I paid off my mortgage today

[Whatdoidonext]

Just wanted to tell someone! Not to brag, not at all. I appreciate rising mortgage costs are a huge struggle for.many, and home ownership an impossibility for others.

But it's such a big step towards financial independence I figured it would ring true with some on here, and it's one of those huge milestones you can't really share amongst friends and colleagues.

Not the smartest financial move, I am sure but our 1.7% fixed rate finished end-May, and so £145k moved later ... no shopping for a new mortgage.

Always dreamed of paying it off by 43 (because it rhymes with mortgage-free!) but missed that by a couple of years. But at least it rhymes with the year

Going to have some quiet drinks with the wife as a silent celebration!

I've read for many it's an anti-climax, but honestly it feels like a weight lifted.

How did others feel? Did anyone regret it later on?

[Whatdoidonext]

Seventyseven7 said:

Doesn’t sound very aspirational to me tbh. People seem to be motivated by paying off a mortgage on a house, rather than moving up the ladder to bigger and better properties for the fear of having a mortgage.

Moving up is diminishing returns when you get to a certain point, and an asset I'm only likely to pass on to my kid rather than ever release that equity for something else.

We've more bedrooms than people sleep in. Why add more? We've a mature, secluded garden big enough for us and our dogs. I could never afford the acreage the countryside has to offer so why add more?

Aspirational to me is quality of life. I aspire to retire at 55 with a decent 4 bed in a leafy part of the South East, commuting distance to London, rather than work to 65 with mansion!

[Whatdoidonext]

Seventyseven7 said:

... it’s meaningless as my property might be a 150k terrace house on a council estate in dartford or it might be 2 million pound property in Weybridge.

It's only meaningless if you're keeping score with others over what your portfolio is worth relative to someone else, surely?

[Whatdoidonext]

Thanks for all the hugely positive comments. I was a bit nervous when I posted this!

Great to see the different views and opinions. As others have said there's no right or wrong answer, only the one that works best for you.

We had the opportunity to borrow substantially more money than we ever accepted. In hindsight we've never had periods out of work, and seen decent salary increases and so bigger mortgages would have been fine, but I've no regrets for the decisions we made.

We made 2 well timed moves up the property ladder, and I think always found the sweet-spot between cost and what you got for it, without any significant compromises. The majority of our mortgages have also been during a period of incredibly low interest rates, which feels nice!

A week after making that final payment and it still feels great ??

[Whatdoidonext]

covmutley said:

Yes, that retirement thread is the same. Some people see 3 luxury holidays per year as important for a 'comfortable' retirement, I suppose especially if you've been used to that in working life, whereas heaven for others is a good walk followed by a slice of cake, or fish and chips out of a wrapper sat on a harbour wall.

I'd take the latter every single time!!!

[Whatdoidonext]

Yep, see you back here in the future!

FWIW it has been a couple of months now since paying ours off and it has been transformative.

Our mortgage was relatively small (1/8th my take-home) and I'd never had a sleepless night over it, but just knowing the house is ours and our biggest outgoing is the council tax ... it's a wonderful feeling.

For those still on the journey I'm wishing you all get here some day!

[Whatdoidonext]

LeighW said:

Four years since settling mine, now I find myself more irritated by the council tax I have to pay.