MF Motovation

AnnaBeth

What is your biggest motivation for being Mortgage Free? I’m returning after a long gap and want to start gathering some opinions to see if it can reignite an old dream ❤️

Ksw3

Fear and security. I grew up in poverty, in council housing and I would rather not return to it in my old age! If I need to sell the house for care then I'll get the best damn care I can afford!

kimwp

Paying interest and not having a big debt. In retrospect, I could be financially better off if I'd paid into my pension or stocks and shares instead, but they seemed more of a gamble than the certainty of owning my house outright.

Powapa

Being able to leave my stressful job and choose to work part time on days that suit me. 

tealady

Having to restart in my 40s I was determined to own my own house by the time I retired.
Made it with quite a few years to spare.

Singlespeeder

Days like today. I've just, an hour ago paid my mortgage off! First time I've been rent/mortgage free in the last 40 years.

here_for_the_tips

The interest I'm paying. I'd never except this a month for a loan or CC, just never looked at it really before and been happy paying the monthly and kicking the paid by date down the road for another 21 years. I want this done in half the time or better!

seventh88

Maslows hierachy of needs.

Life is noisy and we're bombarded by advertising - we get all these messages that we need to buy things that will make us look or feel better. Happier, more loved, more attractive, more experienced, more knowledgable etc etc.

When I feel overwhelmed by this, I go back to Maslows hierachy of needs. What do I really need? What's at the base of the triangle? A stable home, a roof over my head. When your basic needs are met, when you feel secure - you can flourish in so many other areas of life.

I hope this helps and that your spark ignites, whether it's for your mortgage or a different dream. All the best.

CrazyBee787

For me it is a step towards financial security, once it is paid the bills become a lot lower per month meaning I can do more with my earnings then pay for rent or mortgage each month. Maybe a step towards FIRE (Financially independent and retire early) Although I would prefer not to retire early being as I am single and when MD and SFD die I will be alone so retiring would not be smart. Good luck in your endeavours.

RedLipstick

For me it's the security, peace of mind and of course all the extra money in the pocket once the mortgage is down/gone. And, as others have said, the interest alone makes me want to get rid of it asap, or at least bring it down to something I can swallow easier!

I'm running solo so it will be quite a lonely marathon but want to get as much down as possible while I can quite afford it. Got a better paying, and more secure job couple of months ago, managed to save a decent EF, pension contributions are looking healthy too, so the 2025 is when my mortgage finally gets the spotlight and I'm very excited to see what the 2025 brings. I've been a lurker here for circa three years, some of the diaries are also very motivating, especially the ones of solo journeys for me - it shows me this is doable, just need to focus and budget accordingly (another fan of YNAB here).

I have too many dreams to list here but starting with a 6 on 6 off months out of work would be a beautiful result, working my bum off in a career that should make this possible so keeping my fingers crossed! 

Good luck with yours! Check how much the interest costs you daily and I'm sure it will help you to get at least the initial motivation 

kev2009

For myself, it would simply be security and having that money to use for other things whilst everything keeps going up.  Would then mean could increase my pension contributions with a view to retire earlier, although still a long way off.  I'm single so only myself paying the mortgage.  Current deal ends towards 2025 so waiting to see just how much it will go up by.  I tend to OP my mortgage where I can by doing a one off payment each year and I reduce monthly payments so the term is the same.  I do this simply so that if interest rates did go up, it will be over the same term meaning not a bigger increase due to short period of time to pay it off.  Plan is to then go variable when I get the mortgage lower so that then I can simply pay it off sooner than going the full term.

I have overpay for a few years but missed last year as lots of changes in job and didn't feel secure enough to take a gamble and OP the mortgage, first one I've missed for a few years so not too bad.  I've OP this year so that's good, job isn't any better but didn't want to not OP again as want to get it lower/cleared.

Kev