The Mortgage Free Roll Of Honour

serry · 28 July 2013 at 9:46AM

I finally paid off my mortgage on 1st Oct 2010 by cashing in a £8000 investment bond which has always performed badly.

AlwaysLearnin · 28 July 2013 at 3:19PM

Just found this thread and enjoyed reading the stories. In our case:

a. The date you decided to become a MFW:

We've always had it in mind, but really committed to it mid 2004

b. Mortgage Debt at its highest:

£145,000

c. Mortgage-Free Date:

Fully offset Oct 2011

d. Your ‘one’ pearl of wisdom:

It was when we used a calculator to see how much we could save by over paying that we decided to go for it. Regular overpayments mean you don’t miss the money so much (plus once you’ve finished you have even more to put away - hopefully towards early retirement in our case). Finally, it is a GREAT feeling to know our house is our own!

Good luck everyone working towards it

lemonpopsicle · 5 August 2013 at 9:21PM

:j Yippee paid off the mortgage today. My lovely in-laws gave their 3 children (adults) 50k each from selling their big house and moving to a slightly smaller/much cheaper house.

a. The date you decided to become a MFW. 3.12.12 Just after becoming debt free and having surgery for cancer.
b. Mortgage Debt at its highest. 65k
c. Mortgage-Free Date Today :j
d. Your one pearl of wisdom. Join helpful threads like Debt Free By Xmas 13, 2013mfw, £2 Savers Club, they are full of lovely supportive people. Every little over payment helps.

Can I have my lovely badge please ? :A

Kerry_Woman · 21 August 2013 at 12:08PM

a. The date you decided to become a MFW
2008

b. Mortgage Debt at its highest
£39,000, got mortgage 15 years ago and had put down a big down
payment

c. Mortgage-Free Date
1st August 2013.

d. Your one pearl of wisdom
Don't be put off overpaying by bank or building society saying that
you have x amount of years left on your mortgage. (I was told that I had
10 years left on mine, the date I should have paid off the mortgage. It
was obvious that I will paying off before the 10 years were up.)

e. And if you had a mortgage freedom diary on MFW, a link to it.
Never had one.

jools27_2 · 4 September 2013 at 5:03PM

I paid off my mortgage in January this year, following the death of my OH. Not the happiest way to be mortgage free, but a huge relief to have one less bill every month!

Kerry_Woman · 4 September 2013 at 6:22PM

jools27 - Sorry to hear about your loss. Thoughts are with you.

moneypicapica · 7 September 2013 at 3:51PM

I have been reading this forum for about two years and got inspired by those people, who finally got rid of their mortgage. I wanted to be one of you.

a. The date you decided to become a MFW
2010, when I took out the mortgage

b. Mortgage debt at its highest
£49,250 with the help of a sizeable deposit

c. Mortgage-free date
6th September 2013

d. Your one pearl of wisdom
I made overpayments (as much as I could afford) from day 1 - I was impressed when using the mortgage overpayment calculator how much you can save. Swapping the car or bus for walking boots and walking the 2.5 km into work every day saved me lots of pounds in money and lost me a few in weight

.

Now the champagne is corked - and that was even free as I won it in a competition!!! :beer:

Shropshirelass · 11 September 2013 at 4:01PM

Date we decided to become MFW

1998 we made a bit of a profit on moving house and downsizing, and decided losing the mortgage was achievable

Mortgage debt at its highest

£155 000

Mortgage free date

2000 - DH was 61, I was 52

Pearl of wisdom

If you get a windfall of some kind, no matter how small, pay off the mortgage, even if a bit at a time. It is such a relief to finally get rid of it. And from then on, we have paid debit cards on time, and kept in the black - maybe not so many expensive holidays or meals out, but no feeling of dread when opening the bank statement.

ashleighash1 · 16 September 2013 at 10:30PM

after reading through this thread i'd like to add my details,

mortgage taken out may 2013

mortgage debt at its highest 49500.00

mortgage free date end of oct 2013

used an offset mortgage

pearl of wisdom
no matter how small keep overpaying because the faster it's paid the less the bank earns which is money in your pocket, and never remortgage as that will undo all your hard work

batchoy · 23 September 2013 at 7:38AM

a. The date you decided to become a MFW
October 2008 when my payments dropped with the BoE rate

b. Mortgage Debt at its highest
1990: £32,000 interest only with £80,000 endowment policy.
2000: £80,000 interest only with original £80,00 endowment policy.
2005: Rescheduled £55,000 interest only and £25,000 repayment to cover projected endowment short fall.

c. Mortgage-Free Date
23 September 2013

d. Your one pearl of wisdom
If there are penalties for large mortgage over payments, pay the maximum before the penalty kicks in and save the excess elsewhere and use it on months when you are short ready funds or for a large final payment

e. And if you had a mortgage freedom diary on MFW, a link to it.
Never had one.

The Mortgage Free Roll Of Honour

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