to pay Paul" to save interest then when MF started to pay back "Peter" then replenished my emergency fund then last of all went part time (just this week), and went from MF to MFW to MF all under 7 years.

Well done, now just watch your savings grow, sit back and relax :T

fresh_cotton

thanks guys! appreciate your support.

fresh_cotton

Yep, its all cleared and all closed!

What an incredible feeling. To anyone out there who is at the start of their journey or who is feeling a little frustrated in the middle of it, just carry on and on and on. Money paid towards the mortgage is money you won't have to earn in the future.

I have just worked out how much I have saved on interest, which is actually hard because I dont know what rate I would have paid 5 years down the line, however I have given a very conservative estimate of £50,000 (but I know its a lot more given the fact that rates will only go up). If I divide that £50,000 over the months I have had the mortgage (just over 6 years), its the equivalent of £700 per month.

So by overpaying, its like I have earned £700 extra, tax free.... Does that make sense to people or have I just overcomplicated something?

Anyway, need to go to work now, albeit with a spring in my step!

yogavibes

Massive congrats fresh cotton :beer::beer::beer::beer::beer::beer::beer:

You have done so well. I have found your perspective about time really helpful to read this morning. I am at the start of what is going to be probably a 10 year journey over OPing if we stay in this house. Nothing is more inspiring than hearing from people at the other end of the MF journey! Enjoy your mortgage freedom! :T:T:T:T:T:T:T

fresh_cotton

Still waiting for my final letter to come through from my mortgage company, although they did say it could take up to 3 weeks! I want confirmation that they have removed their charge from MY house, as soon as possible.

So we are currently still using the money we have to pay off bits of debts, which is really the car loan, which I want cleared as soon as possible. The car was an investment and I hope it will last for many years, but don't want the monthly commitments.

Its exciting to make plans for the future and how I will budget. I certainly don't want to over save for retirement, I think there is something a little tragic about that, but I will always put an amount of money away by standing order and then its done.

Anyway, I won't need to worry about that for a few months!

hope everyone is ok

Numbercruncher_mfw

Hi Fresh Cotton, how is mortgage free life going?