After 40 years......

[gavroche]

...... of paying a mortgage, it is finally coming to an end!! Of course that included moving houses and new mortgages but, come the end of August or September at the latest, I will be ......
MORTGAGE FREE!!!!!!
That will be something to celebrate and stuff building society's interest rates going up from now on.
What a relief it will be and what a joy not to have to find that money every month!

 

[Night Train]

I did that once. It was a good feeling.


Unfortunately I now have a teeny tiny mortgage for another 20 years.

 

[ianrauk]

Nice one. Must be a great feeling.

We have 8 years left on ours to go.
But we are bringing that down by paying extra every month and a lump sum every year.
So hoping to pay it all off within 5 years max.

 

[ColinJ]

I envy you! I remortgaged and am currently paying interest only. I have to find £60k over the next 9 years or sell the house!

 

[DCLane]

I've probably got 7-10 years on mine due to over-payments, 15 years otherwise.

 

[ianrauk]

I envy you! I remortgaged and am currently paying interest only. I have to find £60k over the next 9 years or sell the house!

Colin you would have known that this would be the case when you took out the mortgage originally no?

 

[Andrew_Culture]

Congratulations! My mortgage is with Northern Rock, who keep writing to us telling us to flip off elsewhere!

 

[Night Train]

If I was working again at my full earning capacity I can probably clear my mortgage as a 3-5 year personal loan. I'd like to be able to do that but it means re-entering the rat race.
Might be worth it though.

 

[ColinJ]

Colin you would have known that this would be the case when you took out the mortgage originally no?

I'm not blaming anyone but myself - it was an act of desperation at the time. I felt too unwell to go back to work and I needed some breathing space. The trouble is that I haven't managed to develop a proper alternative income stream yet. Some serious digit extraction is required!

At least the house still has good positive equity.

I dream of the day when I don't have the mortgage bearing down on me, and I live in dread of the interest rates going back up. The one blessing in the global financial meltdown is these low interest rates. I'm paying less now than I was for my original £24.5k mortgage.

 

[PaulB]

Well I found it's not that big a deal. The economic situation we all live in is screwed on backwards; when we want money the most, we haven't got it and when we don't need it as much, we've got plenty. When my kids were little, I wanted a big garden and money for good, educational and fun holidays and trips but we had to tighten our belts. Now the kids are off our hands and we don't need nearly as much, and the mortgage has finished, we don't need it (no, you can't). I don't know if the very struggle to survive and thrive is coded into our DNA so when everything's comfortable, you might end up trying to find something to do. When the big day I couldn't wait to arrive did, I was disappointed at the lack of a fanfare or the non-arrival of the promised open-top bus ride.

So I'm on a career break and maybe, just maybe subconsciously, I'm hoping to have to spend all my money and when I'm skint, need to go back looking for some again! I think I always felt a bit more fulfilled with the simple motto, stay hungry.

I was also hoping for a better summer than the one we've had but still, if anyone's interested, here's a blog I'm on with about some of my stravaiging around the hills in Scotland while I try to enjoy a life of leisure: http://paulbran.blogspot.com/

 

[Paul J]

I paid my mortgage off twice in the past but bad business deals has left me with 90K on an interest only for the next 25 years

 

[mattobrien]

It' a feeling I am looking forward to, have got around another 10 years of finding a fair whack of our monthly outgoings each month. One solace is that all going to plan we will have knocked a few years off along the way and that currently our mortgage deal in 0.75% above BoE base rate, so the interest is a very small part of it all.

No doubt when it is finally paid off, it will be time to move...

 

[ArDee]

Now you've stopped paying the Mortgage, what will you do with all the extra money every month - what bike gear are you planning to buy?

 

[Paulus]

It is certainly a great feeling to pay off the mortgage. When MrsP and myself went to the building society to pay the last couple of thousand off in a lump it was almost a cathartic moment. We then retired to the pub to celebrate. That was a couple of years back and we now have the money to travel and enjoy ourselves whilst we are still relatively young, ish.

 

[fossyant]

Now you've stopped paying the Mortgage, what will you do with all the extra money every month - what bike gear are you planning to buy?

It took us long enough to ask that question didn't it.

Got 7 ish years left on mine.