Mortgage free now

happymum37

Well we finally did it and paid it off yesterday. 
I rang the bank and they said they couldn't do it over the phone so off I popped the branch- he said "you can wait and send a cheque" ...erm no thanks you charge £3 interest a day you gits.

Anyhow all done ✔️  and just have to wait now for all the letters to come through and then it will show as redeemed in the app.

It's still not sunk in.  I'm 41 and never thought it would happen but with constant over payments and never taking on any other debt it's been possible. We always reduced the term and never the capital. We over paid anything from a few quid one month to almost all our savings on the last final over payment. 



We have paid it off 13 years early since the start of the term . Now it's project pension as we have not got the best pensions out there 


Thank you and good luck everyone xx

MrWannabe

Well done.  Easter/Spring Time must be a lovely time to become ‘Mortgage Free’…the time of year for a fresh start and all that 

I am aiming to be mortgage around this time next year (counting down the days, cannot wait!)

Sncjw

Well done. 

We are aiming to be mortgage free in 7 years in total so our term also reduced by 13 years. 

Did you send last payment manually or was it actually due to leave account 

Cornish_mum

Congratulations!!

CM

Starlight_at_Sea

Lovely to hear of your success! thanks for sharing. 

happymum37

Sncjw said:

Well done. 

We are aiming to be mortgage free in 7 years in total so our term also reduced by 13 years. 

Did you send last payment manually or was it actually due to leave account 

No it was a Over payment.  As it was the last payment we would make I had to go in and do it as a full redemption amount x

Coffeekup

happymum37 said:

Well we finally did it and paid it off yesterday. 
I rang the bank and they said they couldn't do it over the phone so off I popped the branch- he said "you can wait and send a cheque" ...erm no thanks you charge £3 interest a day you gits.

It's still not sunk in.  I'm 41 and never thought it would happen but with constant over payments and never taking on any other debt it's been possible.

Congratulations. It feels so good I know, as I paid mine off 8 months ago and I'm in a similar age group as you.

I did the same as you, overpaying each month no matter how small the payment.
I had spreadsheets throughout the few years I had the mortgage setting myself mini goals to aim for, i.e. the next £10k bracket, getting the interest below £5 a day then £4 a day etc. It really starts to snowball fast. 

Nice work on going to the bank and paying it off, I chuckled when you knew how much interest a day you were being charged, sending that cheque could have easily cost you another £30.
The way high street banks are closing down it may not be possible in a few year's time to pop to the branch.

ladyonsites

you are giving me such inspiration. we have been overpaying now for some time and we have 2 years left provided we can keep over paying. otherwise we will still be paying till 67. we are both 62 now. my hands have arthritis and i know my days of working in construction house cleaning and on the scaffold are numbered so it is very hard. however each month we will be nearer - so we will keep trying ! thank you people