DONE IT Mortgage/Debt free in 11months!

smiths

How did we do it????

Would never have succeeded if Martin had come up with all his advice!!:money:

Started with £15,340.00 left with 9 yrs to repay.

First decision was no holidays for a yr...YUK!

Next made a claim for a mis sold endowment - £3,300 (Paid this off mortgage capital!)

Next cashed in the endowment - £8000 - Used £5000 to pay off bank loan. (bank loan payments were £550 per month) - £3000 of Mortage Capital

Cash ISA came out and used the £3000 to pay off some more capital

This left a balance of - £6040 approx..

Already had no Credit\store cards - got out of those along time ago....:D

Changed all utilities and saved around £100 per month!

Then made mothly payments of the £220 plus the extra £550 and the £100. New Mortgage payment of £870 plus anything we had left at the end of the month!!

Took 11 months to be mortgage and debt free - No savings though, but with approx £1000 per month better off, this will soon grow!

1 week since the big event and still feeling brill - Thanks Martin!!

Ma77hew

Nice one:T, I don't suppose you fancy tackling my mortgage now?:rolleyes: Go on, you'll miss paying the bank:D

Nala

Well done....drinks on you then

:beer: :beer:

Jonbvn

Well done on finishing your mortgage.

I'm not convinced that using the ISA to pay off the mortgage is best for most people, (depends on interest rates), since once you withdraw money you cannot put it back.
Of course, your money, your choice!

wymondham

well done, similar to ourselves - cash in the bits that are not really working and throw it into the mortgage - makes a big difference for us with 'reasonable' mortgages from yesteryear - pity people these days will have a much harder job with mortgages now going into the hundreds of thousands....

PasturesNew

Well done! When you are mortgage free your life is your own. You can tell a boss to stuff a job if you want to because there's no fear of losing your home hanging over you!

The bit that made me laugh was no holidays for a year... last one I had was a week in the UK in a tiny basic flatlet with my sister in 1995

Piece of advice though: keep your head low if anybody's struggling with their mortgage... a lot of seemingly normal people are owing whopping £150-300k mortgages out there!!! That's a lifetime of worry!



I became mortgage free when I sold my house... sort of cheating like that isn't it

setmefree2

Well Done :T:T:T:T

BACKFRMTHEEDGE

PasturesNew wrote: »

Piece of advice though: keep your head low if anybody's struggling with their mortgage... a lot of seemingly normal people are owing whopping £150-300k mortgages out there!!! That's a lifetime of worry!:)I became mortgage free when I sold my house... sort of cheating like that isn't it

What a spiteful and nasty comment.:o:naughty:

Move_To_Portugal

Congratulations smiths, what a wonderful feeling that must be:T

Jonbvn

BACKFRMTHEEDGE wrote: »

What a spiteful and nasty comment.:o:naughty:

I would call it honest. After all the media is currently reporting that there has been a huge rise is repo's. People in such a position will hardly be overjoyed to hear how you paid off your mtg.

BTW, we have a large mtg. However, I am fortunate to have a well paying long term job.

setmefree2

Jonbvn wrote: »

BTW, we have a large mtg.

Indeed, one person's "whopping mortgage" is chicken feed to someone else. Personally, I didn't like owing £250k but £150k doesn't bother me - particularly as we now have alot of that offset with savings.:D People's mortgages are only a small part of their financial make up.