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Original poster

Mortgage paid off today :)

42 replies

Grogusmum · 15/06/2023 08:27

The feeling of having paid off the mortgage is truly wonderful!! It’s that sense of security it brings if either of us lost a job and knowing we don’t owe the bank a penny more!

We have paid it off relatively quickly (8 years - £250k excluding interest) by being fairly frugal but we still enjoyed life and didn’t just eat a tin of beans everyday! I’d think I’d choose to pay it off slower if that was the case haha!

Not sure how we are going to celebrate but thinking about going to shops and buying a nice bunch of flowers. Possibly book a nice restaurant for the weekend.

OP posts:
L3ThirtySeven · 15/06/2023 08:28

How very lucky of you. Congratulations.

Luckydip1 · 15/06/2023 08:29

Well done, that is amazing, good for you. There is nothing better than a mortgage free home.

arethereanyleftatall · 15/06/2023 08:29

Ahhh, good for you, I smiled when I saw that. I've got a few more years to go yet, but I'm so excited!

NeedANewPhone1 · 15/06/2023 08:30

What an achievement - that's lovely! Enjoy whatever treat you decide on 😊

megletthesecond · 15/06/2023 08:30

Congrats. It's something you can't really tell people in real life.

EggInANest · 15/06/2023 08:32

Well done OP.

I’m genuinely pleased for you but now you have the great feeling of relief and security of owning your home, if you want to celebrate, what about a donation to Shelter?

What will you do with your freed up money? Save? Pension? Will you ever want a more expensive house?

Darkandstormynite · 15/06/2023 08:38

Well done OP, that's awesome and such an achievement.

Ignore the passive aggressive digs. Tall daisy syndrome.

Definitely something to celebrate 🙌

WalterWitty · 15/06/2023 08:45

250k in 8 years 👏 That’s amazing OP congratulations - please share your secret!

Once our nursery fees are finally over (thanks September born child 😂) we will be sticking that onto our mortgage to overpay, we’d like to be mortgage free by our 50s

Original poster
Grogusmum · 15/06/2023 08:55

Thanks for the lovely messages everyone :)

We won’t be sharing the news to anyone in real life, not even my mum as she will tell everyone haha!

We haven’t really thought too deeply about what we will be doing with the extra freed up money yet as we are only just enjoying the moment. It’s something we will be thinking about in the next month or so and my DH will probably pull out another spreadsheet for us to fill in haha!

We intend to stay here for quite a while and it’s currently big enough and close enough to schools and nursery.

OP posts:
Madat54 · 15/06/2023 08:55

It's a great feeling. Mortgage free here also, helped all my children to get on the housing ladder, huge deposits are required nowadays. All independent adults so hopefully that has paid off, nursery fees for them are a different story....

Well done you.

Original poster
Grogusmum · 15/06/2023 09:04

WalterWitty · 15/06/2023 08:45

250k in 8 years 👏 That’s amazing OP congratulations - please share your secret!

Once our nursery fees are finally over (thanks September born child 😂) we will be sticking that onto our mortgage to overpay, we’d like to be mortgage free by our 50s

Thank you! The secret (which is not really a secret) is we have decent paid jobs between us. We overpaid at the start of each year (10%) with any bonuses we both had made. We had a regular saver each that came out of our joint account which went towards the mortgage each year.

We have an old car and thought about upgrading it, but every time we looked at newish cars we decided against it and pay towards the mortgage.

We did go on holiday but was reduced, and because of covid we managed to save a lot more money because we didn’t go out at all and our jobs were luckily still secure.

Definitely with you on once being able to free up on child care costs, you will be able to use that money towards paying off your mortgage, which is a considerable chunk! Goodluck :)

OP posts:
caringcarer · 15/06/2023 09:23

Congratulations we paid off ours on June 6th. We are still in a high and so excited we will have over a thousand pounds extra each month now. We took out ours over 20 years but as rates were so low overpaid and it's gone in 16 years and 1 month. Just in time before rates got any higher too. We have been very lucky with low rates for 10 years.

WhamBamThankU · 15/06/2023 09:25

Congratulations OP SmileFlowers

overthinkersanonnymus · 15/06/2023 09:25

How fabulous!! Congratulations

megletthesecond · 15/06/2023 09:25

When my boss paid off her mortgage (just pre-pandemic) they sent her a bunch of flowers.
I was most put out when all I got was a letter.

caringcarer · 15/06/2023 09:26

@Grogusmum, I chuckled when I saw your spreadsheet comment. My DH is an accountant and just loves to bring out a spreadsheet for us for paying off mortgage and another for our pensions too.

Selfesteem23 · 15/06/2023 09:27

Ahh well done!
We are 6 years in and hoping to do it in 15 rather than 25. ( bought later in our thirties) Can’t really afford to do more without sacrificing other things like savings, fun stuff and holidays.

Fully aware that financially it may not be the most savvy but we are going the security route. Anything can happen and we want that security as we age. I’ve had family struggling to rent in older years and so on…

Northernsoullover · 15/06/2023 09:28

Congratulations 🎊 I am hoping to buy and overpay. Can I ask is the 10% typically 10% of the value you're allowed to overpay? I'm only at the initial stages and you've given me hope as I'm quite middle aged and need to try and pay it off sooner rather than later.

Chewbecca · 15/06/2023 09:29

Congrats!

I hope you are also maxxing your pension contributions too, or will start now if you aren't already.

Motnight · 15/06/2023 09:30

Congratulations Op.

It's amazing how much positive effect overpaying your mortgage makes.

Muddlingthroughthissocalledlife · 15/06/2023 09:34

Enjoy the moment OP

I was mortgage free and then had to buy a bigger place and get one. The grind is real.

I'm doing the same as you, paying off lump sums at mo without living off beans. (Although I do enjoy beans on toast and consider it a legitimate well balanced meal.)

Original poster
Grogusmum · 15/06/2023 09:52

Congratulations to all those who have paid off their mortgages too.

We have not received flowers for paying it off (maybe still coming haha!) that’s why I’m off to the shops to get my own bunch! You’d think after all the interest they made from us, a bunch a flowers would be the least they could send to say thank you for our business haha!!

OP posts:
Original poster
Grogusmum · 15/06/2023 09:56

Northernsoullover · 15/06/2023 09:28

Congratulations 🎊 I am hoping to buy and overpay. Can I ask is the 10% typically 10% of the value you're allowed to overpay? I'm only at the initial stages and you've given me hope as I'm quite middle aged and need to try and pay it off sooner rather than later.

I think the ‘10%’ might not be the same with different/other mortgage providers. In our case what it meant was….. (let’s not include interest just to make the maths easier) we started off with £250k, in the first year we could over pay by 10% which was £25k. In the second year we had £225k to pay so we could over pay by £22.5k and so on and so forth until our fixed term was up. I know some mortgages allow you to pay 10% and can keep pay the same 10% of the original mortgage amount which wasn’t our case.

OP posts:
Muu · 15/06/2023 10:31

Congratulations! Enjoy your day out!

emmy4 · 15/06/2023 12:10

Congratulations OP 🎊 one year left for us. I can't wait!

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