Mortgage free as of today!

[Deleted User] · 15 June 2007 at 2:25PM

Definitely worth the effort.

Curv · 15 June 2007 at 2:39PM

Congratulations

How did you do it?

evab_2 · 15 June 2007 at 2:40PM

That's great I hope you enjoy your financial freedom, how much did you pay off and what tips can you share with those who are just starting this marathon?! :-)

inkie · 15 June 2007 at 2:52PM

Thats great - I have been lurking on the board for a while and have become so inspired by such accounts of getting rid of the mill stone that I have decided to take the plunge too. I have just rung our lender to set up an overpayment of £200 per month - we are limited to 10% over payments per year on a fixed rate at 4.99% (repayment). The mortgage is £29,344.62 as of today and should have 10 yrs + tp run, but if we carry on doing this, then the term is halved to 5 years!
So OP, I hope to be in your situation in the not too distant future!

Inkie

Seen_the_light_4 · 15 June 2007 at 2:57PM

Thats great.

We are trying to payoff the mortgage early and have reduced the term by three years due to overpayments so far - every little helps:D

David_B_2 · 15 June 2007 at 3:21PM

We have had a few this week, brilliant news and well done.

Maybe somebody should create a 'Mortgage Free Hall Of Frame" that lists the people who have completed it. In a similar style to the be mortgage free in 3 year thread by DD. The top area could be a physical list whilst the posts below could then be a brief description of how this was achieved.

As a MFW I like to be able to read the success stories when I'm in need of a lift and doing this I'd have a good place to start.

Sorry for high jacking, and many congrats again!!

PS: I'd do the list myself but I'm not sure I'd have the time to edit it (adding new names) or in fact if people want a success list.

[Deleted User] · 15 June 2007 at 4:49PM

Thanks.

My mortgage free story is nothing special. I've moved around a lot over the years since I first had a mortgage at the age of 19 (mainly due to work or personal circumstances) always remortgaging in the process and I was always a mortgage rate tart and remortgaging for better deals.

With each remortgage I always shaved a few years off the term and increased the monthly repayments that way. Whilst in whichever mortgage, I overpaid my monthly payments with whatever I could afford and I also put some money aside into savings.

The savings were my emergency money. When they reached a point that matched the mortgage balance and left me with enough to cover 3 months bills I decided to pay off the mortgage.

My savings were always earmarked for this purpose so I used Premium Bonds as my savings vehicle in the faint hope I just might win something decent. It was not to be but during that time I had a few £50 wins here and there which always went back into the PBs too.

OK - so now I'm asset rich and cash poor - but the cash poor bit won't be for long as I'm still working and I now intend to rebuild my savings.

In the last 3 years I have been able to see light at the end of the tunnel and I became obsessed! The last 9 months especially I have lived very frugally.

But I don't feel I have missed out. Since originally having a mortgage I have had some fantastic holidays all over the world, I have bought more or less whatever I needed or wanted - but my golden rule has always been - to save up for it first. If I couldn't afford something I went without it.

I know this may not suit everyone but it was something passed on to me by my parents and something which has always stood me in good stead.

The only way to be mortgage free is to pay it off. There is no magic formula. The more you pay off now the quicker you will be free. You don't have to give up on life or life's enjoyments.

But the end result makes it totally worthwhile. And now my own little piece of England's green and pleasant land (with house) is mine!

Good luck to all MF Wannabees

ailuro2 · 15 June 2007 at 6:19PM

You've got your head screwed on the right way round- well done, and Congratulations:D

thriftmonster · 15 June 2007 at 11:16PM

Welldone, congratulations and I couldn't have put an attitude to life that sums us up better myself - so thanks as well.

Enjoy!!!!!!!!!!

Jonbvn · 16 June 2007 at 12:21PM

Very well done on being MF!

I notice that you said that you saved money in premium bonds. According to MSE Martin, this is not a good way to save. See this article for details.

Martinslovechild · 16 June 2007 at 1:41PM

Brilliant, Well Done Deleted_User.

:beer: :beer: :j :beer: :beer:

Mortgage free as of today!

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