If you’ve been lucky enough to pay off your mortgage how did you feel?

[Cloud44]

Ive paid off my mortgage in the last couple of days and I think I feel a little underwhelmed! I’m early 40s, rent out the property as we live in my partners house, my monthly payments per month weren’t too bad and I’ve always kept the rent separate for any urgent repairs etc so I won’t see an immediate massive difference per month but around £500. I feel really fortunate to be in this position but just wondered if anyone else made some changes after paying off theirs? I’m not very happy in my job so wondering if I could use this to put less pressure on myself to stay there and take a few more risks job wise?

We Celebrated paying off our mortgage by ordering Domino’s Pizza (which was our children’s preferred takeaway at the time) and a bottle of champagne. On the day I remembered feeling quite excited that we actually owned all the house. I also felt more secure in my home.

We then set up a standing order to save the mortgage money (as we wanted to save for a new kitchen), so it didn’t make a big difference to us financially initially. I also didn’t feel I could share the news widely as it would seem boastful.

Absolutely underwhelming! But 4 years later I'm really feeling the benefit. I didn't change job but I've been saving hard as repaying the mortgage meant I really depleted my savings.

Getting the official letter from the mortgage company made it seem more real. And I downloaded my deeds from Land Registry once the mortgage removed their charge on the property, that was quite nice.

I paid mine off nearly 3 years ago.

To be honest I didn't feel lucky or fortunate and still don't.
I had a debt and I repaid it. I went through the years of hard slog, as a single parent and it was a relief not to have it hanging round my neck.
It did however change my life - enabled me to take redundancy and have a change of direction. So it was a very positive time for me.

I've been thinking about this recently as we've overpaid in recent years and will have paid it off (small house, cheap area) in 3 years time, when we're mid-40s. We had a loan from parents of £15k and about £10k in inheritances over the years, and the rest we saved/lived relatively frugally. I've been wondering recently though whether we should have stretched ourselves more and bought a bigger place on a longer term - we absolutely love our current place but it's quite small and a lot of our friends are able to entertain and host where we struggle. The garden's also pretty small. Doubtless I'd be fretting if we'd gone the other way though, and my husband is self-employed with no pension so we need to start saving for that!

Not paid off mortgage yet as such but we are selling and downsizing to be mortgage free. DH job has no real sick pay and as we are mid 50s we desperately want the security of knowing one of us could manage if the other got sick. I am sure I will sleep more soundly in my new (smaller) mortgage free house!!

We downsized and moved to a very cheap area to pay our mortgage off.

We had lost our home prior to that so it's great to have the security.

It was a relief.

Brilliant as we took it on when I was 22.
Very skint for yrs but worth it.

I was delighted, we did not tell a soul, we were in our late thirties which I appreciate is young. DS friend came round when they were both about 13 and announced his parents had paid theirs off and had just had a bottle of champagne.

I was underwhelmed and as my payments were low towards the end, I haven't noticed a benefit. Guess it's a good position to be in as I approach retirement.

I cried! We were financially unstable for quite a few years due to a costly divorce from my ex, so to be able to pay it off earlier than planned was fantastic. We downsized, renovated our new home with the equity from our old home and paid off the mortgage 5 years early at the same time I took my teachers pension. Even though I only work part time now, and DH has also reduced his hours, we have more money available each month as we have no debts and a decent amount of savings.
At 45 years old, we had a mortgage, 20K debt, drove an old banger and worried every month about money. We’re not wealthy by any stretch of the imagination, but not having any money worries is just so good.

Huge treat from my lovely dad when I told him that I only had one year left on my mortgage and he paid it off on the spot.Think I appreciated it more than the usual bank of mum and dad at the deposit end that I definitely didn't get. Definitely feel more secure now it's gone.

I was late 40s when I paid mine off after my husband died. We had just left it as it was £40k and very low interest. I'm 61 now and remarried and neither of us have a mortgage but fuel and council tax make up for it. I feel really sorry for those who are just starting off in life now.

We were about 48 (so quite a while ago) and it was terrific. I went into the bank and asked to pay my mortgage. The teller misunderstood at first and thought I meant just that month's payment. When she told me the outstanding balance, I wrote out a cheque and handed it over. "I bet that felt wonderful!" she said, and it did, but IRL it was only DH, I and she who knew.

At the time, it was a plain house in a cheap area (which has subsequently become more desirable). But our pension looks better for it.

We paid ours off in our early 50s and while it was great to finally do it, it was a bit of an anticlimax.

I actually expected the building society to wave a few balloons around and offer me a glass of something (I went into branch to clear the last few thousand) but no, not even a congratulations from the cashier 😂

I also thought we'd get the ye olde deeds but unfortunately they'd been lost years ago FFS.

It was underwhelming, we had been on track for years, it wasn't a sudden windfall. Just a call to the bank to arrange the final payment. Diverted the payments into my pension. We too have wondered if we should have gone bigger, like a pp we love our house and its location but it's not great for entertaining.

03.01.25, felt amazing, didn’t think it would ever come

Relieved. I'd had to give up work due to becoming generally incapable, so it was reassuring to know I had a roof over my head.

Didn't feel anything ,Would have never occurred to either of us to do anything but it was the second one we had paid off (no celebration on the first one either). We paid it off, got the letter confirming it and removal of the charge a couple of weeks later and filed the letter. We aren't very celebratory over the top people though so I am not saying my way was right. I suppose, given that neither of us went to uni or got any help onto the housing ladder we should be more pleased with ourselves.

I paid off the mortgage in my mid-60s and still working full-time as a teacher. My late DH and I had sold our UK home and bought in mid 2000s.

It felt great walking into the bank and paying it off, but a little underwhelming later. Still so glad to have entered retirement without the debt and feeling secure.

We’re not far off. Yeah will be very underwhelming. Will feel like one less thing to worry about but we’re definitely not going to celebrate in big fashion. Possibly a takeaway!

Not there yet but the end is in sight and I’m saving to over pay or clear the final balance at the end of my current fixed deal. My plan is then to do another year or two of full time work and use that money to add to my pension pot then drop to 4 days a week which I think will give me roughly the same net income as full time minus mortgage, and that will be life changing!

I don’t understand much about pensions, I think that’s the next thing to look into, I have no clue how to overpay into my pension or what it would actually mean for me!

A bit sad. Both my parents had died and I paid it off with my inheritance money. I was 45.

First house - we knew we would have to move soon so it was more putting the funds aside to increase deposit for a bigger house.

This time - will pay off in April - the money will go straight into supporting DD at university from September onwards. No luck with saving money.