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Original poster

What's it like to be mortgage free?

67 replies

redjumper · 11/03/2017 21:27

Its looking like we might be able to pay off our mortgage in the next few years by the time we're 40 if we put our minds to it.
I'm just looking for inspiration really from anyone out there who has paid off their mortgage. How does it feel? What do you do with all that money you previously used for your mortgage? How does life change for the better?
Thanks xx

OP posts:
LightastheBreeze · 18/03/2017 12:02

We pay ours off this year but its only about £200 a month, so although nice , it won't make a huge amount of difference, we bought our house 20 years ago and they didn't cost as much then.

Madbengalmum · 18/03/2017 16:18

It is a nice feel , it makes no difference to quality of living just means we now save more than we used to.

Vansandtracksandlego · 20/03/2017 19:40

Being mortgage free is a huge priority for me and DH and we've saved hard to work towards this.

I've struggled with MH problems so for me the main benefit will be knowing that, if my high pressure but well paid job which involves a long commute gets too much for me to cope with, we'll be in a position financially where I can 'down grade' to a lower paid local job . Just having that thought in the back of my mind would be lovely

Original poster
redjumper · 21/03/2017 11:48

Yes that would give peace of mind. I've been unwell throughout my current pregnancy and had virtually 9 months off sick. It really hit home how easily you can lose your ability to work and how important it is to have other options. Being mortgage free will give those options.

OP posts:
wavinghello · 21/03/2017 12:41

The thought of job loss/potential redundancy doesn't strike as much fear in me as it has done in the past. We've been able to save more and to be in a position to have the luxury of choice of paying school fees. We have paid the mortgage off in 18 yrs as opposed to 25 yrs by making modest but regular overpayments when we could and throwing small bonuses, pay rises and even some redundancy payments at it. We're in our mid forties so am now focusing on retirement planning. It'll be nice to be in a position where we could retire early should we choose to.

Sgtmajormummy · 21/03/2017 12:53

Yes, DH and I did some macabre musing and we worked out that, if not another penny entered our bank account we could live frugally for about 10 years before opting for voluntary euthanasia Shock.

That's not really comforting, is it?
Sorry...

slug · 21/03/2017 13:16

We paid ours off when DD was a year old. The main advantage was it took away the need for both of us to earning. As a result:

~DH took 6 years off to be a SAHD
~I was able to move careers and start off lower on the pay scale than I had been previously
~I was able to leave a job that was making me ill
~When he went back to work DH was able to take a series of interesting, though short term contract jobs that eased him back
~Ultimately DH chose to step off the career ladder and take a job that is lower paid but does not leave him the physical and emotional wreck that his previous career had.

The benefits for us were not so much financial, as we've frequently been down to one income, but the gains have been in our mental health and quality of life.

Aroundtheworldandback · 21/03/2017 23:20

We're not mortgage free but could be- dh says if you pay if off within 5 years there's a penalty. But we are fortunate enough to live our life as if we were because we have no money worries. Certainly not walking on cloud 9 all the time, just one less thing to worry about.

pamish · 22/03/2017 01:04

I got a mortgage at the age of 49, as I was then for the first time in a salaried job after a lifetime of lower paid freelance work. It was classic sub-prime - four times my salary, including overtime , to be paid till I was 74. I've always lived cheap so I figured I'd be able to keep it up somehow, if necessary could rent out one room.

But this wasn't needed as I inherited enough a few years later when mum died, to pay it off. I went on more or less paying it all into savings.

The huge benefit was that when a redundancy offer came up I was able to take it. Was a bit unsure to start with, but it's the best decision I ever made.

NameChange10001 · 22/03/2017 08:00

It means I got to give up a job I hated which left me physically and emotionally drained, and be self-employed.

I live oop North and bought when prices were v cheap in the 1990s. But I am also naturally frugal. I don't have any expensive hobbies or holidays. I have always been careful and lived within my means. I always overpaid my mortgage when I could, like when we were underpaid at work and finally won 18 months back pay. When my lovely grandma died and left me £7000, I paid that off the mortgage too.

I haven't told most people because now it would cost more than 3 times what I paid to buy a house this size in this area and I don't want unpleasant envious remarks.

I know how lucky I am and am terribly sorry for younger friends and family members who will probably never get on to the property ladder.

Kath2012 · 22/03/2017 16:19

Being mortgage free is amazing. My colleague just finished paying her mortgage today and she has been dancing round the office.

Guiltypleasures001 · 24/03/2017 20:03

We paid ours off yesterday, going to start building the savings back up. Bit of an anti climax really, not what we expected, not a balloon or popper in sight.

Original poster
redjumper · 24/03/2017 20:10

Well congratulations!!!WineStarFlowersCake

OP posts:
junebirthdaygirl · 24/03/2017 20:15

As soon as we paid ours off our dc started university. In lreland parents pay so total of 10000 a year per head for 3 dc for at least 4 years . Then we will feel the relief. Nearly there. More holidays hopefully.

Rabbit01 · 24/03/2017 20:36

Hmmm, feeling inspired to find my monthly budget planner.....

dollybird · 24/03/2017 21:05

We paid our mortgage off on our old house about 10 years ago. The 5 years ago we bought our current bigger house with a new mortgage. We'd never have been able to afford this house if we hadn't already paid off the previous one. We were lucky that we only needed a small mortgage (under £100k) so are overpaying by about £1000 a month and hope to pay this one off in a couple of years, by which time DC may be at uni. It's a great feeling to know you won't have that expense continuing as you get older when your income may be reducing. DH does a manual job and knows he may not be able to continue working at his current pace forever.

MrGrumpy01 · 25/03/2017 22:02

Another one where it won't make a huge impact as it is relatively small (again food bill comes to more)

However we have benefited from the small mortgage as we have had one of us at home for the past 9 yrs. We could pay it off but moving is on the cards so if possible it would be best to port this one rather than trying to get a new mortgage.

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