The Mortgage Free Roll Of Honour

albacore1854 · 6 March 2008 at 6:48PM

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

Up_the_Creek_4 · 18 March 2008 at 8:58PM

Hi,

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 date:April 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 · 30 March 2008 at 1:07PM

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
140,000
c. Mortgage-Free Date
1/4/8
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 · 30 April 2008 at 4:32PM

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. :j:j:j:j:j:j:j

butterflymum · 30 April 2008 at 5:14PM

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

!

abouttimetoo · 30 April 2008 at 9:53PM

classrunner wrote: »

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. :j:j:j:j:j:j:j

Yay! :j Congratulations:T :T :T

Looking forward to the 'how you did it'!

classrunner · 4 May 2008 at 10:21AM

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 · 5 May 2008 at 12:53PM

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 · 5 May 2008 at 1:07PM

Hi Dolly Dumpling Yayyyyyyyy indeed :T :T :beer: :beer: :j :j

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:D )

abouttimetoo · 5 May 2008 at 1:12PM

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 :rotfl:

The Mortgage Free Roll Of Honour

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