Here we go

Redstixrocks

Hi all.

So, first time poster on here. Long time follower!

 I got my first mortgage on my first one bed home back in 2009 aged 27, it was 86k and the initial fixed rate was 4.84. I didn't even think about the idea that one day it might be paid off! It was a 25 year term.
Two years later, 2011, and now with my then fiancee, we moved to a three bed bungalow, extra borrowing took us to 120k mortgage. Over time we have maintained and improved the home, changing the 60s build bathroom, new central heating system, new conservatory and other general maintenance and decoration. 
We got married in 2013. 
Out kiddo arrived in 2018 via IVF and this kick started out drive to pay off the mortgage, we wanted to be secure in our home for our very precious child 
We fixed again in 2020, dumb luck and good fortune meant that we fixed for 5 years at 1.74 percent. We work in healthcare and with all the overtime during the COVID years and with nothing else to spend it on we started to overpay the mortgage although given the low mortgage rate Vs the savings rates we also piled away the savings as we were earning more in interest than the mortgage rate at the time. 
Our fix ends in December 2025 and we project we will have around 42k left to go. 
Clearly the interest rate will rise and we are keen to see the end of the mortgage. 
We have saved enough to pay it off and having checked with our provider, we can actually pay it off penalty free in the last month of the fix which is November. 

We haven't told anyone that this is what we are doing, my parents are very wealthy retirees who would probably pay it off for us but neither my wife or I want that, her parents are also retired but are utterly broke for various reasons and we wouldn't want them to feel guilty for not being able to help financially so we are keeping our mortgage situation to ourselves. 
Our friends are all up to their eyeballs in mortgage debt as they took on massive loans back when rates were low, so again, we are not telling anyone we are about to pay ours off as it would be bad form!

So there we are, we will be achieving a massive milestone of being mortgage free at the age of 43 (love how it rhymes!) and won't be able to tell anyone. 

Our current payment is about 500 a month and initially we will be restoring our savings and upping our investments. After that we will be doing some new improvements to the house, we need a new front garden wall and want a little porch on the front. And then the wife will need a new car.....

Weirdly, although we have been planning for this to happen for years, as we get closer we have both admitted feeling a little apprehensive, it's still a massive amount of money to pay off and we are a little worried about doing so, hopefully that's just normal nerves and when we are mortgage free we will be able to see the benefits!

Thanks for reading. Following others on here has been really helpful so just wanted to share our story and say thanks!

beanielou

That's amazing.Be proud.

Pollie

Given that utilities, council tax, food etc will only keep going up in price, knowing that whatever happens the roof over your head is paid for is priceless. Don't be nervous, celebrate.

Idreamofplants

That's fantastic - congrats

Archerychick

Your situation is very similar to ours. We had a big sum saved for the end of our 1.4% fix, which was this week. Scary making that sort of payment but for us this was the final payment & it’s an awesome feeling being mortgage free. You’ve done so well at 43! 

Definitely understand not telling those close to you your plans, but you should once you have done, they will be so pleased for you!