Mortgage free at 36. ✅

ipswichuk

My mortgage story:


At the age of 26 my partner and I purchased our first home together. Moving from our rented home back to my parents we saved hard for 2 years which allowed us to have a descent deposit.

So with the deposit in the bank we started our journey searching for our new home.

From memory I think we looked around 5 properties. Then the one came up, a 4 bedroom detached home in a village location, just what we were looking for. To cut a long story short, our offer was accepted and we moved after 7 months once the endless decorating was completed.

Our first 3 year mortgage interest rate was quite high at 5.99%, most of the monthly payments were covering just the interest and not really reducing the mortgage amount. The annual mortgage statements were depressing.

Once the 3 years were up we remortgaged with Nationwide BS for a 3 year fixed deal at 3.89%. This product also allow us to overpay our mortgage. Out came the spread sheets, number crunching and working out how I could be mortgage free by 40.

The years flew by, 2 kids and wedding. We remortgaged again for a 5 year deal at 2.89%.

Well on the 1st January 2020 our last mortgage payment was made, we ended the the 5 year deal early and managed to be mortgage free within 10 years and at the age of 36. The house is worth about £290,000 and we plan on staying here for many years yet.

The mortgage became a bit of a obsession. Every day I would check the mortgage amount on my banking app and pay anything extra off even if it was £10. Instead of having a takeaway I would pay the money off the mortgage. Looking back I was probably over the top and obsessive over the fact I had a mortgage to pay.

So what’s the point I getting at, if you can overpay just a little now and again it will make a difference but unlike me, get the balance right and enjoy the odd takeaway.

Socajam

Congratulations
As someone who have been mortgage free for over 5 years, it was most wonderful feeling to know that the monkey is off your back.
There are so many things you can do now without having to worry about that monthly payment.
To tell you the truth, I don't even think about beginning of the month when payments was due.
I increased my savings so that I have a decent live happens fund and an emergency fund
I treat myself and live a stress free life.
Now that you can afford it, make sure to have a decent holiday every year - people are dying too young for you to wait until you are older for that.

regularsaver

Huge congratulations what an achievement! I didnt take my mortgage out till I was 36 so to me you have done something incredible there. I would love to have mine paid off in 10 years! Enjoy being MF.

longway2go

Congratulations �� enjoy it and thank you for your inspiration

Splatfoot

:TWow! Congrats and well done.

WannabeSavy

Wow congrats. I love all these threads, so inspiring. I sat down with my OH just yesterday to talk about the mortgages (yes plural-long story) and he switched off. Hoping reading all your inspiration will help me too. Thank you and congrats!!

ipswichuk

Thanks for all the lovely posts and reply’s. Today was the first day we didn’t have our mortgage direct debit come out, strange feeling but a good one. It still hasn’t sunk in just yet but I’m sure it will in time.

Good luck to you all!