The Mortgage Free Roll Of Honour

A_Frayed_Knot · 24 December 2018 at 8:48AM

Quick post before rushing out the door, will be back later with details.

However as of 21st December 2018 - I am now Mortgage Free :j:j:j:dance::dance::dance:

greent · 24 December 2018 at 10:34AM

A_Frayed_Knot wrote: »

Quick post before rushing out the door, will be back later with details.

However as of 21st December 2018 - I am now Mortgage Free :j:j:j:dance::dance::dance:

Congratulations, AFK! :beer:

A_Frayed_Knot · 31 December 2018 at 11:08PM

[FONT=&quot]Today I received my letter from my mortgage lender stating "Your Mortgage has been closed"[/FONT]in nice bold type, so I am now officially MF :j Perfect end and perfect start to a New Year.
[FONT=&quot][/FONT]
[FONT=&quot]a. The date you decided to become a MFW[/FONT]
[FONT=&quot]When I took out my mortgage, something at the back of my head was telling me I read/heard somewhere that you could overpay your mortgage, so set out to find out all about it. It was obviously Martin's voice while watching one of his programmes [/FONT]:T so thanks Martin.
[FONT=&quot]b. Mortgage Debt at its highest[/FONT]
£50k, Not a lot for some, but in relation to my salary - a lot, especially as they would not give me a 20 year mortgage due to my age

[FONT=&quot]c. Mortgage-Free Date[/FONT]
[FONT=&quot]21.12.18, regret now, not making that 22.12.18 as I bought on the 2.2.12 (get it) [/FONT]

[FONT=&quot]d. Your one pearl of wisdom.[/FONT]
1 - Anything saved on, or extra earned, then o/p it, then look at your balance and round it down, to a nice even 00 figure.
[FONT=&quot]2 - On remortgaging, work out how much you will save on interest (if a better deal), and add it to what you can afford a month, for example - on remortgaging I was going to save £70/month plus I received a lovely (note the sarcasm) pay rise of £20 a month - so decided to add £10 to this, then asked if I paid £100 more a month, how many years should I remortgage for. (This also left space for my 10% allowance per year) They told me 8 or 9 yrs, so ever the optimist, I plumped for 8 yrs (from 14 & a half).[/FONT]
[FONT=&quot]e. The MSE Mortgage guides and others that helped you [/FONT]
The overpayment calculator was one of my many motivations, not for the amount of interest saved (although that did help at times), I was more interested in when I could finish my mortgage. Not forgetting Martin's Site :money:

A big "Thank You" to Bexster who was always there encouraging me along from day 1 :A
also huge thanks to SJ, KK, LIL, AliOk, SueP, and So, So many more, so apologies if I missed anyone, and to my mum for helping with my side line, and achieving MF quicker than I ever thought possible.

Mortgage 2030 - 18 years,
MF 21.12.18
11 years 3 months early

Firegirl · 2 January 2019 at 1:20AM

Wow!!!! Sooooo exciting!!!!

Youthgonewild · 3 January 2019 at 1:36PM

Well done AFK.

I love the inspiration on these threads

alan_p_brown · 7 January 2019 at 6:02PM

a. The date you decided to become a MFW
When I started my last mortgage 15 years ago.

b. Mortgage Debt at its highest
£120,000

c. Mortgage-Free Date
September 2018

d. Your one perl of wisdom.
I didn't switch for 12 years, you don't throw away an offset mortgage tracking 0.25% above base rate!
For the last few years my savings offset meant that I was paying no interest on my balance of <£5000, but they were paying me £5 a month reward for having a mortgage with them (far better than the potential interest on the cash).

e. The MSE Mortgage guides and others that helped you.
That was 15 years ago when MSE helped me choose a low rate tracking offset.

Determined_Janet · 22 January 2019 at 9:57PM

Thanks to a nice little endowment policy and a bit of hard work. :rotfl:

I’ve been a bit of a naughty spender but always had my eye on this day when I could clear this.

a. The date you decided to become a MFW. 10 years ago when I bought my house
b. Mortgage Debt at its highest £65.000
c. Mortgage-Free Date 18th Jan 2019
d. Your one pearl of wisdom. Don’t buy stuff you don’t need, put the money against your mortgage payments instead

Feels great :beer::j:j:j:j:j:j

Determined now to save, save save.

msathya2104 · 25 January 2019 at 7:50AM

thanks for sharing

Helsbelsgem · 5 March 2019 at 10:07AM

a. The date you decided to become a MFW
When I bought current house in 2007 I thought about it. At some point around then I read this forum and decided it would be such a relief to be mortgage free. If one loses a job or gets ill, there would only be the bills to cover.
b. Mortgage Debt at its highest
132,000
c. Mortgage-Free Date
5/3/2019
d. Your one pearl of wisdom.
Over the years my salary increased, but I stayed thrifty, keeping costs down and increasing income in other ways. I overpaid the mortgage, increasing the amount over time. But give yourself a break at Xmas when it’s an expensive month, and have a life!
Keep costs down ideas - buy clothes in sales or on eBay, buy second hand cars, go on cheap holidays, only replace things when they break, check best prices on utilities once a year, pay off credit cards and debts in order of highest interest, really think about whether you need big purchases etc.
Increase income ideas - eBay old stuff, do bits of extra work when possible, rent out room / campervan.
e. This forum was inspirational
f. Since 2007, overpaid by 58k+ and decreased term by 8+ years

Meka3256 · 16 April 2019 at 1:54PM

a. The date you decided to become a MFW
2016

b. Mortgage Debt at its highest
£165k

c. Mortgage-Free Date
September 2018

d. Your one pearl of wisdom.
Buy in an up and coming area of the SE, and then once maximum equity exists, move in the North

Not sure how different my situation is to others as there are a lot of pages to read! I became mortgage free by moving from London to the North. I first bought a shared ownership flat in London in 2007. I was there 7 years, before buying a house in the then up and coming area of Hither Green. 4 years later I walked away with £160k and moved to a nice area in North Wales where this bought be a 3 bed semi. When I moved into the Hither Green house I expected to be there much longer, and was not planning to move out of London. However after spending 2015 abroad, I realised London did not have the same spark for me and decided to leave. It took me a while to figure out where to go, but once I did I sold as quickly as I could. It was great to say at 35 I no longer have to be worried about a mortgage

The Mortgage Free Roll Of Honour

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