The Mortgage Free Roll Of Honour

oldtractor · 21 October 2019 at 3:56PM

am mortgage free !

fresh_cotton · 30 October 2019 at 11:41AM

Mortgage free today – 30 October 2019!

Paid it off almost 19 years early and saved a minimum of £50,000 in interest. I am 34 and partner is 40 and we now work part-time.

The Mortgage was its highest in August 2013 when we first purchased our home with a balance of £145,000. We started overpaying after about 6 months and put everything into it.

The only words of wisdom I have is ‘live well below your means. There really is nothing more to it’.

And embrace being different and create your own world based on what you want from it and what matters to you. Also, be mindful of social media, which I personally don’t use. Its apparently full of 'influencers'. I don’t know who they are or what they do, but the word is very disturbing.

Thank you to everyone on this forum for the encouragement and support. It has been a big part of my journey.

The feeling of being mortgage free is incredible!!

levien66 · 20 November 2019 at 9:45PM

I've not been using MSE for quite some time, saw this thread and thought I'd add to it.

We became mortgage free around 18 months ago, we were able to pay off our mortgage (which at the time stood at around £55000) as a result of selling my childhood home after the death of my mum.

A bitter sweet feeling. I would much rather still have my mum around and the mortgage but alas I now have neither.

[Deleted User] · 21 November 2019 at 8:54AM

I'm finally mortgage free!!:j

a. The date you decided to become a MFW - probably around 2011...it's been a bit of a rollercoaster but I'm reasonably convinced it was around then

b. Mortgage Debt at its highest - £87000
c. Mortgage-Free Date - today!!!

21st November 2019
d. Your one perl of wisdom - stick at it! It really doesn't matter how small your op is - every penny makes a difference

Due to a variety of reasons, I had three years of not being able to op anything more than a few quid but the fact I still did it meant it was always in the back of my head and made it easier to concentrate on when my circumstances changed

e. The MSE Mortgage guides and others that helped you - being on the MFW board has kept me motivated; the grocery challenge has helped me look at ways to reduce my bills and the boards in general have helped me maintain my focus
f. And if you had a mortgage freedom diary on MFW, a link to it. - bit technical for me!! :rotfl:

Big thanks to everyone on this site who help others to achieve their goals - the support and encouragement that is shown is second to none

pennystretcher · 5 December 2019 at 7:59AM

Claireybeau wrote: »

So now we are Mortgage free are there any steps we should take - I saw a post saying about removing mortgage provider as an interested party on your deeds but struggling to see how to do it on land registry page and to understand as to is it something I want to be doing - also do I need a copy of my deeds as looks like there is a charge to get this....

Removing the lender from deeds - I'm in Scotland and my last mortgage was with YBS. They charged around £150 I think and sent the amended deeds to my home address, so I guess it depends the lender - just ask how much they would charge for it. For me it was worth getting the lender to do this rather than trying to arrange yourself..had a look into it, but I think I would have spent the same money in solicitor's fees.

Taffynoel · 20 December 2019 at 10:46AM

Question... suppose you own 90% of your home, and have a mortgage for the rest.... you clearly “have a mortgage” which costs in terms of interest to serve the loan. If you then got £x thousand interest free on a credit card, and used it to stooze the remaining mortgage so that you didn’t pay ANY interest per month (eg assume it’s a small offset mortgage) then my question is this... could I justifiably consider myself “mortgage free” albeit that my assets are not the full house but 90% of it. This is on the basis I pay no interest to the bank, that I would repay any credit promotional 0% ended, and that 90% of a £300k home under these circumstances is the same as 100% of a £270k home.

Ps this is all just “psychological” in the interest of obtaining a point of being “mortgage free”, I know.

maureen100 · 29 December 2019 at 2:23AM

At long last I am mortgage free!

The mortgage has ended 9 years early!
I am 43, my husband is 45 & we bought our first house when I was 22 & then later remortgaged & upgraded & kind of started again in a new house at age 28. We didn’t have children & my husband earns slightly more than national average wage. My wage has always been much lower, just 10% above the minimum wage. So you don’t need to be earning a lot to achieve this.

The mortgage was going to take us one more year to pay off but my husband got his redundancy payment which was enough to finish it. Luckily, he got another job right away & now I am working part-time which has been my plan for the last 20 years!

We also took out a lifetime Tracker Rate Mortgage in 2004. When the B of E interest rates started dropping in 2008, so did our mortgage rate. For a long time we were only paying 0.99% interest.

A) Date you decided to become a MFW -
From my early 20’s

B)Mortgage Debt at its highest : £105,000

C) Mortgage Free Date - 30/9/19

D) Pearl of wisdom - Shop around for the best deals, use price comparison sites, use cashback sites, don’t waste money on new cars (I just changed mine after 13 yrs), get the balance right & don’t deprive yourself too much - I still managed to travel quite a bit or else I could have finished the mortgage a few years ago.

E) MSE Guides - Very useful in helping me learn about cashback sites, the grabbit forum, best savings rates, etc. I remember I got 7% interest in my Woolwich Fixed Rate Bonds back in the early 2000’s.

amycool · 10 January 2020 at 10:35AM

a. The date you decided to become a MFW
Since being a kid I've always wanted to own my own house as money was so tight growing up so right from getting my first job at 15 I started saving. Our first house deposit was £70k (on a £118k house), made possible by living rent free with in-laws for a few years and working through college and uni.

b. Mortgage Debt at its highest
£70295 in Aug 2014 when we bought our current home

c. Mortgage-Free Date
January 2020

d. Your one perl of wisdom.
Make the greatest savings and sacrifices at the start. £10 overpaid at the beginning turns into a lot more over the course of the mortgage. Also, by living so frugally when we started out, with every pay rise we've been able to continue overpaying but also enjoy a comfier standard of living. It's much harder to live extravagantly and then have to cut back.

e. The MSE Mortgage guides and others that helped you
I read lots at the beginning to get me into the right mindset

f. And if you had a mortgage freedom diary on MFW, a link to it.
I'm on my phone so it's too faffy. 😁

alan_d · 10 January 2020 at 11:06AM

Congratulations Amycool !
I'm 5 months post MF date (after ~20 years of mortgages and 2 houses) and it still makes me smile, even if no-one else I know seems to care!

beanielou · 10 January 2020 at 4:34PM

amycool wrote: »

a. The date you decided to become a MFW
Since being a kid I've always wanted to own my own house as money was so tight growing up so right from getting my first job at 15 I started saving. Our first house deposit was £70k (on a £118k house), made possible by living rent free with in-laws for a few years and working through college and uni.

b. Mortgage Debt at its highest
£70295 in Aug 2014 when we bought our current home

c. Mortgage-Free Date
January 2020

d. Your one perl of wisdom.
Make the greatest savings and sacrifices at the start. £10 overpaid at the beginning turns into a lot more over the course of the mortgage. Also, by living so frugally when we started out, with every pay rise we've been able to continue overpaying but also enjoy a comfier standard of living. It's much harder to live extravagantly and then have to cut back.

e. The MSE Mortgage guides and others that helped you
I read lots at the beginning to get me into the right mindset

f. And if you had a mortgage freedom diary on MFW, a link to it.
I'm on my phone so it's too faffy. 😁

Awesome

The Mortgage Free Roll Of Honour

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