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    • Dithering Dad
    • By Dithering Dad 3rd Jul 07, 8:33 PM
    • 4,230Posts
    • 8,150Thanks
    Dithering Dad
    The Mortgage Free Roll Of Honour
    • #1
    • 3rd Jul 07, 8:33 PM
    The Mortgage Free Roll Of Honour 3rd Jul 07 at 8:33 PM
    Welcome to the Mortgage-Free Roll of Honour.

    This is for Mortgage-Free Wannabees who are no longer Wannabees.

    Please report

    a. The date you decided to become a MFW
    b. Mortgage Debt at its highest
    c. Mortgage-Free Date
    d. Your one perl of wisdom.
    e. The MSE Mortgage guides and others that helped you
    f. And if you had a mortgage freedom diary on MFW, a link to it.

    And huge congratulations

    (I thought that we MFW's deserved a roll of honour too )

    PS Please no one else post - let's keep this a pure record of successes

    This Forum Tip was included in MoneySavingExpert's weekly email

    Don't miss out on new deals, loopholes, and vouchers

    Last edited by Former MSE Andrea; 21-02-2014 at 8:02 PM. Reason: added a p.s. by popular demand
Page 2
    • sheffieldeagle
    • By sheffieldeagle 13th Nov 07, 8:53 PM
    • 213 Posts
    • 15 Thanks
    Free, Free, Free I tell You
    I started on the road to mortgage freedom when I first visited this site in 2004. Thanks to the forum I got the bug for freedom and have wiped out £25,000 in 3 years and 8 months. My tip is to put every spare pound left at the end of the month into your mortgage account, if you must spend use the sales and overpay, overpay, overpay.
    Question: I've jus received my deeds am I correct in thinking that since the Land Registry Act of 2002 I don't have to keep my deeds secure? I'm told the documents are available online.

  • lisathompson
    Land Registry Documents
    You are right, the paper deeds have lost their importance. All ownership, rights & titles, restrictions etc are in the register at the Land Registry office. Go to:

    ...and put the postcode of your property in the Land Register Online section on the right. You can download a PDF of the Register and Plan for £3 each. Check they have your correct contact details, and make sure the bank has released its charge by looking at section C: charges register, and also the Register Extract on the front page.
    • plumduff55
    • By plumduff55 4th Dec 07, 7:49 AM
    • 589 Posts
    • 5,747 Thanks
    Hi everyone,
    On Saturday morning I went to my local BS and made the last payment to my mortgage 7 years early ! It was a great feeling and I was inspired on my MFW journey by

    I found this site two years ago and decided to overpay my mortgage. Firstly I paid most of my savings to the account, this left a balance of £13.000. I then paid extra at the end of each month - whatever I had left. Becoming more determined to have the mortgage paid by the end of 2007, I obtained the current balance from the BS and roughly calculated the interest added on a monthly basis. I then set up a direct debit for this estimated amount - that came to 55% of my monthly take home pay. My tips are:

    Keep a spending diary
    I have always been thrifty but was quite shocked at the small amounts frittered away that all added up to quite a sum. I have kept a spending diary for the full 2 years, it now has pride of place in my memories box.

    Make, make, make and mend
    Huge amounts can be saved by cooking from scratch, repairing and mending. Visiting the OS boards daily not only gave me the knowledge and practical tips, it also gave me the emotional motivation to keep going. Instead of feeling isolated by my lack of spare cash I felt part of this moneysaving community.

    Remember the dream
    Know why you are doing this and when you are feeling low or deprived, remember the dream. I have been in a job I love for many years - But it is getting more and more stressful and as I get older I worry that the stress is too much. Being MF means I have the freedom to change jobs if I want and money will not be an issue.

    In the future I will continue to be thrifty and visit MSE daily whilst also treating myself and my family. I cannot say how grateful I am to the people on this site who have enabled me to realise my dream.

    • butterflymum
    • By butterflymum 5th Dec 07, 1:46 PM
    • 962 Posts
    • 856 Thanks
    Wasn't sure if I would post or not (and think there may be many more out there feel the same) - if I'm honest, I was a bit put off by the post title including 'honour' and also not wanting to seem to be bragging/not humble, but on balance, realised that, as with most things on this site, this thread is meant as a genuine way of encouraging others by sharing how that same encouragement On this and other threads) has helped us.

    Hi everyone,
    On Saturday morning I went to my local BS and made the last payment to my mortgage 7 years early !
    Originally posted by plumduff55
    Just wanted to say, you could be me (or hubby). We went into our BS on Saturday 24/11 and did the same (and fully realise and appreciate how very fortunate we were to be able to do this), and like you, it was 7years (well, and about 8 months) early.

    BS did cause us some concern, though, when we discovered a few days later they had processed our payment as a Capital Payment instead of a Mortgage Redemption Payment. After a few frantic phonecalls, everything was sorted out.

    Today, in post, we received a letter dated 3/11 thanking us for our payment and also, much to my surprise given the short timescale, a signed for package containing a letter dated 4/12 together with our Title Deeds etc.

    If I could share one statement for those looking for encouragement, it would be this:

    Please remember to 'try to live, at all times, within your means', it really can make a difference.
    Last edited by butterflymum; 05-12-2007 at 2:26 PM.
    butterfly )i(
    • akh43
    • By akh43 15th Dec 07, 11:26 PM
    • 1,320 Posts
    • 3,235 Thanks
    Mortgage free yesterday
    a. The date you decided to become a MFW - I never really had a mortgage free date, took out my mortgage at the end of Jan 2002 over a 15 year period. I just hoped to pay it off earlier than that, hopefully before I took early retirement which was planned for approx 13 years after I took out mortgage.

    b. Mortgage Debt at its highest - £25,001, the minimum they would let me borrow. I bought a £85,000 house and put £60,000 down from sale of previous house when I divorced.

    c. Mortgage-Free Date - 14 December 2007.

    d. Your one pearl of wisdom - Just keep chipping away at your mortgage. I never expected to finish so early, initially I was only offsetting with my wages, then wages/savings and then I started paying off small amounts when I could. Also, whenever my mortgage payments dropped in the early years I kept paying the same amount as when I first took out my mortgage, I was expecting to pay £200 approx a month and so I kept it at that all the way through. I didn't put my all into it until the last couple of years as during the first few years I was doing jobs on the house and took 3 holidays with my kids and bought a new (used) car. It was only the last couple of years when I really saw the amount reducing that I knuckled down and at the end of Dec 2006 I owed £7,763.91. I kept overpaying an extra £500 most months and in June my savings were more than my mortgage and I stopped paying interest. I started an ISA with £3,000 in April so I wouldn't pay tax on that part of my savings once I stopped paying interest on my mortgage and then I just paid off as much as I could spare. I still went on holiday this year and renovated my bedroom which was in great need of work, I suppose I could have paid off a couple of months early if I had really buckled down but I am still happy with the way I have done it. It's a nice feeling knowing I will be starting 2008 debt free and mortgage free 9 years early. Now wondering what to do with my extra money each month!

    e. And if you had a mortgage freedom diary on MFW, a link to it - I never had a mortgage free diary, I just occasionally looked at the 'Mortgage free in 3 years' thread and got inspiration from what I was reading.
    Last edited by akh43; 18-08-2018 at 8:28 PM.
    • wymondham
    • By wymondham 3rd Jan 08, 5:23 PM
    • 5,915 Posts
    • 11,638 Thanks
    Well, I've just become mortgage free and want to add my name to the roll of honour if I may?!! Happy New Year to you all and best wishes for all you MFW's out there!!!!!!
    • The date you decided to become a MFW
    It all started in October 2006 - 14 years into our 25 year term. I had an endowment policy which I did’nt feel was going anywhere, and costing more after each review (the cost had trebled in three years in order to keep their ‘guarantee’!). I decided to cash it in after being unable to sell it and was pretty peeved that I couldn’t overpay my mortgage by anywhere near as much as I’d hoped by using this money (I was with Abbey at the time on an ‘inflexible’ part repayment/part endowment mortgage). It was now I decided to look around for a more flexible product that suited how I wanted to work as my 2 year tie in would be coming to an end in March 2007. On 1st April 2007 I took out a One Account after lots of research and after lots of questions (mainly on this site – thanks guys and gals!). I liked the flexibility and how automatic everything was – it suited me down to the ground as I could overpay in anyway and in any amount. The costs to get this account open as well were a fraction that of others (I begrudge paying the extortionate fee’s associated with opening new mortgages) and I liked the idea of having the account for the life of the mortgage – no more wasted time and hassle every 2/5 years and then there’s the remortgaging costs…

    b. Mortgage Debt at its highest

    It was £45,600 at its peek on 1st January 2007

    c. Mortgage-Free Date

    2nd January 2008. Whilst the mortgage has gone in theory, I’m just really in credit on the One Account (they now pay me!), but I don’t intend to close it and ask them to release the charge on the property just yet as I now need to build up savings elsewhere (ISA’s here I come!) and having access to the One Account money could be useful if I run into any sticky times in the meantime as the interest rate is much lower than loans etc..

    I’m chuffed I’ve done this in just over a year – just goes to show how much you can do when you rain in your finances for a specific purpose. The odd thing is we never really cut back on anything, just looked at what was, and was not working for us with regards to investments/savings/services etc - using Asda rather than Tesco for our weekly shop made a big difference!!!! Changed energy suppliers and also built up referals on our telephone/broadband (they pay us!)

    d. Your one pearl of wisdom.

    Mine would be to keep sight of the end goal and try to stick with it, whilst remembering to have a life also! I went for this account against lots of advice, as people dismissed it as expensive but it worked for me very well – I don’t believe I would have done it had it not been for online access and seeing it all in lots of pretty graphs!! – a real incentive!

    e. And if you had a mortgage freedom diary on MFW, a link to it.

    Sorry but I have none!
    Last edited by wymondham; 09-01-2008 at 5:40 PM.
    • pixiepp
    • By pixiepp 20th Jan 08, 12:11 PM
    • 17 Posts
    • 12 Thanks
    mortgage free
    Some of the posts from other MFW's are truly inspirational!. I paid off my mortgage back in 1995 after a discussion with a couple of friends three years earlier about the cost of borrowing.
    Mortgage debt at Highest
    £27,000 (I know it does'nt sound a lot of money, but I was able to put a deposit down of £9,000 on the asking price of £36,000).This was at the time when interest rates went up to almost 15%.
    Mortgage Free date
    1995; paid off £9,000 per year. We used to love going to the building society with £1,000 and then ask for our monthly repayments to be re-calculated. Our treat for the month would be a piece of steak!
    Pearl of Wisdom
    Stick to your plan, and celebrate every saving no matter how modest (even if its with a cup of tea!) We used a 'Blue Peter' style thermometer to help with motivation.
    Sorry did not keep a diary, but suffice to say the feeling of being debt free is fantastic; especially as I lost my job the year after!
    well done to all other MFW's and to the wanabees; keep going!!
    • barnetboy
    • By barnetboy 31st Jan 08, 2:59 PM
    • 3 Posts
    • 9 Thanks
    I'm free to do what I want...any old time
    Thanks to the soup dragons for the lyric that sums up my feeling over the past month.

    a) decided I could get mortgage free about 2000. Got an offset mortgage and realised the correlation between saving and interest payments.

    b) I have paid two more mortgages off since 1997 with a combined total of £174,000

    c) Jan 2008 !!

    d) Pearl. Offset mortgage and dont be put off by detractors. How people laughed at me when they watched me making small savings. I have been called boring , wierdo, tightfisted the lot... How I am now laughing at the these people slaving to pay off debt. I am now able to take on a complete lifestyle and work change despite having a family to support.

    Also thanks to Money Saving Expert picked up loads of tips , and realised there were many others like me who were working to same goal.
    Last edited by barnetboy; 18-09-2009 at 11:37 AM.
    • owitemisermusa
    • By owitemisermusa 23rd Feb 08, 5:32 PM
    • 935 Posts
    • 279 Thanks
    a. February 2000 after a terrible day at work
    b. £65,000
    c. Mortgage free on 4th February 2005 after abusing many 0% credit card offers. Officially one of the best days of my life!
    d. Throw any spare cash at your mortgage and treat it as a game.
    e. I was mortgage free before joining this site.

    Having so much free cashflow is liberating, and coupled with an inheritance, has allowed my girlfriend and I to purchase a mortgage-free 2nd home in the USA.
    Originally posted by keeperbear

    Does that mean that you owe thousands on credit cards? If so, then you're still in debt.

    How can this be ie using CCs to clear mortgage?
    • setmefree2
    • By setmefree2 27th Feb 08, 5:31 PM
    • 8,868 Posts
    • 19,093 Thanks
    I think the poster used the credit cards to stooze and reduce his/her monthly interest on his/her mortgage thereby enabling him/her to pay of mortgage quicker.

    • owitemisermusa
    • By owitemisermusa 29th Feb 08, 1:32 AM
    • 935 Posts
    • 279 Thanks
    I think the poster used the credit cards to stooze and reduce his/her monthly interest on his/her mortgage thereby enabling him/her to pay of mortgage quicker.
    Originally posted by setmefree2
    I take it you mean stoozed into an offset account and then paid off mortgage gradually till capital sorted then paid back the CCs?

    Still a mite confusing.
    Tough times never last longer than tough people.
    • albacore1854
    • By albacore1854 6th Mar 08, 5:48 PM
    • 176 Posts
    • 69 Thanks
    paid mine off last month, and to be fair its pants.Not the life changing experience I thought it would be having read this board.You still get call centres calling you offering lower rates
    Most people overlook opportunity as it comes dressed in overalls, and looks like hard work.
  • Up the Creek
    Almost there

    I am about to join your elite gang, aim date is April 2009. However, I want to ask, in the existing environment what will you do with the money you have spare each month? I don't really feel that liberated as I don't know what to do next;

    Aim datepril 2009
    Decided to be mortgage free: June 2004
    Max debt: 120,000 on a 170,000 house bought in 2000

    Every 2 years re-mortgagaed at the best fixed rate around, saved very hard and paid off all the money in the saving account at the end of the 2 years.

    Words of wisdom: Just the question - what do we do now?
    • oildog
    • By oildog 30th Mar 08, 1:07 PM
    • 1 Posts
    • 8 Thanks
    All paid up
    Well at 33 I am glad to say I am now free of a Mortgage. I started with a fixed rate and then was lucky enough to go abroad on an expat deal for a while, so having built up my savings and not wanting to pay large fees, I joined the one account flexible mortgage and then the one account proper. Paid no fees at the time, 2007 and have paid no exit fees either. The interest on my nett balance has been minimal so the rate was not a concern, but the free valuation/legal etc was key.

    a. The date you decided to become a MFW.
    Always wanted to minimise debt. Bought my house in Jan 2005.
    b. Mortgage Debt at its highest
    c. Mortgage-Free Date
    d. Your one pearl of wisdom.
    create a spreadsheet, live modestly but not misly (you may get run over by a bus), look for the most suitable products at the most suitable times, not for everyone but working abroad is a lucrative option. (Yes thats 3)
    e. And if you had a mortgage freedom diary on MFW, a link to it.

    Now just to get my deeds.
    • classrunner
    • By classrunner 30th Apr 08, 4:32 PM
    • 14 Posts
    • 29 Thanks
    It's Gone Yipeeeeeeeeeee
    As of 2.30pm today, mortgage paid off!! I'm too happy to post a full 'how we did it' just yet, so sorry about that. Have not stop smiling.
    • butterflymum
    • By butterflymum 30th Apr 08, 5:14 PM
    • 962 Posts
    • 856 Thanks
    Words of wisdom: Just the question - what do we do now?
    Probably use the money you no longer need for paying the mortgage to pay instead for the higher food, fuel and energy costs we are all being bombarded with at the moment !
    butterfly )i(
    • abouttimetoo
    • By abouttimetoo 30th Apr 08, 9:53 PM
    • 1,854 Posts
    • 7,061 Thanks
    As of 2.30pm today, mortgage paid off!! I'm too happy to post a full 'how we did it' just yet, so sorry about that. Have not stop smiling.
    Originally posted by classrunner
    Yay! Congratulations

    Looking forward to the 'how you did it'!
    MFW Start Date 1.4.08. Updated 23.1.18. MFW date 1.8.18
    Original Mortgage o/s £187,643 / £71,904 (-115,739)
    Repay o/s £92,661 / now £55,900 (-36,761)
    Int Only o/s £94,982, now £16,004 (-78,978)
    Total daily interest £1 [a) £0.77 b)£0.23
    Total OP's:2018 target £TBC YTD £1,995
    • classrunner
    • By classrunner 4th May 08, 10:21 AM
    • 14 Posts
    • 29 Thanks
    How it was done.
    Good morning you lovely lot, can I say without sounding too cheerful, the sun is definitely brighter after final mortgage payment (even on a cloudy day).

    Okay, finally come down to earth after final payment on the 30/04/08 at 2.30pm. I cannot believe what an incredible feeling paying this dreadful millstone around my neck has been, so here goes and this is how we did it.

    Mortgage debt at hightest £51,500

    Light bulb moment, two and a half years ago when I realised we would probably never get such a good rate again (4.69%) and also realised the £170.00 of the money I was paying each month was going in interest! NOT GOOD

    Most helpful moments was finding out that we did indeed have internet banking for our mortgage and could pay as little as 1p or as much as we liked without exceeding the final redemption figure, (ahmm, I have actually paid only 2p in once to balance my books) by the way, found out by accident that we had the internet banking as the bank itself did not know!!!

    The best and most helpful moment, was finding this site (should be compulsory given out with all mortgage offers). Although I have not contributed much, just reading other peoples stories has been both inspirational and supportive. Everytime I did not think it possible to continue, a daily dose of the others on this site spurred me on. We are definitely not big earners and have three children, one whom we are trying to fund through uni, (those blasted fees). To be fair, we have been careful but have not really gone without much. Yes we have panicked when the exhausts fell of our car (with alarmingly regularity) and sometimes after making an overpayment, my heart did the congo until the next pay day, but we did it.

    Pearl of wisdom, internet banking and this site. Enough said.

    Having now got to the end of this journey, would you mind if I was still a regular and made supportive comments now and again. Even when you have achieved your goal, you almost do not want to leave 'the club'.
    • dollydumpling
    • By dollydumpling 5th May 08, 12:53 PM
    • 54 Posts
    • 129 Thanks
    Hi all, I've been meaning to post this for ages; I'm really happy to join the mortgage free club!. it's nice to be able to be "out and proud" here as I've tried not to mention it too much to family and friends as I don't want to seem to gloat. Isn't it an amazing feeling; I'm sure I'll have another mortgage one day but for now it's great to know that if things get tough the mortgage isn't something that I need to fret about.

    So, to answer the points from the first post:

    a. It was more a series of little ideas; one was when I realised that my salary had gone up a lot over the years (I bought my flat when I was 21 and not that well paid) so I could afford to pay more, one was when I realised that as I had bought so young I was quite far ahead of my friends in terms of mortgage, then I got the idea to pay it off before I was 35 (did it!!) and finally, I started looking at the one account and that was the final spur I needed.
    b. £38,500
    c. 15th Jan 2008
    d. For me it was moving to Virgin's One Account - I got obsessed!
    e. N/A

    So, there you go, Yayyyyyy!!!!! Thanks for "listening"
    • abouttimetoo
    • By abouttimetoo 5th May 08, 1:07 PM
    • 1,854 Posts
    • 7,061 Thanks
    Hi Dolly Dumpling Yayyyyyyyy indeed

    Congratulations to you and yes, it must be an amazing feeling (i've only just started overpaying last month so got a lonnnnnnng way to go yet )
    MFW Start Date 1.4.08. Updated 23.1.18. MFW date 1.8.18
    Original Mortgage o/s £187,643 / £71,904 (-115,739)
    Repay o/s £92,661 / now £55,900 (-36,761)
    Int Only o/s £94,982, now £16,004 (-78,978)
    Total daily interest £1 [a) £0.77 b)£0.23
    Total OP's:2018 target £TBC YTD £1,995
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