I paid off my mortgage today
Discussion
Well done OP!
I’ve lived & worked overseas for a long time but was fortunate enough to buy my UK cottage in 2017 at 33.
Working in a fairly well-paid but fairly insecure industry, having a property that nobody can take away from me is a huge, huge reliever of burden. It’s also been a key ingredient in my wife and I being able to make certain big decisions which we would otherwise not have made if we had the weight of a mortgage over us.
I certainly would be worth more if I had invested that cash, but I really don’t care.
OP - enjoy the fruits of that for a bit, and the freedom of discretion as to where you spend your dosh…
I’ve lived & worked overseas for a long time but was fortunate enough to buy my UK cottage in 2017 at 33.
Working in a fairly well-paid but fairly insecure industry, having a property that nobody can take away from me is a huge, huge reliever of burden. It’s also been a key ingredient in my wife and I being able to make certain big decisions which we would otherwise not have made if we had the weight of a mortgage over us.
I certainly would be worth more if I had invested that cash, but I really don’t care.
OP - enjoy the fruits of that for a bit, and the freedom of discretion as to where you spend your dosh…
Paid mine off last year when I turned 55. We`re in our 4th and last place, a detached bungalow on south Kent coast bought in 2006.
First place was a 1 bed flat bought in the 80s housing boom when I was an apprentice at 19 for £32K, we thought we had it tough back then but compared to now it really wasn`t.
I recall the interest rate suddenly being 15% in 1987 and thinking we`d lose it all.
I had some financial advice probly 10 or 12 years ago when the chap said something to me along the lines of "Plan and save for a rainy day but recognise when that day arrives."
In the last few years I`ve had 2 very good friends check out in their 50s which, for me, properly put things into perspective.
Aspire for better? I`m healthy and can do pretty much what I want most days. That`s good enough for me.
First place was a 1 bed flat bought in the 80s housing boom when I was an apprentice at 19 for £32K, we thought we had it tough back then but compared to now it really wasn`t.
I recall the interest rate suddenly being 15% in 1987 and thinking we`d lose it all.
I had some financial advice probly 10 or 12 years ago when the chap said something to me along the lines of "Plan and save for a rainy day but recognise when that day arrives."
In the last few years I`ve had 2 very good friends check out in their 50s which, for me, properly put things into perspective.
Aspire for better? I`m healthy and can do pretty much what I want most days. That`s good enough for me.
Well done OP!
We paid ours off about 7 years ago and, like you say, it's been a massive relief. Still ongoing costs with the house of course but to have no mortgage makes a huge difference.
The only sour note for me was telling me best friend who it turns out go massively jealous about it and brought it up at every opportunity (making out we were some some of 'lucky Rockafella types' when the reality is my wife massively overpaid for a few years while whe was a partner in an accountants), before I started doing the same with his large civil service pension which shut him up finally. So my only advice would be to maybe think about who you tell.
We paid ours off about 7 years ago and, like you say, it's been a massive relief. Still ongoing costs with the house of course but to have no mortgage makes a huge difference.
The only sour note for me was telling me best friend who it turns out go massively jealous about it and brought it up at every opportunity (making out we were some some of 'lucky Rockafella types' when the reality is my wife massively overpaid for a few years while whe was a partner in an accountants), before I started doing the same with his large civil service pension which shut him up finally. So my only advice would be to maybe think about who you tell.
BigMon said:
Well done OP!
We paid ours off about 7 years ago and, like you say, it's been a massive relief. Still ongoing costs with the house of course but to have no mortgage makes a huge difference.
The only sour note for me was telling me best friend who it turns out go massively jealous about it and brought it up at every opportunity (making out we were some some of 'lucky Rockafella types' when the reality is my wife massively overpaid for a few years while whe was a partner in an accountants), before I started doing the same with his large civil service pension which shut him up finally. So my only advice would be to maybe think about who you tell.
My wife and I have agreed to never mention how close we are to paying it as some friends have massive mortgages to go. We’ve a close circle of friends. Some are doing very much better than others. Others aren’t struggling but are leading normal lives. We’re far from stealth wealth, not even remotely, but know when to keep our trap shut. I’m not suggesting you don’t as it was your best mate, but I don’t intend to tell any of them when my mortgage is paid off. I might tell my parents and brothers, that’s about it. I’m not oblivious to the fact that this is a public internet forum We paid ours off about 7 years ago and, like you say, it's been a massive relief. Still ongoing costs with the house of course but to have no mortgage makes a huge difference.
The only sour note for me was telling me best friend who it turns out go massively jealous about it and brought it up at every opportunity (making out we were some some of 'lucky Rockafella types' when the reality is my wife massively overpaid for a few years while whe was a partner in an accountants), before I started doing the same with his large civil service pension which shut him up finally. So my only advice would be to maybe think about who you tell.
.BigMon said:
Well done OP!
We paid ours off about 7 years ago and, like you say, it's been a massive relief. Still ongoing costs with the house of course but to have no mortgage makes a huge difference.
The only sour note for me was telling me best friend who it turns out go massively jealous about it and brought it up at every opportunity (making out we were some some of 'lucky Rockafella types' when the reality is my wife massively overpaid for a few years while whe was a partner in an accountants), before I started doing the same with his large civil service pension which shut him up finally. So my only advice would be to maybe think about who you tell.
It's sad that a supposed friend got bitter about it, more a reflection on them than you though. Unless you march around with a big poster proclaiming it, or mention it at every opportunity when in company, then to me it's just a 'fact'. I keep in touch with a close circle of friends I've known since school and I guess some might be better off than others, but that's not the subject of conversation when we meet up...we just talk the same old **** we've always done when we get together. We paid ours off about 7 years ago and, like you say, it's been a massive relief. Still ongoing costs with the house of course but to have no mortgage makes a huge difference.
The only sour note for me was telling me best friend who it turns out go massively jealous about it and brought it up at every opportunity (making out we were some some of 'lucky Rockafella types' when the reality is my wife massively overpaid for a few years while whe was a partner in an accountants), before I started doing the same with his large civil service pension which shut him up finally. So my only advice would be to maybe think about who you tell.
I think 2/3 of us have paid it off, but I'm not sure and it doesn't really matter.I told my Mum because I knew she was always concerned about the size of our mortgage as we live 'down South' (though it was small compared to many on here). My sister knew because she'd paid hers off already before we got my Dad's inheritance through, so she knew I'd planned to clear ours. I wasn't jealous because she beat me to it, she had a hard time during Covid as is self employed, so I was glad to hear she'd managed to clear it off.
It does seem to bring out the worst in some people, so I think your last sentence is true.
swanseaboydan said:
I think paying off your mortgage is a massive thing - no matter what happens in life - you will always have a roof over your head - the banks can’t touch you - well done
It certainly is and can mean a whole lot of wealth independence, no more need for reliance on financial institutions in your life. I don’t think I’ll have another financial product (unless it’s attractive - 0% finance) outside of a CC cleared monthly ever again.
Probably a fair few people with offset products or investments that could cover much of their borrowing. Lots of ways to skin a cat.
Mates of ours have an IO mortgage of around £900k on their place, fixed for ages when rates were low. It costs about the same as a 1 bed flat (they have a 5 bed house worth £1.4m or so). Nature of earnings a factor in this at a higher level - many people relying on annual bonuses to take lumps off borrowing etc.
Mates of ours have an IO mortgage of around £900k on their place, fixed for ages when rates were low. It costs about the same as a 1 bed flat (they have a 5 bed house worth £1.4m or so). Nature of earnings a factor in this at a higher level - many people relying on annual bonuses to take lumps off borrowing etc.
okgo said:
Probably a fair few people with offset products or investments that could cover much of their borrowing. Lots of ways to skin a cat.
Mates of ours have an IO mortgage of around £900k on their place, fixed for ages when rates were low. It costs about the same as a 1 bed flat (they have a 5 bed house worth £1.4m or so). Nature of earnings a factor in this at a higher level - many people relying on annual bonuses to take lumps off borrowing etc.
Depends on your definition of a fair few, most of the country aren’t on 900k mortgages. If you’re on a 900k mortgage you owe 900k plus interest when the piper calls. No way around that.Mates of ours have an IO mortgage of around £900k on their place, fixed for ages when rates were low. It costs about the same as a 1 bed flat (they have a 5 bed house worth £1.4m or so). Nature of earnings a factor in this at a higher level - many people relying on annual bonuses to take lumps off borrowing etc.
But I agree on horses for courses.
You’re also describing why it’s an unfair market for first time buyers. This is a thread for the lucky rather than the exceptionally skilful, and although I’ve had problems like negative equity I count myself lucky rather than thinking I’m some kind of mastermind for buying a house.
Paid ours off 6 years ago, feel very lucky to be in that position, but the best feeling is knowing your safe from the bank should the s
t hit the fan.
Mortgage money goes straight in to a saving account for a rainy day, So MRS400 cannot spend it.
If your happy where you are then crack on and get it paid off and spend the extra on doing the good stuff, goin out, holidays and new cars etc.
t hit the fan. Mortgage money goes straight in to a saving account for a rainy day, So MRS400 cannot spend it.
If your happy where you are then crack on and get it paid off and spend the extra on doing the good stuff, goin out, holidays and new cars etc.
Congratulations OP, you have managed to get yourself out of the hamster wheel. Many people have done exceptionally in the past by leveraging debt, but I doubt that will continue to the same degree in the future unless much longer term mortgages become available. I think that some people have different views to you because they are trying to convince themselves that they are doing the right thing.
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