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Original poster

How did you react to/mark repaying your mortgage?

44 replies

Giddyaunt18 · 17/01/2017 17:04

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.

OP posts:

chocoshopoholic · 17/01/2017 17:17

I didn't do anything, didn't feel that my financial affairs were anyone's business or party worthy to be honest.

But having said that, when I saw that there was money in my current account two months later I booked a decorator to do the stairs and hallway.

Timeforabiscuit · 17/01/2017 17:21

Congratulations!

Id probably do a day trip that was worth exactly the same as one months mortgage payment

chubbytubbybyebye · 17/01/2017 17:27

We hope to be in your position next year. Not planning anything to celebrate as will start saving for a new car.

trevortrevorslattery · 17/01/2017 17:32

Congratulations!!
I like the idea of using a month's repayment amount for a trip / hol / weekend away.
We won't be in your position for some time, but it must feel amazing to be freeeeeeee! Well done.

I agree with you not to have a party as others may not be in the same position and feel a bit funny about it. Take yourselves out for a lovely night out.

girlelephant · 18/01/2017 12:13

Congratulations! I would book a trip or holiday

lokisglowstickofdestiny1 · 18/01/2017 12:19

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.

AcademicInHiding · 18/01/2017 12:21

Congratulations!

I'll be there in four years time when me and DH are both 35.

I can totally understand why you want to celebrate. Once we've paid off the mortgage, we'll be free to start properly saving and investing and to change careers. I can't wait.

Use the amount that you would have spent on mortgage this month to treat yourselves- night away, shopping spree etc.

Ragwort · 18/01/2017 12:27

Errrrrrrr.......... nothing really. I think it coincided with DH going self employed & our income reduced hugely so we didn't really notice any 'saving' .

Longislandicetee · 18/01/2017 12:28

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!!

TheresABluebirdOnMyShoulder · 18/01/2017 12:30

I think the mention of a party was tongue in cheek..

I like the idea of a treat/weekend break/day trip the same value as one month's repayment. Congrats - it must feel good!

Notreallyhappy · 18/01/2017 12:48

I'll let you know next month
Will be nice not to have that worry.

Stilitzvert · 18/01/2017 12:58

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.

Original poster

Giddyaunt18 · 18/01/2017 13:36

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.

OP posts:

trevortrevorslattery · 18/01/2017 14:17

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.

Enjoy your meal and fizz

NotCitrus · 18/01/2017 14:36

DP will celebrate and probably retire!

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.

Ragwort · 18/01/2017 15:49

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.

dontcallmethatyoucunt · 18/01/2017 18:10

We had a bottle of fizz and booked a very expensive holiday.

dudsville · 18/01/2017 18:12

I like the idea of a special meal. Maybe you could go someplace you wouldn't normally?

Original poster

Giddyaunt18 · 18/01/2017 21:18

Thanks for your kind words and ideas and for letting me jump up and down just a tiny bit

OP posts:

TalkinPeace · 18/01/2017 21:49

my final payment was only £42 so it was rather an anti climax
and DH was away that week
so we had a bottle of Cava when he got home
and that weekend went to a friend's post mortgage party :-)

ParadiseCity · 18/01/2017 21:54

Congratulations OP

When our mortgage is paid off I intend to give one months payment to Shelter then the following month I will tell DH it's all paid off

I can imagine the feeling of being so excited/triumphant and wanting to be discreet and mindful of others. Bloody well done to you.

Roll on 2026 and I should be there

AnneElliott · 18/01/2017 21:55

Well done op. I'm still paying mine off but my friend has just paid his off and has booked a holiday with his spare money.

Marmitelover55 · 18/01/2017 23:29

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.

nannynick · 19/01/2017 06:34

You could drive to Nashville and shout "We're debt free" on radio/YouTube. Seriously if you were in America then you could.

m.youtube.com/playlist?list=PLN4yoAI6teRO_vPRzFxsaEYrx9f1-nE6i

Personally, I didn't do anything. Took a couple of months to sink in and got me thinking more about retirement investments.

PlumsGalore · 19/01/2017 06:43

We paid ours off at Christmas 7 years early. I did think I was going to shout it from the rooftops to anyone that wanted to listen. But in the end that felt ridiculous and braggy, so we just told my mum and two close friends and that was it. This pay day will be the first with an extra £1700 and the first time in my adult life I haven't owed anyone a single penny.

For now, that's good enough for me.

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