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  • FIRST POST
    • 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 MSE Andrea; 21-02-2014 at 8:02 PM. Reason: added a p.s. by popular demand
Page 3
    • abouttimetoo
    • By abouttimetoo 5th May 08, 1:12 PM
    • 1,854 Posts
    • 7,061 Thanks
    abouttimetoo
    Great stuff classrunner

    Thanks for sharing your 'how I did it', great stuff and advice. I'm sure no-one will mind me saying we would love you to continue to stay part of the 'club' and continue contributing to the threads - I only started my own MFW journey last month and need all the encouragement I can get

    I had to laugh at your 2p payment, I'm thinking of doing a small sum each week on top of my monthly OP just to get my Op 'fix' more regularly
    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
    • Dee140157
    • By Dee140157 9th May 08, 12:14 PM
    • 2,852 Posts
    • 7,796 Thanks
    Dee140157
    Hi

    Can I join this club? I went and paid our mortgage off today. We cleared the !!!163;30,000 in one go. It is a wonderful feeling.

    I see lots of advice here, but I'm afraid I can't offer any as our circumstances are different to others. We get married in 2 weeks time and we have paid his mortgage off, so that we can rent his house out and make a steady income. I have been mortgaage free for 7 years on my own property. When we got together he had debts that were spiralling out of control. Yet he had a house with no mortgage on it. He took out a !!!163;30,000 mortgage to clear his debts and ensure he could manage on his income. I went back to work so that we could save to pay the mortgage off. ( I did not need to work to live due to widowed parent's pensions etc. I have 2 children who were young when their father died, but they are older and more independent these days). And now as we will have rental income I can give up work again!
    Newbie thread: go to the top of this page and find these words: Main site > MoneySavingExpert.com Forums > Household & Travel > Motoring > Parking Tickets, Fines & Parking. Click on words Parking Tickets, Fines & Parking. Newbie thread is the first post. Blue New Thread button is just above it to left.
    • controlfreakpayoff
    • By controlfreakpayoff 10th May 08, 9:04 PM
    • 1 Posts
    • 5 Thanks
    controlfreakpayoff
    Mortgage Free & Showing How I Did It Every Week on the Web
    Hi all,

    I am mortgage free, and have been for several years, I now spend my time & spare income doing things that I love rather than what I have to if you know what I mean.

    I am demonstrating how I paid off £ 165,000 in less than 3 years on the designated Pay Off Your Mortgage Challenge website & Blog to raise awareness for the need to bring financial education in schools sooner rather than later. The system is designed to keep you in the dark so the banks can make as much money out of you as possible.

    My own mortgage and credit card freedom was spurred on by the thought of being able to live as I choose, create passive streams of income and create a stronger understanding of the need for financial education to be considered as important as reading and writing.

    This entire Forum exists because the stuff our parents "taught us" in good faith I hasten to add was not at all relevant to living in today's society. The banks have "filled their boots at our expense for too long!"

    For the posts that say "I'm not sure what to do next" or "It's not as I thought it would be" I would suggest dreaming bigger dreams because you are in a position most people would give their right arm for, you can start to build wealth and prosperity for your future.

    Spend some time thinking about if you had been given financial education in schools would you have found yourself in a different set of circumstances right now?
    Control Freak Pay Off Signing Off


    • hazelize_uk
    • By hazelize_uk 13th May 08, 8:22 PM
    • 63 Posts
    • 46 Thanks
    hazelize_uk
    i'm nearly there...............
    Just checking in to give myself the boost i need for the final push i feel so close and yet so far!!! at the end of this month i will have broken through the double figure mark of £10k to £9K and should be able to get through it, if I can just avoid anymore cost increases!! I'm refusing to pay £1.13 for petrol and have now quite literally 'got on my bike!' keep everything crossed for me and hope to be joining you soon - i just cant WAIT!!!!

    or one query if an employer was to agree it, is there any legal reason why you can't have 6 months pay in advance?? I was thinking of asking so that I can offset a chunk and cut the interest that way?
    Original Mortgage £68,000
    Current Mortgage £ nil!!
    Est Mortgage free date OctAUG NOV 2008oct 2008 We're FREEEEEEEEEE!
    11 years & 11 months Early
    Get planting! The better the grower, the shopping gets lower!!!
    • mitchg
    • By mitchg 16th May 08, 6:58 PM
    • 380 Posts
    • 188 Thanks
    mitchg
    Ohhh Mortgage Free wanna be here and .. ohhh yes will be tomorrow.. luvly jubbly i think i shall have a glass of bubbly to celebrate this evening, oh yes shall enjoy my bottle of cider smiling all the way through it too.

    Debt Free and just a few hours to be Mortgage free.... beautiful
    Lets all save a £ or two, lets all earn a £ or two, and lets all enjoy spending that £ or two wisely.
    • nforne
    • By nforne 21st May 08, 1:01 PM
    • 9 Posts
    • 24 Thanks
    nforne
    a. The date you decided to become a MFW
    After I was given a copy the Motley Fool UK Investment Guide in 2001. I read it and realised that even though I was on a pretty mediocre wage, I could make a huge difference to my life by taking control of my finances.

    b. Mortgage Debt at its highest
    £60,000

    c. Mortgage-Free Date
    January 2008

    d. Your one pearl of wisdom.
    Thanks to the Motley Fool for this quote: “Over time, regular saving of quite small amounts can build up an astonishing sum of money.”



    “You’re obsessed with paying off this bl**dy mortgage!!”, my wife would often chastise me. She never quite understood that paying more each month means you pay less. She’s 33 now and I’m 34, we’re still not on fantastic salaries but being mortgage-free has opened up a world of other possibilities. We can get by on one wage now so she’s thinking about going to university in September. She hasn’t moaned about my mortgage obsession for a while... funny that !

    Good luck to all you MFWs.
  • evab
    excellent news, well done on your mfness hope you have a good celebration!
    • mitchg
    • By mitchg 21st May 08, 6:37 PM
    • 380 Posts
    • 188 Thanks
    mitchg
    I was just told i should add myself to this Mortgage Free Role of Honour, as today my balance is now showing 0.
    So here i am Mitchg mortgage free.
    Yehhhhh
    Lets all save a £ or two, lets all earn a £ or two, and lets all enjoy spending that £ or two wisely.
    • abouttimetoo
    • By abouttimetoo 21st May 08, 9:25 PM
    • 1,854 Posts
    • 7,061 Thanks
    abouttimetoo
    well done mitchg and nforne It's going to be many years before I can join you but I can't wait
    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
    • mitchg
    • By mitchg 21st May 08, 9:33 PM
    • 380 Posts
    • 188 Thanks
    mitchg
    abouttimetoo... well you never know i thought it would take me years too well it did but not as many as i thought, when the bug takes you to do it and do the overpayments you soon see the benifits and it just makes you a little more determined every month.. good luck all the same
    Lets all save a £ or two, lets all earn a £ or two, and lets all enjoy spending that £ or two wisely.
    • sparklymessygirl
    • By sparklymessygirl 26th May 08, 1:40 PM
    • 690 Posts
    • 943 Thanks
    sparklymessygirl
    Happy Bank Holiday!

    I am avoiding doing some w*!!!37;k by posting here that I became mortgage free on Friday

    My mortgage was small as I bought a modest house over ten years ago and never moved. I started overpaying probably about three years ago by specifying a fixed payment every month. It was only on joining the MFiT crusade that I started to ramp it up and also to make capital repayments. I cashed in my premium bonds and ISA - cashed in the ISA because the interest on the mortgage was really high (7.75% at highest) and it wasn't matched by the ISA.

    Somewhere over the last 5 years I seem to have lost the shopping bug and now it just irritates me so it has not been difficult to divert money to the mortgage.

    Sparkly
    • mitchg
    • By mitchg 26th May 08, 3:15 PM
    • 380 Posts
    • 188 Thanks
    mitchg
    Well done Sparklmessygirl, great feeling isnt it, now i guess soon that shopping bug will come back just try not to give in to it too often but once in a while is good.
    Lets all save a £ or two, lets all earn a £ or two, and lets all enjoy spending that £ or two wisely.
    • gocat
    • By gocat 26th May 08, 3:34 PM
    • 5,111 Posts
    • 59,688 Thanks
    gocat
    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. 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 )

    This Forum Tip was included in MoneySavingExpert's weekly email

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

    Originally posted by Dithering Dad
    a. Could have been MF a few years back but two kiddies in Uni, thought would wait till that's been and done just in case, and kept savings in ISA's and esavers.

    b. £68000 back in 1990. Reduced to £48000 sometime in the 90's .

    c. 24-5-08

    d. Er just chuck a bit in the ISA's and esavers whenever I could.

    • JIMBOBC
    • By JIMBOBC 29th May 08, 12:54 PM
    • 54 Posts
    • 24 Thanks
    JIMBOBC
    Reduced mine to £65k from £120,000 last week
    • M-People
    • By M-People 29th May 08, 4:35 PM
    • 91 Posts
    • 47 Thanks
    M-People
    Done!
    a. The date you decided to become a MFW
    May 2004

    b. Mortgage Debt at its highest
    £802.000

    c. Mortgage-Free Date
    29/05/05

    d. Your one perl of wisdom
    Get a £70,000 promotion

    Everyone else, GOOD LUCK, hope you join us here soon!
    Caesar si viveret, ad remum dareris
    (If Caesar were alive, you'd be chained to an oar)
    "It's good to be back"
    • Nobby1974
    • By Nobby1974 31st May 08, 8:46 PM
    • 10 Posts
    • 18 Thanks
    Nobby1974
    Happy Bank Holiday!

    Somewhere over the last 5 years I seem to have lost the shopping bug and now it just irritates me so it has not been difficult to divert money to the mortgage.

    Sparkly
    Originally posted by sparklymessygirl
    I was exactly the same. Just didn't want anything, didn't need it. I too was obsessed about it, It's now been 8 months since becoming Mortgage Free but I still don't really want for anything, DOH! So now I am into saving and helping friends out. I now treat my friends more than I treat myself.

    The feeling has been amazing not watching hundreds go out the account every month. On top of that I just had a big increase in salary so may extend the house to add to the value.

    Go for it one and all! It was worth the sacrifices.
  • toffeepennys
    Hi, this is a random question. our mortgage was finally paid off in full in april and as of yet we have still not received our deeds back from the bank of scotland.

    does anyone know how long it takes for them to fianlly sort the paperwork?


    i made sure to cancel the direct debit etc with the banks and contact the bank by phone and writing to confirm that it was paid off.


    baby no2 now due and im thrilled that at 33 im mortgage free
    • donnfors
    • By donnfors 30th Jun 08, 10:05 PM
    • 4 Posts
    • 10 Thanks
    donnfors
    Mortgage free in exactly 3 years!
    Date I decided to become a MFW - 1.3.05

    Mortgage Debt at its highest - £83,000

    Mortgage free date - 1.3.08

    Pearl of wisdom
    The most powerful invention is compound interest. Those that understand it, earn it. Those that don't, pay it. - Albert Einstein

    Tips
    Set up an Amortisation table and a Personal finances spreadsheet and pour over them several times a week to monitor transactions and work out what you can do next to make or save money.

    Constantly set yourself mini goals:-
    - Overpay a little more each month than you did the month before
    - What else could you do to knock yet another month off the overall term?

    Be single minded - It’s just for the short term and it’s so worth it!!

    How it was for me
    Received letters advising that my two endowment policies would massively fail to pay off my mortgage as expected … and as promised!

    Read an article entitled ‘Pay off your mortgage in 5 years’

    Decided I needed to do something ...

    - Transferred from a standard, variable rate to a flexible, offset mortgage.

    - Discovered a mortgage overpayment calculator which REALLY motivated me
    - Began making overpayments each month by throwing everything I could possibly afford at it.
    - Took out 0% balance transfers on credit cards. (Before balance transfer fees were introduced.) Wherever possible, I transferred the entire balance into my current account to offset my mortgage. Otherwise I transferred sums to pay of existing credit card balances and avoid having to spend from my mortgage/current account. (At one point I was ‘borrowing’ £46,500 free of charge on credit cards, to offset my mortgage.)
    - I couldn’t get around to claiming endowment mis-selling so I commissioned a third party specialist to do this for me and (eventually) won both cases.
    - Calculated that it was worth selling my endowment policies on and ploughing the money into paying off my mortgage too. (This was a complicated calculation, as I had to make sure I'd included everything)
    - When balance transfer fees were introduced, I took out credit cards offering 0% on spending rather than on balance transfers and spent up to the limit, keeping very close tabs on credit limits and expiry dates of deals.

    The above process ruined my credit rating, but I figured it was worth it to reach my objective - and I could always rebuild my rating again once I’d paid off my mortgage.

    In Feb 2008, I handed over my last mortgage payment and closed the account with glee.

    By this time, however, I couldn’t stop! I immediately opened a better current account paying interest on balances in credit, and began looking into the best ways to invest the spare money I have each month, now I don’t have to pay it into my mortgage account … Albert Einstein was so right!
    • PisceanPet
    • By PisceanPet 2nd Jul 08, 4:24 PM
    • 10 Posts
    • 9 Thanks
    PisceanPet
    It's ours, all ours!
    a. The date you decided to become a MFW
    Don't think there was an exact date, just an ambition that was always at the back of our minds. Might have been the day we read MSE tips and realised we had a really bad savings account as well as a mortgage with the Halifax which is a really stupid position to be in!

    b. Mortgage Debt at its highest
    £40,000

    c. Mortgage-Free Date
    1st March 2008
    We claimed compensation for a mis-sold endowment, and they also gave us a price to buy back the endowment. It then dawned on us that if we sold the endowment to a broker for a better price, and used the compensation, it wouldn't even take all of our savings to pay the rest off - quite a revelation!! And it feels fantastic!!!!!!!!

    d. Your one (or more!) pearl of wisdom.
    Keep an eye on your finances - we thought we were quite savvy with money but we missed things like interest rates that 'hook you in' and then drop. Always check tie-in periods with mortgages, we always moved it to get better deals and NEVER took out a mortgage with a tie-in period.
    Claim your compensation if you were mis-sold an endowment!

    e. And if you had a mortgage freedom diary on MFW, a link to it.
    We didn't, it all happened too quickly!

    Must admit though, we haven't actually told many people we've done it as it feels like bragging in front of other friends that we know are heavily in debt - have other people felt like that? Great to talk about it here!
    • hostertlady
    • By hostertlady 11th Jul 08, 12:58 PM
    • 825 Posts
    • 448 Thanks
    hostertlady
    [[[I was just told i should add myself to this Mortgage Free Role of Honour, as today my balance is now showing 0.
    So here i am Mitchg mortgage free.
    Yehhhhh]]]

    Same here too Mitch, after 25 years and numerous extra borrowing for improvements etc.. my Balance is 0 too
    Now what shall I do with the 'mortgage' money:confused: I know ... SPEND IT!!!

    Pisceanpet
    {Must admit though, we haven't actually told many people we've done it as it feels like bragging in front of other friends that we know are heavily in debt - have other people felt like that? Great to talk about it here! }}
    yep totally agree with you, I haven't anyone...
    Last edited by hostertlady; 11-07-2008 at 1:01 PM.
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