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Original poster

Mortgage

43 replies

FuckoffeeBeforeCoffee · 05/01/2023 13:59

I can't tell anyone in real life but I wanted to tell someone. ^
^
We paid off our mortgage today. I'm so happy. I can't believe it.

OP posts:

TTCm · 05/01/2023 22:48

@Deathbyfluffy what a lovely encouraging post! And I can only imagine the sense of achievement you felt to pay yours off at that age too!

glasshole · 05/01/2023 22:52

How awesome, congratulations!

I have sat down today and worked out my DHs mortgage. We ahead over pay and it's only a small mortgage but I really want it to be paid off ASAP. The fixed term ends in 4 years 6 months and mortgage ends in 7 1/2 years. With current overpayments we should be done in 4 years not I really want to try and shave it down to 2 or 3.

jennymac31 · 05/01/2023 23:48

Congratulations - our fixed rate deal ends in 3 years and we're hoping to have paid off our mortgage by then but we shall see.

Original poster

FuckoffeeBeforeCoffee · 06/01/2023 12:27

Deathbyfluffy · 05/01/2023 22:43

Congratulations! I was lucky enough to pay mine off in my early 30s too and it’s such a good feeling.
We had to go without a fair bit, but luckily I like older cars and I’m not too spendy so I barely noticed! 😁

In a world full of uncertainly it’s a lovely thing to have done.
Well done to you and anyone else in the same boat, and a gentle bit of encouragement to anyone striving to do the same. You can do it too!

Lovely post - thank you. It really is a great feeling.

A few years ago, I was made redundant and I was terrified. It actually worked out for the best but at the time it felt horrible. Knowing I don't have to worry anymore is amazing.

I wish all of you aiming towards paying yours off the best of luck.

OP posts:

Original poster

FuckoffeeBeforeCoffee · 06/01/2023 12:28

TTCm · 05/01/2023 22:38

A huge congratulations @FuckoffeeBeforeCoffee , what a fantastic achievement. I bet you can’t wait to start decorating!

any tips or hints? I’ve done a massive spreadsheet and think we can pay ours off in 8 years. I’m 32 so hoping to pay it off by the time I’m 40. I’m due our second baby in a few months though so need to make sure I don’t overspend on mat leave! I feel like I’ve become a bit obsessed with planning to overpay! We’re hoping to clear £150k by the time our mortgage deal (1.29%) comes to an end mid-2026. We will then only have £100k outstanding. It feels like a mammoth task but I’m so determined!

good luck everyone else!

I was going to say to overpay as much as you can. We paid off 10% extra each year as well. It makes a huge difference.

Congratulations on your second baby. ❤️

OP posts:

iRun2eatCake · 07/01/2023 07:22

I overpay the 10% each year but I'd pay more if l wasn't penalised - so it's very frustrating!

Arushofbloodtothehead · 07/01/2023 07:43

Congrats OP.

Also here for any tips. I'm 32 and 2 years into a 30 year term.

WLAH · 07/01/2023 07:53

Congratulations
18 months left here so all been well done by next year

LizBuin · 07/01/2023 08:00

Arushofbloodtothehead · 07/01/2023 07:43

Congrats OP.

Also here for any tips. I'm 32 and 2 years into a 30 year term.

My tip would be use one of the online calculators to see how much you can shave off your term by overpaying, seeing the figures can really help motivate you. Another tip I've read is that if/when you get a pay rise try to use the increased money to overpay, you're already used to living on the previous amount.

We paid ours off last year and I still get a kick out of it.

Original poster

FuckoffeeBeforeCoffee · 07/01/2023 10:16

I don't really have any tips but this is just my life -

I don't have any credit cards and never have. No loans or store credit or finance.

Car paid for outright and it's almost 10 years old.

No fancy holidays (this is going to change - I'm looking at a cruise already!)

I desperately need a new kitchen. It was run down when we bought 8 years ago - but we've prioritised the mortgage.

We saved and saved to pay off 10% each year - this has made the biggest different. Definitely try to overpay if nothing else.

I now have £200 to last until payday because I put all my savings into paying it off 🤣🤣

OP posts:

Redkatagain · 07/01/2023 15:07

I paid mine off in mid November. It took a few weeks to come, but I did get a letter congratulating me, reminding me to cancel the direct debit.

A few weeks later, there was a recorded delivery package, which turned out to be the historic deeds. (You don't need them as it's all electronic with the land registry now) but they are nice to have.

The main reason I felt so good is that mine was a leasehold flat with an evil management company who will write that they will 'contact your mortgage provider' for any perceived transgression of their rules (for example, leaving washing on a clothes horse visible inside the property) Rubbish I know but still upsetting to be threatened. I can't wait for the next threat to arrive... I'm going to call their bluff!

HassallGreen · 07/01/2023 17:11

@FuckoffeeBeforeCoffee do you not want a credit card for the extra consumer protection?

Original poster

FuckoffeeBeforeCoffee · 07/01/2023 17:39

HassallGreen · 07/01/2023 17:11

@FuckoffeeBeforeCoffee do you not want a credit card for the extra consumer protection?

That's been suggested before, and I really do think I should get one for my credit rating if nothing else, but I have just never had one.

When I was younger, I didn't trust myself not to spiral into debt and then I've just never needed one.

I'll look into it, though.

OP posts:

Fairydustandsparklylights · 07/01/2023 21:33

Where do you live that you had a £500pm mortgage that you can pay off by 33? Not at all a dig, I’m just interested. Can I ask what the mortgage you took out was?

ChristmasCakeAndStilton · 07/01/2023 22:01

Fairydustandsparklylights · 07/01/2023 21:33

Where do you live that you had a £500pm mortgage that you can pay off by 33? Not at all a dig, I’m just interested. Can I ask what the mortgage you took out was?

That's the repayments on about 120K at 2%
A 15% deposit - or equity - would bring you close to 140k. That would get you a 3 bed semi round me. BUT, you wont get a 2% mortgage these days.
We hammered through our repayments, as we took a tracker out, initially discounted below the base rate, and reverting to 0.25 above the base rate. Of course around 2010 we were then accruing under 1% interest. Kept paying it off on the 4% repayment amount. It was paid off by 35.

Short story: history and geography has a lot to do with it.

WaddleAway · 07/01/2023 22:06

FuckoffeeBeforeCoffee · 07/01/2023 10:16

I don't really have any tips but this is just my life -

I don't have any credit cards and never have. No loans or store credit or finance.

Car paid for outright and it's almost 10 years old.

No fancy holidays (this is going to change - I'm looking at a cruise already!)

I desperately need a new kitchen. It was run down when we bought 8 years ago - but we've prioritised the mortgage.

We saved and saved to pay off 10% each year - this has made the biggest different. Definitely try to overpay if nothing else.

I now have £200 to last until payday because I put all my savings into paying it off 🤣🤣

This is my life too, but I have 25 years left on my mortgage and not a single spare penny to overpay!
Congratulations OP!

Original poster

FuckoffeeBeforeCoffee · 08/01/2023 21:19

I live in the south west.

Four bed detached house for £205k in 2014 when I was 25 (there's a two bed terrace the the next road for sale for more at the moment!)

25% deposit.

Our payments came down every time we overpaid. Initially they were £740 ish.

We had about £80K left to pay at 2.14% when we paid it off.

OP posts:

WonderingWanda · 15/06/2023 09:50

Well done op!

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