A message from the other side!

It may seem like a long slog, but to anyone just getting started, it's worth it! Keep overpaying if you can. 

I technically became mortgage neutral in 2019, 9 years ahead of the planned mortgage term, but have recently decided to pay-off the remaining balance five years early. I'd worked out that the early repayment charges would be less than I'd be paying in interest over the remaining term, and probably have been for a while so it's worth checking on that if your a few years from the end of your mortgage and have some cash stashed away. My monthly repayment was about £240, so I don't need to find that every month now. This is the first month where I won't have a mortgage payment going out and, maybe it's because the spring sun is shining, it's a good feeling!

Would I have done anything different? Not in terms of over paying the mortgage, but it would have been good to think a bit more about retirement planning and pay more into pensions/investments to retire early. I did start to put much more into a SIPP and workplace pension when I became mortgage neutral in 2019, but up to then had been focussed on clearing the mortgage. As it is now, I need to still keep working for a few years, so being mortgage free doesn't mean being free!


  • beanielou
    beanielou Posts: 89,384
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Well done on being mortgage free.
    It is a great feeling  :)
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing [email protected]. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • savingholmes
    savingholmes Posts: 26,853
    Name Dropper First Anniversary Photogenic First Post
    Congrats on getting to mortgage free. Glad you have been prioritising pension recently - it all helps. I'm focusing primarily on pension as it can given an on-going income or lump sum which is beneficial and there are major tax benefits.
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26% (lower post move compensated by EF)
    2) Mortgage neutral by June 2030 AVC £7,613/£127,466 AVC target 5.97%
    3) FI Age 60 annual income target £12,500/30,000 41.66%
    Achievements: CC free since April 22. 1 year EF from Jan 24 & dedicated pot for home improvements
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