Dh and I have just paid the last payment on our mortgage. Not super early, just 5 years earlier than term of 25 years. We are in our mid 40s and feel elated and want to celebrate but weirdly don't feel we can tell anyone apart from parents as lots of friends and family are still burdened by theirs. . I think we will go out for a lovely night out rather than have a party. Would like to hear your stories or any ideas.
I think it's a strange thing to have a party about to be honest. We are coming up to the end of our fixed rate on our mortgage and debating whether to pay it off or continue with a new fixed rate as we've been offered a lower rate than we are getting on our investments so makes sense to keep borrowing cheap money. If we pay it off though I don't think we'll do anything, just be nice to have the extra money each month.
Nothing! We just carried on as usual but I splurged more. It didn't last long. A year later we bought a new house and so had a mortgage again but we will pay that off again at the end of this year. And then I will go back to quietly splurging
Many congratulations! It's a big achievement and no doubt a huge relief!!
Interesting you use the word burdened, we have a mortgage which we don't feel even slightly burdened by and may never pay off. We see that it's the most sensible way of investing our money and by extending the mortgage and upgrading our home we are adding value to it and the mortgage money facilitates that. It works far better than saving that money each month.
Back to your question, just enjoy the money or do what we would do which would be to use all the equity to buy somewhere bigger and take on another mortgage with repayments similar to what you were paying before.
Oh god we are not planning a party, that would be weird. It's just one of those situations where we feel we've past the finish line and want to jump up and down. I think we'll go out for a lovely meal and pop a cork or two. I use the word burdened because I am quite aware that many , many people are just that.
Crikey yes giddy even though our mortgage is manageable we do feel it's a burden, an obstacle in the way of being free!
I see that for some it's another form of investment if you have other ways to use up spare cash but for us, we won't have the spare cash to save or invest until the mortgage has gone. So, definitely a burden.
If we didn't have to pay any mortgage or rent, we wouldn't have to work to live (it wouldn't have any luxury, but would be feasible if necessary). It would open up the whole world!
It's unlikely to come much sooner than in 12 years time (currently scheduled for 14.9 years), unless both of one of our sets of parents dies and by some miracle their money hasn't mostly gone into nursing fees.
NotCitrus - but surely you would still need an income even if you don't have a mortgage or rent . We've paid off our mortgage but life is still a struggle (relatively speaking, I hate using that expression when half the world is starving) to earn enough for the bills, future pension provision, savings etc etc.
We paid our mortgage off last year but it was as a result of an inheritance, so bitter sweet. We raised a glass that evening and drank a thank you toast. It is a relief to be mortgage - free, still can't quite believe it. Well done for doing it all yourselves.