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Paying my mortgage off TODAY!!
Miss_Moneysaver
Posts: 247 Forumite
Thanks to a bit of inheritance, I’m about to pay off my mortgage on my 4 bed detached house! I’ve overpaid for a while but came into a bit of money which has given me enough to clear the last £34k.
I can’t quite believe it!! Whoop!!
House no.1 purchased 1997 for £51k
Sold for £125k in 2010
House no.2 purchased for £160k in 2010
We’ve also been left the deceased’s home, in trust, so will benefit from that at a later date so deciding on what to do. I would like a grand Victorian house but looking at another £100k on top of what ours would sell for now. Don’t want another mortgage so will have to wait!
Not sure what I’ll do with my spare pennies!!!
I can’t quite believe it!! Whoop!!
House no.1 purchased 1997 for £51k
Sold for £125k in 2010
House no.2 purchased for £160k in 2010
We’ve also been left the deceased’s home, in trust, so will benefit from that at a later date so deciding on what to do. I would like a grand Victorian house but looking at another £100k on top of what ours would sell for now. Don’t want another mortgage so will have to wait!
Not sure what I’ll do with my spare pennies!!!
Interest rate 1.25%, offset mortgage Woolwich
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Comments
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Well done xxxMortgage started August 2020 £69,700
Mortgage ends Aug 2050 MFW: Aug 2027
Current Balance: £58,678
MFW2020 #156 £723.13
MFW2021 #26 £1184.71
MFW2022 #11 £197.87
MFW2023 £785
MFW 2024 £528.15Determined to make it!0 -
Congratulations. That must be a wonderful feeling of being able to clear the mortgage. Hope you guys have a nice celebration planned.Mortgage start date Dec 2015 - $64,655.00
Mortgage end date Dec 2045 - NOT!!!!
Mortgage balance - $4600.00
Business Savings $43,310/100k
Hope to be mortgage-free by end of 20230 -
Ahh , lovely legacyMortgage restart June 2018 £119950Re mortgage August 19 £110470, … Mortgage November 22 £85600 final 0% CC 3300Home renovations - £65000, mid 2018 - mid 20220
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Miss_Moneysaver wrote: »Thanks to a bit of inheritance, I’m about to pay off my mortgage on my 4 bed detached house! I’ve overpaid for a while but came into a bit of money which has given me enough to clear the last £34k.
I can’t quite believe it!! Whoop!!
House no.1 purchased 1997 for £51k
Sold for £125k in 2010
House no.2 purchased for £160k in 2010
We’ve also been left the deceased’s home, in trust, so will benefit from that at a later date so deciding on what to do. I would like a grand Victorian house but looking at another £100k on top of what ours would sell for now. Don’t want another mortgage so will have to wait!
Not sure what I’ll do with my spare pennies!!!
Sorry for your loss, hopefully you'll spare a thought in-between your partying/celebrating.0 -
Congrats on clearing your mortgage.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £172.5K Equity 36.11%
2) £1.8K Net savings after CCs 13/9/25
3) Mortgage neutral by 06/30 (AVC £26.8K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 32.6/£127.5K target 25.6% 13/9/25
(If took bigger lump sum = 54.5K or 42.7%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise)
(If bigger lump sum £15.8/30K 52.67%)
5) SIPP £4.8K updated 13/9/250 -
Congratulations on being mortgage free, I’m sure your grateful for the inheritance you received and the opportunity it’s given you. Good luck with the next chapter!0
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Lovely way to end the year, albeit at a loss.
Many congratulations.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 27.10.190
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