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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:

CPtart · 19/01/2017 06:53

We paid off ours recently due to unexpected inheritance. My DM was killed in a car accident. We are mid 40's. Doesnt feel right at all and haven't told anyone.

BarbaraofSeville · 19/01/2017 10:16

We're currently expecting to pay ours off in about 10 years time and unless interest rates rise massively, won't overpay as the interest rate is currently about 0.6% pa.

It is likely to be fully offset and making a profit within about 5 years but when it is actually paid off, I will probably drop one day a week at work so will work 4 days a week instead of 5 but still have the same amount of disposable income.

ShotsFired · 19/01/2017 10:21

Congratulations OP, what a great achievement.

I hope to be sort of in your place in a few years (more complicated set up but in essence) and I am already proud of myself for shaving such a big chunk off the term already. A lovely meal or whatever to mark it is a great idea and nice pat on the back.

Well done!

mumblechum0 · 19/01/2017 10:26

We paid ours off 6 years ago (mid forties) and as it was £5,000 per month it made a massive difference. The night of the last payment, we just went to a country pub and had a bottle of nice wine as we were in Devon but when we got home we booked business class flights to California and had a 3 week holiday for the same as 2 months payments

clerquin · 19/01/2017 13:59

We've technically paid off our mortgage last year but have deliberately chosen to maintain a minimal mortgage to keep our generous credit line 'just in case' and keep our options open. Didn't tell anyone since I didn't want to invoke envy/jealousy.

No magic - just regular overpayments on a 25 yr old term which we paid off in 17 yrs so 8 yrs early. We're in our mid/late 40's and have thrown parts of bonuses and redundancy payments when we could afford to. We did have to start paying school fees for DC1 more or less at he same time so that was a big incentive on our timeline.

We also splurged on our first family skiing holiday last year plus lined the pockets of Disneyworld in the summer after making substantial pension contributions (being sensible!)

BIWI · 19/01/2017 14:05

We paid ours off last November - and celebrated with a bottle of Champagne or two

It's a lovely feeling.

I haven't switched my monthly payment into my savings yet, although this is what I plan to do - but it did allow me to go to Australia in January!

NotCitrus · 19/01/2017 16:51

Ragwort our house has a granny annex we rent out, we also have a lodger, could have another or AirB&B part-time if we wanted, and DP could take his pension early at the end of this year if he wanted. And I could get a final salary pension in 9 years if I took it early. So yes, we could live without a proper job if we didn't have a mortgage, even before any state pension. We'd also continue to do odd bits of work, but only because we wanted.

Ragwort · 20/01/2017 13:03

Sounds good NotCitrus

llangennith · 20/01/2017 13:16

I felt relieved that finally I was mortgage free. Then carried on as usual.

myfavouritecolourispurple · 20/01/2017 15:21

Interesting you use the word burdened, we have a mortgage which we don't feel even slightly burdened by and may never pay off

I see it as a burden because if you lose your job for some reason you are seriously in the doo-doo. We paid ours off at the end of last year and celebrated with a bottle of fizz - like Marmite, it was as a result of an inheritance although we were only 3-4 years away from paying it off anyway. It is good to know that whatever happens, you own your home and if you do lose your job you only have to find food and bills. It also sets you free to pursue a different career or work fewer hours - or indeed, buy a bigger house and get a new mortgage.

BarbaraofSeville · 20/01/2017 15:29

You're only seriously in the doo doo if your mortgage is towards the upper end of what you could borrow on your current salary.

If your pay has gone up since you took it out, or you didn't stretch yourself, you could manage on one salary or any old job. Our mortgage is about £350 pm. We probably spend more than that a month on food.

SugarMiceInTheRain · 20/01/2017 15:40

Our mortgage wasn't massive, due to where we live and both of us being financially cautious, but we paid it off last month (inheritance, DFIL died unexpectedly) We were going to go out for a pub lunch to celebrate but when we got there, they told us there was an hour's wait for food, and we didn't really have that long before we had to fetch the DC from school, so we went to Subway instead. Classy Like you, I don't want to tell people as I'm only 35 (DH mid 40s) but the extra few hundred a month will mean we can just live a bit more easily, afford a holiday occasionally, and finally get a second car which we've needed for a while.

NennyNooNoo · 24/01/2017 20:22

We paid ours off 10 years ago ( I was mid 30s) as we moved to a cheaper area and used the profit made on the first house to buy the second house outright. But then remortgaged 4 years ago in order to fund a large extension and some major home improvements. No party or big announcement when we paid it off - like you, most of our friends were just getting on the property ladder so we kept quiet about it.

InMySpareTime · 24/01/2017 20:32

We'll have the money to pay ours off in a few weeks when DH's shares are bought as part of a company merger, but we're waiting to pay it off until the summer when the fixed rate (and the ERP) finishes to avoid charges.
Then, we'll start saving in a Lifetime ISA for my pension, and put the rest by for the DC's university living costs.
It'll make a massive difference to the family finances as we currently pay £1100 p/m including overpayments.
Celebration-wise, it will coincide with the DCs both being away, so we will likely take the chance to go away to the Orkneys or Iceland for a long weekend.

mya83 · 24/01/2017 20:39

We've only had ours 2 years so far. Another 30 to go

MorrisZapp · 24/01/2017 20:40

We'll be mortgage free in four years, I'll be 49. I'm planning to take my extended family out for a slap up dinner at a swanky fish restaurant. They'll all be delighted for us.

MorrisZapp · 24/01/2017 20:43

I should have said 'seafood restaurant', it won't be the chippy :)

choli · 24/01/2017 21:01

Ours will be paid off in December, we will redirect the amount of the payments to a fund to remodel our kitchen and bathrooms. I am really looking forward to it!

Kmetsch3 · 24/01/2017 21:27

I changed jobs - less money but more fun
DW went part time.

It's a lovelyfeeling (aged 45) but we don't tell many people as most friends have years to go.

It's certainly given us a sense of freedom to work in ways and at times we like rather than because we have to.

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