Paid off Mortgage today 🙌

[Mabris]

It's such a huge relief as DH had some health issues recently so decided to cut back on work by 90% (he's self employed). We can now relax and sleep well at night knowing it's all ours. House is work about 650k.

Great news - it's a brilliant feeling to know your house is yours and only yours!

Have you registered for property alerts?

https://www.gov.uk/guidance/property-alert

https://www.birkettlong.co.uk/insights/property/land-registry-and-property-alert-service

Apparently a house can be more at risk of fraud if it's unmortgaged, so it's worth registering to be advised of any activity relating to the property. It doesn't cost anything and you just get an email when activity is recorded, so you can check it's nothing sinister. If no activity you get a "no activity" summary mail every year.

Thank you so much. Have just registered x

Brilliant! Enjoy. 👏

Congratulations! We pay ours off in June!

Paid mine last month. This month I looked forward to getting to the usual payment date - tbh I needed to see nothing taken out. Even though I had had documents through.

I am 56, DH is 60. Was my house before I got with DH

Congratulations and best wishes to your DH 🙏

It's such a huge relief isn't it. I paid off mine about 18 months ago. Congratulations. 🎉

Congratulations 🎉

We have 2 payments left on ours, we actually pay the last remaining balance on my 40th birthday.

I must admit it's been a tight few years overpaying but we're hoping to enjoy life a little more once it's done 😊

Congratulations, that is lovely news to hear 😊😊😊

Hi,

Was my house before we got together 13 years ago. He owned his house but we agreed that we'll keep his house as a rental ( Also similar value to mine).

Congratulations in advance. So happy for you. Paying it off will offer so many options for you x

Congratulations

Can I ask what you do with the extra money that would otherwise be a mortgage payment? We plan to save ours and help our children should they wish to get on the property ladder in the near future

That's a lot to pay monthly if you still over 121k to pay off in 2 years. We had about 100k to pay 4 years ago unfortunately, we could only overpay a maximum ofc10% annually which is why it just dragged on for ages. As soon as the mortgage term came to an end, and there was no penalty for early repayment, we simply made a lump sum payment yesterday to clear the balance.

Congratulations OP. It's a great feeling when the mortgage is fully paid off.
We paid ours off early even although our monthly payments were relatively small( our council tax payments were more than our monthly mortgage payments).
DH was made redundant 3 years after we payed it off and it was such a relief to know that no matter what happened,we still had a roof over our heads.Fortunately DH found another job pretty quickly.

Congratulations @Mabris I remember being with mum in the building society way back when when she finally paid off her mortgage. I've still got a few years to go but looking forward to joining you at some stage

Congrats, it's a good feeling all right. I paid mine off a couple of months ago. It's worth a fraction of yours, but at least it's mine and no-one can kick me out.

I've already helped my DC on to the properly ladder. I do the £3k gifting to my DC too. We have been on more holidays in 2024. DH has retired 7 years early at 60. I go out to lunch 3 times a week with DH and out to dinner every week. I'm paying for DD, sil and DGC to come on holiday with us in May. I gift my niece who is at Uni a regular amount each month to help her out. We still save quite a bit of money each month.

I am happy for you. My dreams of being in this position have gone due to ExDH ill health at a fairly young age . It would be lovely to be mortgage free now as I am nearly 60. But I made difficult choices at the time .
Well done to those of you approaching this especially in your 40s . The sacrifices you may have made will definitely be worth it.

@Mabris sorry I wasn't clear, we have the low rate of interest for 2 more years and then we'll have to remortgage to find a better rate....we have about 25 years left on the mortgage!

Congratulations- it's a great feeling.

It is a great feeling, well done.💐

We paid ours off early by making significant overpayments, think we were 43 & 40.
That done, the same amount of money was then put away each month which meant that when we moved to our current (& final) house, it was done without the need for a mortgage (despite being bigger and in a more expensive area).

Congratulations, I’m older than you and only have around 252 payments to go.

Congratulations

Congratulations. I was happy to find out my mortgage is no longer in 6 figures. Fortunately, it is my only debt and aim to clear it in 8-10 years.

It'll give you the opportunity to take more risks in whaybyou do cos you can. For example I'm planning to take 5 month sabbatical from work and travel Asia and south America. I'll be putting it away to ensure I can have a very very comfortable retirement where I never worry about heating home and can go holidays eat out etc.

I'll be upgrading my holidays and staying in nicer hotels.

As you have children you can also help them out but make sure you use some of it for yourselves