Mortgage paid off today :)

[Grogusmum]

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.

It’s fab, many congratulations OP. We are in our early 50’s, paid our mortgage off at 31, been mortgage free ever since. We only got a letter too! Go out for a nice meal and celebrate .

I haven't even heard that! I have had no acknowledgement whatsoever, and I had to cancel my own direct debit for my mortgage as well.

Our building society works it out the same way (Nationwide).

Congratulations by the way! We’ve still got a couple of years to go but the end is in sight. Think you should treat yourselves to a nice meal in a restaurant.

Having just had a letter saying that my mortgage has gone up again I wish id not opened this thread 🙈🙈

Congratulations op! I am genuinely happy for you as it is lovely to read of others' successes but urgh I'm sick of being skint with mortgage increases.. childcare fees costing a fortune and food prices going up...

Well done op. I can't wait until our has finished and I'm glad to hear the feeling is worth it!

Wonderful news! Congratulations 😁

Brilliant, he absolutely loves a spreadsheet, and tbh even though I do take the piss, it really was useful for us!

Have to agree I do love a bit of beans on toast with a bit of grated cheese on top! Not everyday like, but once in a while it really hits the spot!

It's tall 'popyy' syndrome. Bloody begrudgers.

Thanks and appreciate where you are coming from. We will have 2 kids in childcare soon so whilst we drop paying the mortgage we will now pay for an additional kid in nursery. So swings and roundabouts.

Congratulations 🎉
I paid mine off last year and it feels great, I'm in my 50's.
I haven't told anyone outside of my family.
I work with people who are struggling with mortgages and childcare costs and as a gen x they seem to think the fairies came one night and gifted me a house, the fact that I was a single parent sometimes working two jobs doesn't cut me any slack.
So I'm keeping quiet 🤐

Practical note OP, don't forget to sign up to HM Land Registry's Property Alert service (it's free).

This is because once the mortage company removes the charge on your property title you are a little more at risk of fraud, as certain types of fraudulant activity on the property won't be blocked by that chage (or cause the lender to get an alert).

This could include fraudulant secured loans or new mortgages taken out against your property by identity theives. Or, even worse, outright house theft, which has been reported recently.

The rules tend to vary by lender, so definitely worth double-checking with your lender - if you go over their thresholds then you will incur charges.

My lender allows 10% per annum of the original amount borrowed when first taking out the mortgage.

Awesome! x

I still remember the joy when our last mortgage payment was the same month that our youngest dc finished university!
We continued to put the mortgage amount into pension fund and savings. But the freedom was amazing.
It would have been 2007 and was £1200 a month then so a total of around £200k.
We had to have major building done on our house a few years ago ( new roof, gable wall replaced, new boiler etc ) guess how much it came to?

Congratulations! We should pay ours off by Christmas. It's taken a lot longer than expected due to a few bumps in the road, but we've been careful, and are almost there. This is our second home so we're not looking at moving for many years.

DH was talking about travelling again & all sorts of wonderful lifestyle things. Until I reminded him we will have to start saving half of it towards private high school fees for DS (hell will freeze over before he goes to our public option) and everything that has been on hold, like renovations, newer cars etc will eat the rest!! There's always something!

Well done!! We've just remortgaged for 24 years (45) but plan to repay in 10 years. I was very excited yesterday after doing a pension forecast and realising that my 25% tax free lump sum will more than repay ours ( and that's not including DS').