The Mortgage Free Roll Of Honour

edited 21 February 2014 at 9:02PM in Mortgage-Free Wannabe
817 replies 452.3K views


  • Hello
    Around about 1993 I had received a letter informing me my endownment was not going to pay off my mortgage. I was mortified. I had been paying in for appx 10yrs. Anyway I had recently been to the bank and and asked if they could fix the interest rate for 10yrs, because I wanted certainty on my payments, I knew it would probably cost me more, but the set payments were important,they said no, as there was only £21k left o/standing. On my way out of the bank they were advertising a "loan sale" I enquired about the interest rates for a loan of £21k, I then booked an appoinment with the loan advisor, I suggested to him I would like to take out a personal loan to pay off my mortgage and fix the loan rate for ten years, he said this was very unusual but could not see any reasons why not. I left the bank later with an agreemnet in principal for a loan of £21k at at a rate fixed for ten years. The approval came through in due course, it was only then that I realised( I know it sounds daft) that not only had I got the fixed rate I wanted, but the loan was not secured on my home!! I had got my certainty of set payments, but also I couldn't lose my home!! This was not the reason I had done this but it turned out to be very much in my favour. As it happens a few years later I was made redundant and paid off the loan with the proceeds.. I am now fully mortgage free and not just technically. Although I am looking for advice on another matter in another forum
  • a. The date you decided to become a MFW
    2007 sometime, discovered this website and over a couple of months reading learned more about money and finance than I had in the rest of my life.

    b. Mortgage Debt at its highest
    2007, £ 95,000

    c. Mortgage-Free Date
    April 2011 - just got my letter from the bank confirming it's all paid off and the account is closed.

    d. Your one pearl of wisdom.
    Stay focused but don't obsess, you still need to have a life and small controlled spending within your budget is good psychologically and keeps you sane.


    MFi3 T2 member 177
  • RosieTigerRosieTiger Forumite
    863 Posts
    Congratulations Jonesy Bonesy on getting there !
    RosieTiger - Highest £242,000 Feb 2004 :mad:
    Lightbulb Dec 2008 £146,000 by March 2026:eek:
    MFi3T2 and T3 No 28 - Dec 2009 Start Balance £117,000
    Current Position-Fully off set by savings since March 2013
  • michlobmichlob Forumite
    7 Posts
    Mortgage-free Glee!
    I've been lurking around here for a number of years now.
    But from reading and using all your hints and tips I have managed it...
    a. The date you decided to become a MFW
    Early 2008.

    b. Mortgage Debt at its highest
    2007 - £30k

    c. Mortgage-Free Date
    May 2011 - final payment has cleared and the mortgage has vanished from my list of accounts open

    d. Your one pearl of wisdom.
    If you feel like you need to take a bit of a break and have an overpayment holiday, do it. I took a two month overpayment holiday last yr, bought a few bits and pieces I hadn't been able to splurge on, had a cheapy holiday away.. came back and knuckled back down.

    I am so happy its paid off :o)
  • earthgirlearthgirl Forumite
    3.8K Posts
    Mortgage-free Glee!
    a.The date you decided to become a MFW
    October 2008
    b. Mortgage Debt at its highest
    c. Mortgage-Free Date
    15th of May, 2011
    d. Your one pearl of wisdom.
    Never think you can't do something - no matter what it is. Treat every problem as an opportunity.

    That was a long, hard slog, but SO HAPPY to be mortgage free!:j:j:j
    15/5/12 Paid off Mortgage 1 (£220k) Bought Dream House:www: Dec 13 - Mortage 2 -£116,508. 15/7/18 Mortgage Free Again :j

    Progress not Perfection
  • satchmo1satchmo1 Forumite
    1.9K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    MF last Saturday, yay!
    Very small mortgage of £25k taken out in 2002, over 15 years after splitting from my deranged OH. Took 5 years to get divorced, didn't benefit from a business I had slogged to build, and often struggled to pay all the bills. Wish I'd known about MSE through that 5 years, but the principles were obviously ingrained from my frugal mum. Now in the happy position of being able to rent that house out until the market rises again when I'll sell for a 50% profit. Next target - pay off new husband's mortgage 5 years early. I'm busy teaching him MSE-ways :)

    Top tip: Do I need it, and if so do I need it now? Can I get it cheaper+can I get it with cash-back+can I get it with Piggypoints or Maximiles - it's usually possible to get yes to all three of the second question if the answer to the first questions are yes.
    What would you get if all you got was what you were thankful for?
  • Morning Everyone,

    I should have posted on here yesterday but I had to pop out to Leek instead. Long story but is covered in my diary.

    a. The date you decided to become a MFW
    January 2009 - after being made redundant, remember Woolies?

    b. Mortgage Debt at its highest

    c. Mortgage-Free Date

    d. Your one perl of wisdom.
    It is a marathon not a sprint, so don't feel guilty about spoiling yourself every now and again.

    e. And if you had a mortgage freedom diary on MFW, a link to it.
    Mortgage Free as of 31/5/11 :j:j:j:j:j:j:j
  • happylifehappylife Forumite
    107 Posts
    Part of the Furniture Combo Breaker Mortgage-free Glee!
    Morning Everyone,

    very happy I don't owe the banks anything now.

    a. The date you decided to become a MFW

    December 2008 after a review of finances ?

    b. Mortgage Debt at its highest

    c. Mortgage-Free Date

    d. Your one perl of wisdom.
    Pay off all your higher debts first the mortgage should be the last. keep believing that day will come.:T
  • Congratulations to you too :beer:
    Mortgage Free as of 31/5/11 :j:j:j:j:j:j:j
  • Tidd83Tidd83 Forumite
    18 Posts
    Mortgage-free Glee!
    Hello everyone,

    After many weeks of reading various posts for advice etc I have just signed myself up on here to announce my good news. As of Monday (6th June 2011) I became mortgage free leaving a slight amount to keep the mortgage open for future lending. Just wanted to thank many of you for your previous posts and for helping me in making the right decision. So far it feels great, admittedly I don't have a big pot of cash left but roll on pay day to see the benefits of never again having to make a payment and the funds will soon mount up! I am only 27 and live by myself and it has taken me just over 2.5 years to completely pay down my mortgage. Some sadly came from inheritance but I know my mum would be proud to see it go to use rather than squander it on meaningless things. That said, over 50% of it I have saved up over many many years of being frugal and sensible and where others my age splashed out I put the funds away for a rainy day. My info is below but just wanted to wish many of you lots of luck for the future.

    a. The date you decided to become a MFW

    November 2008 the day I took the mortgage!

    b. Mortgage Debt at its highest
    £117,000 (£29,000 deposit)

    c. Mortgage-Free Date

    d. Your one perl of wisdom.
    If there is something you desperately need then buy it, allow yourself small treats but if that "one" thing you think you need doesn't seem important 2 weeks later then it was probably wise to hold on to the money in the first place! :)
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