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!

Redstixrocks

One week left, this time next week we will be phoning Nationwide and letting them know we are gonna transfer the final balance.
I approach this week with a strange mix of happiness, pride, anxiety, overthinking and hope. It's a very strange set of emotions. 
I have read so much about people's experience of paying off their mortgage, some say it's the best thing they ever did, others wish they hadn't done it. Some prefer to keep their mortgage and invest, others use the money to extend their homes. All this really leads me to realise that we can only do what we feel is right for us. We have looked at all angles, we know that we would probably be better off if we invested the money for the long term but that is also a gamble and we are both naturally cautious. 
For us, we feel like we are prioritising our security of a home. I had cancer (now gone) when I was quite young and for me the fear and memories of poor health are never far away so with being a father now, I want to ensure that my wife and child have a secure home. 
My wife comes from quite a poor family and she never knew real security of home so for her it's about providing that for our child. 
We will be better off by £500 a month with no mortgage payments and we will be putting that into savings to rebuild our nest egg, we already have an investment ISA so we will also be able to raise our payments into that. It will be odd as this is the first time I will be completely debt free since I was 27, that will take some getting used to!
I guess when all is said and done, we are doing what we believe is right for us and that's all we can do!

Redstixrocks

It's done, we transferred the final amount today. Frustratingly, it won't show on the banking app until Monday as it's a Saturday but the knowledge that it is paid is both strange and relief. I guess it won't really make any difference until next month when no payment goes out, I think it may well sink in when that happens. 
We are gonna celebrate with my homemade beef burgers and hand cut chips. 
Good luck all in your mortgage free journeys 

Redstixrocks

Yesterday, we received a letter from nationwide to say that we have paid the mortgage off, we had a little hug to celebrate. Next step is to download our deeds and title from HM land registry, gonna wait until next week as it will take a few days for nationwide to remove their charge. 
Once that's done, we are all done and dusted. No more mortgage. The house entirely belongs to us. 
It'll be nice to get to pay day this month and know that we get to keep more of our money! 
We still plan to restore our savings, then we will put a little more in our investment ISA each month. Hopefully we are setting up for a retirement on our own terms! 
We are also going to set up an investment for our kiddo, hopefully when they turn 18 in 11 years time, it will have built a nice nest egg for them. 

Archerychick

Congratulations! 

Greying_Pilgrim

Congratulations Redstixrocks on becoming mortgage free. 

Just one thing - and if you know this already, please disregard my post, but when the mortgage co. have removed their charge, don't forget to register with the Land Registry to get a property alert account.  If you don't already know - it's a (free) service that lets you know if anyone is trying to make any 'adjustments' to your property deeds.  You create an account, and sign up the property, and Land Registry will contact you in the event of any activity.  One thing to bear in mind, is that you get a 'report' email every 6 months - which (if you are like me) shocks you when you read the title - then when you open the email, and it says 'no activity', you can relax again 😁

Dearest redofromthestart on this board reminded us all about this service a little while back, and many of us signed up.  It's a peace of mind thing.  Your home is yours, all yours, and it's nice to keep it that way.

Linky to the Gov.UK site informing you about the service (with a link to click through and sign up to the service) is HERE.  If you don't want to trust my link, then by all means search something like 'UK Land Registry property alert'.

Again, congratulations on reaching your goal, and my apologies if you knew about the alert system already.  

Greying X

ladybird1106

Congratulations on being mortgage free, it’s one of best things we ever did.
love 🐞