When do you think you will be / are you Mortgage free?

Buford T. Justice XIX

Tarzana2 wrote: »

I'm guessing they're not planning on applying for a loan in the future.

Be kind of hard to buy a house as a cash buyer.

Gmol

21 years to go but hope to have it done in 5.

Into The Blue

This September. Never pay rent or mortgage again. Thank fuk.

Riamfada

Everyone I know who bought a house is ****ed or got ****ed eventually. Not for me thanks.

macnug

Trigger Happy wrote: »

Fair play to you. I wish we had the balls and vision to have done the same!

Its not easy to go against the grain, a lot of people telling me I'm mad to 'get off the property ladder'. They thought I was just going to blow it or something. Took me about 6 months to convince my partner to sell as we had just had our first child. I was in a technical sales role that was heavily dependent on the construction industry and I used to get plans to price for projects for the following year so I could see a massive downturn before other people. I also was an avid lurker on trees don't grow/property pin so I knew I wasn't the only one who thought this way.

Buford T. Justice V

Buford T. Justice V wrote: »

Be kind of hard to buy a house as a cash buyer.

Have 20 years left on mine but looking at a place to buy for cash at the minute. It does depend on location as to what is affordable to buy outright.

Badly Drunk Boy

I'm supposed to be finished in December 2017 but I was making over-payments for a while, so I'm not sure. I really should renew that but I'm only paying €130 a month. I could pay it off at the moment but was advised not to bother because of the low interest rates.

Woshy

31 years and 8 months to go on our mortgage! :eek::eek:

We're already overpaying though so it won't actually be that long

Wibbs

mariaalice wrote: »

Not even something like the credit union? you must be very unusual.

Oh I'd be odd enough alright and nope not even credit union loans. I use a bank for money storage and transfer. That's it. Basically because they're usurer bastards. The profit they make on mortgages is nothing short of daylight robbery and then the Irish ones at least seem to have great difficulty not going under and needing public money to keep going. So robbing inefficient bastards.

Buford T. Justice V wrote: »

For the people who have never had loans, do you forsee any problems when the bank asks about repayment history on loans? It's normally the first thing any bank I have had loans with have asked about.

I'm not planning on ever getting a loan, so not an issue. I own what I own, such as it is and the banks have no claim on me. If I want something I save for it, if I can't afford it I can't afford it. Simple as that really(mortgages on a gaff is another area of course. Vanishingly few would have the cash to buy, so they're a necessary evil). Oh and I'm not one of those reusing teabags and installing a pay phone either. I have nice "stuff", but I won't go into hock for it and I'm not obsessed with the latest consumerist tat. I've known people taking out financing on phones, holidays tellies and the like. Ehhhh?

Like I say I'm an oddball that way.

lightspeed

Badly Drunk Boy wrote: »

I'm supposed to be finished in December 2017 but I was making over-payments for a while, so I'm not sure. I really should renew that but I'm only paying €130 a month. I could pay it off at the moment but was advised not to bother because of the low interest rates.

Im not understanding you? Even if interest rates are low you will still be paying more if you take longer to pay it back no?

Surely it would save you money to clear it now?

Ms2011

24 years left on the first.
Bought the second for cash.

The second house is a doer upper so as soon as that's livable & hopefully we're out of NE on the first we'll sell the first house & clear the mortgage on it so we're mortgage free.
That's the plan anyway

Spanish Eyes

I cleared my mortgage in 2010. Then saved like mad and did house improvements over four years using the mortgage amount. Did it all on my own too.

Was able to take an early retirement package in the Summer of 2014. All in all, I feel very fortunate and content now.

A busy life travelling here and there, no worries about work anymore, no debts and no mortgage.

But I always said I would try to retire early and enjoy life if the opportunity arose, and it did.

I was also one of those people who didn't borrow for "things", saved and got them. Bred into me by my parents I suppose.

NIMAN

Approx 3 yrs, hopefully less with some overpayments.

Can't wait!

Badly Drunk Boy

lightspeed wrote: »

Im not understanding you? Even if interest rates are low you will still be paying more if you take longer to pay it back no?

Surely it would save you money to clear it now?

I can't remember exactly but is there a charge for paying off the mortgage early? It made sense at the time.

Buford T. Justice XIX

Wibbs wrote: »

Oh I'd be odd enough alright and nope not even credit union loans. I use a bank for money storage and transfer. That's it. Basically because they're usurer bastards. The profit they make on mortgages is nothing short of daylight robbery and then the Irish ones at least seem to have great difficulty not going under and needing public money to keep going. So robbing inefficient bastards.

I'm not planning on ever getting a loan, so not an issue. I own what I own, such as it is and the banks have no claim on me. If I want something I save for it, if I can't afford it I can't afford it. Simple as that really(mortgages on a gaff is another area of course. Vanishingly few would have the cash to buy, so they're a necessary evil). Oh and I'm not one of those reusing teabags and installing a pay phone either. I have nice "stuff", but I won't go into hock for it and I'm not obsessed with the latest consumerist tat. I've known people taking out financing on phones, holidays tellies and the like. Ehhhh?

Like I say I'm an oddball that way.

Not odd, just prudent. I just don't 'get' borrowing for consumerables like TVs and holidays. They are gone and people are still paying for them. Just like getting 2 new cars on the mortgage as was the fashion for a few years in the tiger.

Tarzana2

No mortgage, renter. Doubt I'll ever be able to afford to buy a house. Or have kids. :-/

Hit 30 last year, and have realised my life is going to be very different to how I though it would be. It's not going to be very secure, financially. A cold, bitter pill to swallow, but there you go! :-/

Tarzana2

Buford T. Justice V wrote: »

Be kind of hard to buy a house as a cash buyer.

Most of people who have never had a loan said they own outright.

Wibbs

Tarzana2 wrote: »

Hit 30 last year, and have realised my life is going to be very different to how I though it would be. It's not going to be very secure, financially. A cold, bitter pill to swallow, but there you go! :-/

Maybe T, maybe not. Things can and do change overnight. Right up to the point they're measuring you for a box. At 30 the world is still very much your oyster. OK kids might be a sticking point depending on age, but even there you likely have a decade or near enough to play with. A lot can happen in ten years. I'd not be swallowing that pill just yet T.

As for renting, Ireland is still a bit OTT with buying, much less so than many European cultures. renting has its disadvantages(and Irish law needs tweaking on that score), but it also gives you far more freedom of choice than having to financially(and otherwise) support a house/apt. They can be a millstone around your neck too.

Wibbs

Badly Drunk Boy wrote: »

I can't remember exactly but is there a charge for paying off the mortgage early?

Of course there is BDB, like I said banks are a bunch of usurer bastards and best avoided except when absolutely necessary. And that's only necessary if you are buying a home on a mortgage. Otherwise they're to be avoided IMHO, except as a place to hold your cash.

Buford T. Justice XIX

Badly Drunk Boy wrote: »

I can't remember exactly but is there a charge for paying off the mortgage early? It made sense at the time.

I think that applies to fixed rate mortgages only. The bank effectively penalises you for giving them their money back early because you have interrupted their projected income stream for your loan.

I have paid off variable rate loans early with no penalties.

I know my bank would love me to pay off my tracker mortgage early so i will hold it till the bitter (for them) end:mad:

Frigga_92

Mortgage free and debt free, always have been, and feel very very fortunate to be in that position.

iguana

Debt free homeowner. Had a mortgage for a while but we sold the house near the top and bought for cash last year. It had been my ambition to own mortgage free at 35 and I just about managed it with a few months to spare. Best of all I love the house and will happily live here for the rest of my life unless I decide to downsize when I am an elderly empty nester.

Dog of Tears

2023.
1 house, 1 apt.

TerrorFirmer

Saving at the moment. No idea what for. Nature of my work at the moment makes anything other than renting impossible. I would like to have my own place though. No debt but then again unless you're paying a mortgage the vast majority wouldn't be in debt. I do have friends who have taken out loans to buy new laptops, PC's, etc. I wouldn't be like that at all - I'd just save. Last loan I took out was 5k to do a Masters....only decided to do it very last minute and didn't have enough in savings to cover the whole thing. That's pretty logical but taking out a loan to buy a laptop you could save for in a month or two if you really wanted...don't get that really.

Six years left, can't come a day too soon.

McGrath5

1 year down on the mortgage, 19 to go. The first and last loan I will ever take out!

lisasimpson

Buford T. Justice V wrote: »

10 years of mortgage payments left but it's a small mortgage with a ridiculously low tracker rate.

5.5 years of a business loan left and am counting the days till its gone.

For the people who have never had loans, do you forsee any problems when the bank asks about repayment history on loans? It's normally the first thing any bank I have had loans with have asked about.

Im hoping to get a mortgage but its the time the salary not the deposit for me is the problem...Ive no loans at the moment.. as for my loan history a friend of my dads yrs ago advise me to take out my car loan with a bank to have a history with them. Ive had two car loans with my bank both of which ive paid off early so hoping that stands

Buford T. Justice XIX

lisasimpson wrote: »

Im hoping to get a mortgage but its the time the salary not the deposit for me is the problem...Ive no loans at the moment.. as for my loan history a friend of my dads yrs ago advise me to take out my car loan with a bank to have a history with them. Ive had two car loans with my bank both of which ive paid off early so hoping that stands

Yeah, my Dad told me to do the same to build up a repayment history with the bank. I was just surprised it wasn't more common, tbh.

SouthernBelle

Will be mortgage free in approx 90 days.

creolebelle

I owned a house with no mortgage that i inherited. I did end up selling it. It was nice owning property that was free and clear at such a young age but i couldn't afford the upkeep. In the states we have property and school taxes and they can be very high.