The Mortgage Free Roll Of Honour

dullnote · 6 March 2012 at 5:57PM

I had two thing I wanted to do before 50, build a house and be MF.

three years ago I purchased a plot, without planning, yes a gamble, but so is life, remorgaded existing house to £180K.

Spent three years hard labour, wife and myself did the lot, every week end and nights, holdays on the buliding site, as close to a beach as we could afford, plenty of sand. Best tan we have ever had.

4 month ago sold the existing house paid everything off, dont owe a penny to anyone, worth all the work.

Just bought a classical guitar to keep me busy, great fun or is it frustration never mind.

To everyone just beleive you can do what ever you want, set targets and stay focused. Duringthe bad times just think how it will feel when you reach your goal.

Got my vat back and used this for solar panals to save more money.

Wish I have know about this site whan I was working on the house, glad to see other have the same goal and intreasted in how this was achived and being acheived.

Dullnote

joolsybools · 8 March 2012 at 9:21PM

I wanna be on this list soon. So I'm off to make a plan. See you again sometime soon

Lavandula · 16 March 2012 at 2:39PM

a. The date you decided to become a MFW
Always!.

b. Mortgage Debt at its highest
At the start - £63,000

c. Mortgage-Free Date
09 February 2012

d. Your pearls of wisdom.
Overpay, live within your means, go to car boot sales, be your own person and don't feel the need to keep up with the Joneses. Enjoy the free things in life - nature, family, Our lovely countryside

trundlecat · 20 March 2012 at 1:43PM

a. The date you decided to become a MFW. 16/3/2005 (when 2nd child was born & responsibilities really hit home).

b. Mortgage Debt at its highest
£57,000

c. Mortgage-Free Date
7 Jan 12

d. Your pearl of wisdom. Have a realistic target date in mind then always be aware of where your money will work it's hardest & is therefore best placed. No good upping your monthly mortgage payments if you will be better off investing it then paying off a lump sum. Be prepared for this to change though so don't commit long-term either with the mortgage or investment deals. No matter how small the amount; getting involved with your money, moving it around so it works harder & seeing a reducing mortgage statement or increasing savings statement is really satisfying. Don't see it as a chore, ENJOY IT!

southerngirl_2 · 29 March 2012 at 7:52PM

I have nobody to celebrate with as I don't feel like I can tell my friends so I'm coming here to share my news!

a. The date you decided to become a MFW - the day I purchased my first property and took on the mortgage - 18/03/2011

b. Mortgage debt at it's highest
£16,000 (I know it's only a small mortgage but the same determination and energy you put towards being mortgage free I put towards saving for the last 18 years - didn't know what I was saving for at the time but it turned into a good house deposit)

c. Mortgage free date
29/3/2012

d. Your pearl of wisdom
With regards to overpaying the mortgage - as I soon as I received my wages I worked out what money I needed for bills/living expenses etc for the month and whatever was left over I immediately transferred to the mortgage account.

The main reason I am in this position today at the age of 35 is that I saved regularly from when I had my first part time job at the age of 16. I didn't let myself go without but I also didn't have to have a new outfit every week, the latest phone etc. so any spare cash I put into a savings account and let the interest compound.

Congrats to all those who have achieved there mortgage free status and good luck to all those who are on their journey to being mortgage free!

originalmiscellany · 29 March 2012 at 7:57PM

Well done Southergirl! Like you, we are very secretive on who we tell as some people would think that we are minted and have had it easy, which is not true. We have simply knuckled down and saved solidly- I thank our protestant work ethic of never spending more than you need, save money as often as possible and don't stretch yourself. It's worked well and given us a great platform to go on from. Enjoy it and enjoy your next target; whatever it is.

cheeswright · 30 March 2012 at 4:57PM

Finally - add me in here !!!!!whooooooooo!
a. The date you decided to become a MFW.
3 1/2 years ago

b. Mortgage Debt at its highest
£90,000

c. Mortgage-Free Date
28th march 2012

d. One pearl of wisdom - I wish I had one - its been a journey alright......
perhaps its tell your family - particularly kids - what you're doing - if you want them to share your values you actually have to share them - and they appreciated knowing that we wernt really 'poor' we just had ambition

vellum · 4 April 2012 at 4:00PM

i also don't feel like i can tell any friends, but i just couldn't wait to come here and post the news. i am finally mortgage free today! just came back from the bank and still has not quite sink in. i think i was more exciting leading up to the final payment date than actually on the day. i messed up a bit on the date, obviously i should consider bank holiday weekend. anyway, i pay a small admin fee to have it all done now. threw. every time when i hear the words "mortgage free", i let out a deep breath and felt my heart beat. this has been going on for months. this is my first time so don't know what's next. do anyone know what happen after you pay the final balance?

a. The date you decided to become a MFW

never want a mortgage to start with, but circumstance limited and here we go. determined to be MF the date that my mortgage started on April 2010.

b. Mortgage debt at it's highest

about £80,000. i did a calculation, the bank charged me over £8000 interest over the last two years. if i continue to pay mortgage for 20 years, they will be charging me over 50k just for interest. and that is based on the interest rate stays at it is. good grief what a rip off.

c. Mortgage free date

09/04/2012

d. Your pearl of wisdom

work hard and save hard. buy something suitable for your need and don't over stretch yourself. why buy a five bed when all i need is a two bed? bring in extra income and cut down expenses whenever you could. keep the lifestyle but change the brand. visualise the days when it is all over and you can truely enjoy life.

Thanks to all the posters of MFW thread and be my inspiration. xxx

Borobiffa · 13 April 2012 at 11:25PM

Yaay! Me to at long last. I've never posted before, but after spending Years reading this and similar forums we are finally there. Can't believe how much of a weight has already lifted from my shoulders.

Date I decided to be a dfw

Started thinking along these lines after being made redundant in 2002 - realised just how little control I had over my own future. Committed to being a dfw in 2010 (lots happened in the meantime!)

Max debt
A scary 110,000

Date became mortgage free
Today! I keep logging on to our account to look at it saying £0.00 - still hasn't sunk in...

Pearl(s) of wisdom - I hope
Don't be swayed from your goal by those around you. don't deny yourself everything - but only spend on what you really care about and always look for good value

I'm very lucky I earn a good salary, but I'm sensible enough to realise it won't last and it's up to me to plan for it. I work with people who drive expensive cars, have sky, expensive holidays and all the rest of it, we don't, but neither do we have any debt anymore...

wiseguy80 · 17 April 2012 at 11:39AM

Hi,
I have just done my final bit of payment. It's been 7 years since I started pay off my mortgage with regular over-payments. All done and dusted with now.

A bit of question for this group. I am not sure what documentations to expect when it has happened. Just a bit worried that the bank might not send me all the required documents. Can anybody please guide me as to what documents to demand on my mortgage settlement. Do I have got and remove interest from land registry myself?

Many thanks for your response.

The Mortgage Free Roll Of Honour

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