I paid off my mortgage today
Discussion
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?
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?
Douglas Quaid said:
I would be having a bottle of champagne and a great shagging session if I was in your shoes.
That's a big unnecessary, what's the wife supposed to do whilst he's off celebrating? Edit: congratulations OP. I'm 38 and have £350k left on my mortgage. Due to be paid off at 67 (also just to caveat this that I'm extremely thankful and aware I'm lucky to even be a homeowner ... )
Congratulations, I’m 53 and been mortgage free for circa 20 years. It’s amazing how much easier your finances become when the biggest cost has gone, we kept saving and build up funds for all expenses to keep us firmly in the black. It’s also made employment/ career choices much easier as decisions are made from the heart and not by the bank account.
Congrats OP. I've recently paid mine off as well a couple of years ago. It was a nice feeling but wasn't a big deal for me. I had an offset mortgage coupled with an endowment (yes it did fall short) so I always had an eye on how far ahead I was. It's nice to be able to save a little more each month.
Sure I could have moved again for a bigger house and a bigger mortgage but the area I'm in is pretty nice so I didn't feel the need to move.
Sure I could have moved again for a bigger house and a bigger mortgage but the area I'm in is pretty nice so I didn't feel the need to move.
Well done OP, a significant goal.
I settled mine at 50, the feeling that whatever life throws at you no-one can take away your house is immense. Maybe I'm shallow, but a much better feeling than just having enough on deposit to settle if need be.
I had a new spring in my step at work too.
I settled mine at 50, the feeling that whatever life throws at you no-one can take away your house is immense. Maybe I'm shallow, but a much better feeling than just having enough on deposit to settle if need be.
I had a new spring in my step at work too.
Edited by PositronicRay on Saturday 3rd June 07:08
Well done OP - it is a big relief to know that you own your home and are not on the hook for big ongoing payments for the mortgage. We planned to pay ours at 55 - missed it by a year. But ended up making the final payment 30 years to the day after our first mortgage payment - nice bit of symmetry to that.
You now have lots more options in life, and less overall pressure - enjoy.
You now have lots more options in life, and less overall pressure - enjoy.
redrabbit29 said:
This makes me concerned about the 31 years I have left. £350k of debt. 3 more years at 1.7% and then god knows what
Our monthly payment is £1270. So if it does go up to 4-5% it will be quite a bit more to cover each month
Congrats OP, the feeling is amazing. I was mortgage free briefly on my first house at 28 (had a few good years at work). Currently got 120k left on the current place, hopefully will be clear at a similar age to yourself.Our monthly payment is £1270. So if it does go up to 4-5% it will be quite a bit more to cover each month
With reference to the quoted post above, make the most of your current rate. But also I'd be trying to save as much as possible in the interim to gain as much equity as possible come remortgage time. Don't panic, awareness of the situation is a good thing.
Rob_125 said:
With reference to the quoted post above, make the most of your current rate. But also I'd be trying to save as much as possible in the interim to gain as much equity as possible come remortgage time. Don't panic, awareness of the situation is a good thing.
Thanks - good advice. That's my thinking too, I'm saving some in high interest accounts. Can use if needed at end of mortgage term or keep as a buffer 
.Congratulations.
I paid mine down in March. 8yrs 10 months from start to end of the 25yr term. It has been a nice few months not making mortgage payments, especially the proposed elevated payment on the new rate offered.
Letter arrived from the lender last week confirming the accounts now closed and ive instructed my solicitor to get the discharge document drawn up to amend the deeds.
I’m 39 & MrsER is 35.
A big gapping hole left in the bank account but that can now be replenished & a new target of retiring early.
I paid mine down in March. 8yrs 10 months from start to end of the 25yr term. It has been a nice few months not making mortgage payments, especially the proposed elevated payment on the new rate offered.
Letter arrived from the lender last week confirming the accounts now closed and ive instructed my solicitor to get the discharge document drawn up to amend the deeds.
I’m 39 & MrsER is 35.
A big gapping hole left in the bank account but that can now be replenished & a new target of retiring early.
Edited by Edible Roadkill on Saturday 3rd June 08:31
Purely financially speaking, debt is a tool.
In the past decade with low interest rates, stock market going gangbusters, property prices rising, it was always financially prudent to stay leveraged and invest the spare capital elsewhere for maximum gains.
But everyone is different. Congrats OP, sounds like a weight has been lifted for you!
In the past decade with low interest rates, stock market going gangbusters, property prices rising, it was always financially prudent to stay leveraged and invest the spare capital elsewhere for maximum gains.
But everyone is different. Congrats OP, sounds like a weight has been lifted for you!
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