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Paying my mortgage off TODAY!!

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!!!
Interest rate 1.25%, offset mortgage Woolwich

Comments

  • FtbDreaming
    FtbDreaming Posts: 1,127 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper
    Well done xxx
    Mortgage 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 £528.15

    Determined to make it! 
  • 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 2023 
  • Ahh , lovely legacy
    Mortgage restart June 2018 £119950Re mortgage August 19 £110470, … Mortgage November 22 £85600 final 0% CC 3300Home renovations - £65000, mid 2018 - mid 2022
  • Ivrytwr3
    Ivrytwr3 Posts: 6,304 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    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.
  • savingholmes
    savingholmes Posts: 29,017 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Congrats on clearing your mortgage.
    Achieve FIRE/Mortgage Neutrality in 2030
    1) MFW Nov 21 £202K now £172.5K Equity 36.11%
    2) £1.6K Net savings after CCs 14/8/25
    3) Mortgage neutral by 06/30 (AVC £25.6K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 31.4/£127.5K target 24.6% 1/9/25
    (If took bigger lump sum = 53.3K or 41.8%)
    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 29/7/25
  • 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!
  • 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 27.10.19
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