How does it feel to pay off your mortgage?

[wewere]

We've been slogging years paying the mortgage and wondered when the day finally comes when I've paid it off, will I be elated or will it feel like an anticlimax, feeling exhausted by it all.

Well my credit score went down considerably after which I wasn't pleased about

When we paid ours off, we had the old style endowment mortgage which at the end of the 25 years didn’t actually cover the loan, so had to pay a top up to clear it. I wish we would have tried harder to pay it off earlier, but the mortgage company were obviously not keen for us to do this, but yes, when it’s paid off and you get the deeds to the house, it really feels good that you’ve achieved this.

It felt OK, but what felt better.... much better... was having hundreds of "spare" pounds EVERY month... the end of the month after paying it off was joyful when we looked at the balance and thought - "no worries" with a big sigh and a smile.

Relief and a feeling of security

FABULOUS!

It enabled both of us to take early retirement, top up our pensions and ensure we are very financially comfortable for the rest of our days.

As we always say, they can cut off the gas, electricity, water etc. but we will always have a roof over our heads as both the land and the house are all ours. Also, even in the extremely unlikely event we blew all our money and our cost of living increased dramatically, we have substantial equity. We could easily release a hefty sum and - even allowing for compound interest - there would still be loads left for care and our dd who won’t ever really need it anyway.

We paid ours off 2 years ago. It was a great feeling and you want to shout it from the rooftops but in reality we couldn't tell anyone as we knew the negativity we would get.

It is a saving of £1526 a month.

Very mixed feelings for us. We were able to do it because a much loved relative died prematurely. Hard to feel lucky, but we try to make sure we honour her memory now by enjoying the financial freedom.

Felt great!

Then we moved 5 years later. Bigger mortgage than ever...!

I’ll tell you in 14 months time.
Youngest child has 7 months left at primary school/wrap around care.
I can’t imagine that having £1500/month extra spending money can feel bad.

Ours is so small that I'm not sure it will really be that noticeable. We have just over five years left.

It felt amazing and was a huge life changer as we paid it off in when only in our mid thirties due to a high risk investment DH made. Could have been a disaster obviously. Until the pandemic hit we had almost 20 years of fabulous holidays and we have been able to save for early retirement. We will both be retired by 60, possibly as young as 57.

@HeatingOnHeatingOff we also didn’t tell a soul, we didn’t lie we just turned mortgage conversations around.

Like @OneGoodTurn, ours was paid off before I turned 40. Yes we had worked really hard to do this - no expensive holidays - but helped massively by a legacy from my DM. Would I rather be mortgage-free or have DM around? Definitely the latter. She was only 54 when she died and never got to meet her DGDs. However, if life gives you lemons, you make lemonade. We put the money into ensuring we always had a roof over our head and when DH was made redundant twice, it was a relief not to have to panic about the mortgage.

I know a friend of a friend who constantly goes on she has no mortgage and they worked hard. Found out other day she was left 200k in inheritance. Dont quite the same. I will have to down size eventually to get mine paid off.

Malbecfan, not having a dig at you. Posted the same time. Just saying woman always made out did it herself.

@Oldraver

Well my credit score went down considerably after which I wasn't pleased about

Same, that's rubbish. I didn't get anything in writing about the mortgage being repaid. Very anticlimactic.