The Mortgage Free Roll Of Honour

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Comments

  • TwinnyD
    TwinnyD Posts: 238 Forumite
    Mortgage-free Glee!
    a. The date you decided to become a MFW
    From the start of the mortgage in June 2006

    b. Mortgage Debt at its highest
    £142,000

    c. Mortgage-Free Date
    May 2013 age 37 after windfall allowed us to clear £71k balance.

    d. Your one pearl of wisdom.
    Keep a record of your overpayments, it's really motivating to see how much extra has been paid off.
  • HelenDaveKids
    HelenDaveKids Posts: 3,177 Forumite
    First Anniversary Combo Breaker Mortgage-free Glee!
    edited 7 May 2013 at 10:07PM
    Brilliant news Twinny D. So jeolous!!

    Hope it doesnt stop you being my DY buddy!
    Morgage till Nov 30 GOAL MFW Sept 2016
    Aug 11 - £100k Aug 2016.... It's GONE!!!!!
    2014 GOAL HIT 5 Stone! 2016 GOAL to be a MF marathon runner.
    "A goal without a plan is just a wish"
  • System
    System Posts: 178,092 Community Admin
    Photogenic Name Dropper First Post
    Decided: July 1984
    Mortgage: £25,000
    Became MF: November 1984

    Tip: Buy a house in London at the start of a housing boom, sell when the house has doubled in value, move to the remote countryside.
  • MastG
    MastG Posts: 77 Forumite
    First Post First Anniversary Combo Breaker Mortgage-free Glee!
    a) 2004? shortly before watching the tv program 'pay off your mortgage in 2 years'
    b)98,000
    c) 2010 savings offset mortgage in first direct account
  • rev229
    rev229 Posts: 1,045 Forumite
    First Post First Anniversary PPI Party Pooper Mortgage-free Glee!
    Mortgage free since 25/05/2013
    2006 off set Mortgage for £155000:eek:
    Total overpayments £98,000
    Intrest saved £12,800:j
    We wanted to be mortgage free by the time our DS left school at 18! However he is now 16 and left school on Friday we paid the last bit on Saturday!
    Amazing feeling and we have done it by just saving every penny we had. For 6 of those years we only had DH working. I started work again last May and we decided to live of my wage plus the extra overtime I do and put all DH money into the overpayments!
    I am 46 and DH 45. Some of the people I work with are still paying back massive mortgages and can't retire! I work for pleasure not for need and that is a great feeling!
  • luxor4t
    luxor4t Posts: 11,125 Forumite
    Name Dropper First Anniversary Photogenic First Post
    We had a toxic low-cost endowment mortgage, but overpaid and saved towards the potential underpayment, rather than give the endowment company more of our money.

    I'm happy to announce it is now a year since we became Mortgage Free :T
    I can cook and sew, make flowers grow.
  • harry66
    harry66 Posts: 15 Forumite
    Mortgage-free Glee!
    Decided: August 2000 - day we moved into our flat. Planned it from the outset and took out a mortgage with a 3 year fix rate and no repayment penalty after the 3 years.
    Mortgage: £65,000
    Became MF: August 2008

    How we did it: Extremely careful how we spent money, only two cheap holidays during the 1st 6 year period. No fancy gizmos or gadgets, cheap 2nd hand car, clothes from Supermarkets etc. Basically just kept piling the money into our account and sending in a over-payment cheque every few months after the 3year fix rate ended.
    When made the final payment it just felt amazing - now I can spend money whenever I want on whatever I want (unlike many friends / colleagues who are struggling under their debt) - but having learnt some good self control during the mortgage years I am still careful not to be too extravagant.
    We continued saving reasonable amounts even after MF and will soon be looking to buy an investment property to help supplement the pension or even consider early(ish) retirement...
  • Tranquilday
    Tranquilday Posts: 13 Forumite
    Mortgage-free Glee!
    Hello everyone who is now mortgage free. I salute you.

    a). From our first payment back in 1975. It was our dream to be mortgage free and was the carrot dangling in front of our faces.

    b). Our highest mortgage was £27000, not much in today's terms but back in 1986 when OH was the main breadwinner earning £8K a year, it was a small fortune

    c). We have been mortgage free since October 2011 after paying a mortgage for 36 years. I cried in the office when I saw that the endowment had been paid out, was in the bank and it covered our mortgage. Such a relief.

    d).Pearl of wisdom - Never give up on your home. It will be a struggle but it is worth it in the end.

    Good luck to all of those who still have a mortgage.
  • black_taxi_2
    black_taxi_2 Posts: 1,816 Forumite
    Debt-free and Proud! Mortgage-free Glee!
    tranquilday,werent interest rates back then were the highest ever?

    great effort considering your wage,and staying the course
    £48515 interest £181 (2009)debt/mortgage-MFIT/T2/T3
    debt/mortgage free 28/11/14
    vanguard shares index isa £1000
    credit union £400
    emergency fund£500
    #81 save 2018£4200
  • Tranquilday
    Tranquilday Posts: 13 Forumite
    Mortgage-free Glee!
    Hello Black Taxi,
    I hope you are well. Yes... you are correct about the interest rates. Our daughter was months old when they hit 15%. All we could do was pay the mortgage, utilities and bills, whatever was left we fed ourselves with. Hubbie had to ride 15 miles each way to work,on a push bike, as we couldn't afford the fuel for the car. It was an horrendous time but we got there in the end.
    All the very best.
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