Goodbye mortgage (the mse approved title!)

i_love_john_deere_tractor

:T :T :T :T hi everyone i just wanna shout it from the rooftops. five years after taking out a greatly reduced mortgage of £42000 on a £150000 house we have paid it off. now i know you are all thinking how the [EMAIL="f*@k"]f*@k[/EMAIL] has he done that. well i can tell you it was my wifes wonderful grandfathers will. he was a really nice man before even leaving his grandchildren money (his immediate children i.e. my in-laws are well off in their own right so it was decided that the inheritance should skip a generation). i can not even comprehend what he and my in-laws have done for us. i was resigned to the fact that we had a mortgage, mortgage is Latin for `till death`, thats what i expected. now we can give our kids the same opportunities as i had and my wife had. day to day we do not, for some strange reason, have any more money. its not like i went out and bought a 32 inch lcd tv, i just did not. we are comfortable, secure, less stressed but not rich. strange is it not that an extra £450 every month can still not be noiced. is that we are just living by our means or are we wasting it????????????????????

sheilavw

Well done you!. I bet it feels good. We too inherited some money from my late aunt over 3 years ago. She never had children and was from the generation that counted every penny and was very frugal. When she died aged 84 she hadnt left a will and her money went to me my sister and 3 brothers. We were just an ordinary family with 2 kids, pretty low income and never had much cash spare. We were desperate for home improvements and wouldnt have been able to do them without borrowing. We were able to pay some of our mortgage, a decent size conservatory, new kitchen and had the back all block paved plus replaced our car. We can honestly say it changed our lives. I just wished my Aunt would have enjoyed it herself

i_love_john_deere_tractor

sometimes i feel a fraud. when we took out the mortgage my wonderful wife was just about to start a degree (primary education, which she passed with honours) and her parents announced that they would fund half of the purchase price of our house, and have had it recorded that they do not require the money back. 5 years on, her grandfathers legacy was passed on to my wife which enabled us to pay off the remainder of the mortgage. which meant that i had more than likley only paid the interest on the mortgage for the last 5 years. my wife and in-laws tell me i have done a wonderful job by keeping up with the repayments but i still feel i huge burden of lucky [EMAIL="`tw@tn£ss"]`tw@tn£ss[/EMAIL]` that i find very hard to reconcile!!! :T :T

SarahJay55

lucky yes, but also evidently a good person who people love and are happy to help...

Congrats!

Retired_I.F.A.

Pretty commonplace actually. People always come up with the saying.. "we are buying it for our children" but in reality it's the grandchildren who benefit as the children are often financially sound aged 40-50 when their parents die and their kids in their 20's or so are the ones first setting up home and in most need of help especially nowadays.

sparvar

Well done!

setmefree2

What a great thing to be able to do for somone and what a great thing to have happen to you:D

Quincejelly

I get really embarrassed at the fact that I own my flat in central London(mortgage £82K) at the age of 29. People are impressed and assume that it is down to super saving on my part. Actually I spent as I earned :embarasse (apart from a small amount in an ISA and stakeholder pension) and had fairly low income (often temp) jobs for the first few years after graduating.

I was a financial adviser for a while and that can throw people off the scent as they assume any money-related career makes you mega-bucks. :rotfl:

The truth is my grandma died and we sold her house two years ago. So pretty much at as high a price as it was likely to go for. My share paid for a big deposit. I then maxed out on the mortgage.

I feel like I'm getting credit for something I didn't do. But it encourages me to be careful with my own money. I see it as an insult to my grandma, who scrimped and saved, if I blow my money and don't take advantage of the start she has given me.

george_jetson

Quincejelly wrote: »

I feel like I'm getting credit for something I didn't do. But it encourages me to be careful with my own money. I see it as an insult to my grandma, who scrimped and saved, if I blow my money and don't take advantage of the start she has given me.

I completely understand this