The Mortgage Free Roll Of Honour

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  • Dee140157
    Dee140157 Posts: 2,864
    First Anniversary Combo Breaker Mortgage-free Glee!
    Forumite
    Hi

    Can I join this club? I went and paid our mortgage off today. We cleared the £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 £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.
  • 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?
  • hazelize_uk
    hazelize_uk Posts: 64
    Mortgage-free Glee!
    Forumite
    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 [strike]Oct[/strike][strike]AUG[/strike] [strike]NOV 2008[/strike]oct 2008 We're FREEEEEEEEEE!
    11 years & 11 months Early:j
    Get planting! The better the grower, the shopping gets lower!!!:T :D
  • mitchg
    mitchg Posts: 382
    Mortgage-free Glee!
    Forumite
    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
    :hello: Lets all save a £ or two, lets all earn a £ or two, and lets all enjoy spending that £ or two wisely.
    :beer:
  • nforne
    nforne Posts: 10
    Mortgage-free Glee!
    Forumite
    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_2
    evab_2 Posts: 2,336 Forumite
    excellent news, well done on your mfness hope you have a good celebration!
  • mitchg
    mitchg Posts: 382
    Mortgage-free Glee!
    Forumite
    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
    :hello: Lets all save a £ or two, lets all earn a £ or two, and lets all enjoy spending that £ or two wisely.
    :beer:
  • abouttimetoo
    abouttimetoo Posts: 1,860
    First Anniversary Combo Breaker
    Forumite
    well done mitchg and nforne :beer: It's going to be many years before I can join you but I can't wait:D
    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
    mitchg Posts: 382
    Mortgage-free Glee!
    Forumite
    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
    :hello: Lets all save a £ or two, lets all earn a £ or two, and lets all enjoy spending that £ or two wisely.
    :beer:
  • Happy Bank Holiday!

    I am avoiding doing some w*%k by posting here that I became mortgage free on Friday :j

    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 :D so it has not been difficult to divert money to the mortgage.

    Sparkly
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