I paid off my mortgage today

[caminator11]

Congratulations OP!

I think we have two years left and also feel it'll be a "quiet celebration" when we get there, many friends are renting etc at this point (in our 30s).

So from one PHer to another, big pat on the back. I bet it feels fantastic!

[Whoozit]

Congratulations! I found it such a relief to know that whatever happened career/health wise, there would always be a roof over our heads.

The financial freedom it gave meant being made redundant the second time wasn't the shock it might have been, and the decision to start my own business less of an existential marital discussion.

[Lincsls1]

Congratulations OP.
It must feel fantastic!
I'm over paying mine every month by quite a percentage, but it still doesn't feel like its going down quick enough.

[bmwmike]

Congrats OP. Really pleased for you.

Due to a bereavement I'm in the position to pay off when our fixed rate ends later this year. I'm in two minds. It seems a bit like cheating as we had made huge inroads into paying it off early by overpaying I sort of want to clear it myself, also for emotional reasons it's not really my money, and the circumstances which led to this money being in my account seems wrong etc. Few months to think about it anyway.

[Norton850]

Congrats Op....

I paid mine off aged 45 (10 yrs ago) and i tried hard to put away the same monthly amount over these last 10 year's but instead i bought things i couldn't while i had the mortgage.

I still remember the balance being handed over to Nationwide and the deeds being given to me,what a great feeling that was..

Edited by Norton850 on Saturday 3rd June 09:15

[Edible Roadkill]

bmwmike said:

Congrats OP. Really pleased for you.

Due to a bereavement I'm in the position to pay off when our fixed rate ends later this year. I'm in two minds. It seems a bit like cheating as we had made huge inroads into paying it off early by overpaying I sort of want to clear it myself, also for emotional reasons it's not really my money, and the circumstances which led to this money being in my account seems wrong etc. Few months to think about it anyway.

I’ve never been left inheritance, however I think I’d ponder whether would the person who left said funds approve of the way they are being used.

E.g. would you expect them to welcome you paying down debt/house with their money or would a 911 gt3 RS have received a bigger nod?

[Edible Roadkill]

Norton850 said:

I still remember the balance being handed over to Nationwide and the deeds being given to me,what a great feeling that was..

Edited by Norton850 on Saturday 3rd June 09:15

Given?

I’ve had to pay a solicitor £260 to have the nationwide remove their charge removed from my deeds & have them amended. Even though there’s no physical paper deed it’s an e-deed.

[Norton850]

Edible Roadkill said:

Given?

I’ve had to pay a solicitor £260 to have the nationwide remove their charge removed from my deeds & have them amended. Even though there’s no physical paper deed it’s an e-deed.

Yup given,

10 year's ago the paper deeds were held in a safe,i have them which shows the 1936 build drawings including plot allocation etc..also land registry doccumentation.

[Abdul Abulbul Amir]

Congrats OP, now is the time to up those pension contributions before you get used to the extra cash.

[BoRED S2upid]

Well done OP I’d be spending that mortgage payment on yourselves for the first few months to celebrate.

We don’t tend to overpay rather paying off a chunk (small chunk) every time we remortgage we should be there before 50. If I had stated in the first house £43,500. I would have been mortgage free a long time ago but that was a st hole.

[OutInTheShed]

Whatdoidonext said:

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?

Paying off my last mortgage did cause some thoughts about potential regret. I had a flexible/portable/full term 1% over base offset mortgage, and getting rid of that was signing away access to a substantial line of 'no questions asked' credit.

In you mid forties, you have possibly not many years to get another 25 year mortgage?
So it may be time to decide if you're settled or not?

[tribalsurfer]

OutInTheShed said:

Whatdoidonext said:

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?

Paying off my last mortgage did cause some thoughts about potential regret. I had a flexible/portable/full term 1% over base offset mortgage, and getting rid of that was signing away access to a substantial line of 'no questions asked' credit.

In you mid forties, you have possibly not many years to get another 25 year mortgage?
So it may be time to decide if you're settled or not?

We're 100% offset against 100k. Keep thinking about paying it off but looking at buying a holiday home where we might need a small dip into this, only reason we're keeping it.

[Malcolm E Boo]

Well done OP.

I am paying the maximum I can every month and with all things being equal I will clear it when my fix ends in December 2024 and should have paid off a 25 year deal in a little over 13 years.

Whether it is right or wrong, only time will tell but I would rather pay this off and then pay into a pension (or a Turbo S Cab) next. Still have 20 years of working etc to go to build up funds as well as the equity in my house, but I can only imagine the freedom of not having to find the mortgage payment every month very liberating.

[G-wiz]

Alternative mortgage viewpoint.

I have always been salaried, so eligible for a mortgage at 3 or 4 times salary.

But as a FTB, the deposit I had amassed was enough to get a suitable 3 bed semi, so we just bought cash, and didn't get a larger property with either a small or largish mortgage.

[keo]

Congratulations op I bet it’s a weight lifted. Interesting reading different people’s opinions as I don’t know what to do. Pay more off the house, more into pension, more stocks and shares?

Or bugger it and just blast the money and not think about tomorrow like so many people do!

[Lincsls1]

keo said:

Congratulations op I bet it’s a weight lifted. Interesting reading different people’s opinions as I don’t know what to do. Pay more off the house, more into pension, more stocks and shares?

A little bit of each is probably a sensible idea rather than all in one direction.

[CoolHands]

Ah another self-congratulatory thread where everyone is paying their mortgages off in 10 years or less. Well done

[Zumbruk]

Whatdoidonext said:

Just wanted to tell someone!

Congratulations. I know exactly how you feel; I still remember to this day the anticlimax of going into the Nationwide in Canary Wharf, handing over £50k, and having the guy behind the counter print the receipt, hand it to me, and say that the paperwork would be with me in a week or two. No dancing girls, no peals of trumpets, nothing.

[PositronicRay]

keo said:

Congratulations op I bet it’s a weight lifted. Interesting reading different people’s opinions as I don’t know what to do. Pay more off the house, more into pension, more stocks and shares?

Or bugger it and just blast the money and not think about tomorrow like so many people do!

Whenever I hada bonus or windfall I tried to split it into 3rds.
Spending money/ savings/ paying down debt.

[okgo]

My thought was that the compounding nature of investments probably will make the mortgage seem like a fairly small issue in years to come.

Time will tell, in no hurry to pay down a 1.8% rate for now though. Other option maybe was to use pension lumps to get rid.