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

John Mason

12 years but hopefully less.

Galwayguy35

28 years left on a 35 year mortgage, will try and shave it down a bit don't want to be still paying it off with one foot in the coffin.

Lia_lia

I don't understand people who finance things like TVs, laptops, holidays, more expensive than needed cars etc. Unless they are absolutely necessary for things like work. If you can't afford it don't buy it.

Spanish Eyes

Now that I am mortgage and debt free, I am trying to cut down on my bills.

Mobile Iphone is a godsend for lots of things, but it is costing a lot now. Must check out how to get the bill down! Must hav Broadband too, so must check that aswell.

UPC/SKY? Got to get rid of it. I rarely watch TV, and if I do, it's on the player or Filmon. Note to self.....

Nothing I can do about Property Tax though! Unless I sell my house and rent!

Best of luck to all. Sounds like a very positive bunch of people out there, who actually buck the trend, and the media articles about spendthrifts who have to have the best of everything YESTERDAY!

Wibbs

Spanish Eyes wrote: »

UPC/SKY? Got to get rid of it. I rarely watch TV, and if I do, it's on the player or Filmon. Note to self.....

I got shot of UPC too. I had the basic package. 300 odd quid a year. So for less than that I got the satellite dish and saorview thingy and now have lots more channels and many in HD with it. No more annual bills. Result.

rainbowtrout

Became mortgage free last summer when I was 35. I have no debt. Bought my house at the end of 2003. I threw as much as I could afford at the mortgage in terms of overpayments. While circumstances might change in the future, I would hope to be able to save for anything substantial (trading in car etc.) from what used to be the mortgage payment. I was so used to it going out every month that I don't miss it and can easily save it.

rainbowtrout

Wibbs wrote: »

I got shot of UPC too. I had the basic package. 300 odd quid a year. So for less than that I got the satellite dish and saorview thingy and now have lots more channels and many in HD with it. No more annual bills. Result.

I've never had UPC etc. Live in north west so can get the UK channels from Enniskillen. So have saorview channels and freeview channels. There's plenty to watch between them. Given that there's so much rubbish on TV, I've never felt the need to pay for an extra 100 channels that I won't watch.

heldel00

When people say they are overpaying, how much by? (Obviously different case by case but just curious.)

We get paid f/nightly so pay mortgage every fortnight.
26 f/nights in the year so we end up overpaying by one mortgage payment without even thinking about it.

Spanish Eyes

Wibbs wrote: »

I got shot of UPC too. I had the basic package. 300 odd quid a year. So for less than that I got the satellite dish and saorview thingy and now have lots more channels and many in HD with it. No more annual bills. Result.

Yay! I was just viewing a thread there this afternoon about getting rid of Sky and installing a dish + Saorview. Seems the bigger investment in the infrastructure for the Satellite is the way to go. Must check it out!

Another note to self for Monday!

rainbowtrout

heldel00 wrote: »

When people say they are overpaying, how much by? (Obviously different case by case but just curious.)

We get paid f/nightly so pay mortgage every fortnight.
26 f/nights in the year so we end up overpaying by one mortgage payment without even thinking about it.

For me, as my wages increased, and I had spare cash, I reduced the term of my mortgage so the payments increased but the extra money I had coming in covered it. Also as interest rates tumbled from 2008 onwards so did my payments so I kept up what I was paying monthly by making the overpayment to match what the payment was before the interest rates fell.

I also do some contract work outside my full time job, once or twice a year so some of that was as an overpayment if I didn't need it for something else.

Wibbs

Spanish Eyes wrote: »

Yay! I was just viewing a thread there this afternoon about getting rid of Sky and installing a dish + Saorview.

It really is sooo the way to go SE. Basically(if you're on the basic package) you "lose" Sky One(big whoop) and Discovery(the latter has gone way downhill of late anyway.). However with the sat dish and set top you get all the BBC's in HD, all the ITV's, the Irish stations of course and a shedload of other channels. All for less than the one year subscription to UPC or whoever. It's really a no brainer. And the less money I put in that scumbag Murdoch's pocket the better I reckon. Though you still get Sky "News" if you want a laugh. TBH I don't know why people are still paying 300 odd quid a year for the basic UPC type service. Madness IMHO. May as well rip up fivers for fun.

Buona Fortuna

rainbowtrout wrote: »

For me, as my wages increased, and I had spare cash, I reduced the term of my mortgage so the payments increased but the extra money I had coming in covered it. Also as interest rates tumbled from 2008 onwards so did my payments so I kept up what I was paying monthly by making the overpayment to match what the payment was before the interest rates fell.

I also do some contract work outside my full time job, once or twice a year so some of that was as an overpayment if I didn't need it for something else.

We always did the similar. On our first mortgage (early 80s) we always overpaid even if to begin with it was just rounding it up to the nearest tenner. Then as things improved... There was a mini boom in the 80s and then we stupidly got a car on it too - never again .

When the boom ended there was a bit of a crash. These things never really matter unless you just happen to be buying or selling. We were. There always seems to be more sh1t in the crashes than there ever was honey in the booms. Turned out the flat was worth less than we paid. If we hadn't been overpaying the mortgage we would have been fcuked.

Thankfully though.

Ruu

Less than 10 years, might pluck up the courage to downsize further. Working on being minimalist first, getting rid of unwanted things.

Tarzana2

Wibbs wrote: »

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.

Aye, maybe, but I'm light on funds/connections/opportunities to change course. I've missed the boat, I think.

Buford T. Justice XIX

Tarzana2 wrote: »

Aye, maybe, but I'm light on funds/connections/opportunities to change course. I've missed the boat, I think.

Nah, just go out and enjoy yourself. I gave up on women years ago after a very very bad relationship and forgot about looking and just enjoyed myself. Great years and met my OH through it:)

UCDVet

The sad thing is, with property tax, even if you are mortgage free, you'll never stop paying for your home. Makes me sad.

Delirium

Currently renting so no mortgage, and will be free of loans by December this year.

Your Superior

Have been mortgage free for 12 years.

dodzy

SouthernBelle wrote: »

Will be mortgage free in approx 90 days.

That's just beautiful. Fair play to ya, and all others who are noose-free.

I've 6 left on the mortgage, 1 on a loan, so next Jan when the loan is finished, the monthly equivalent is getting switched to the mortgage. So, plan is to be done in 4yrs.

rainbowtrout

dodzy wrote: »

That's just beautiful. Fair play to ya, and all others who are noose-free.

I've 6 left on the mortgage, 1 on a loan, so next Jan when the loan is finished, the monthly equivalent is getting switched to the mortgage. So, plan is to be done in 4yrs.

It's a lovely feeling going into the bank to tell them you want to make your final payment and close your mortgage account. And then to see that money in your account the next month and not going out by direct debit

Wibbs

Tarzana2 wrote: »

Aye, maybe, but I'm light on funds/connections/opportunities to change course. I've missed the boat, I think.

Not at 30 T. Hell I've seen people change course at 40 and 50 odd. If anything because you don't have the mortgage and kids you're far freer to change course than someone who does.

I have 17 years left on my mortgage. Yock.

I bought my first house when I was 21, and my second when I was 25. I got a 25 year mortgage on the second which I now regret and am considering lowering it. Also got screwed by the banks with regards to interest rates but that's another story!

I've no other loans, I had one small one when I bought my first car when I was 20 but I paid that off early and have paid cash for cars since.

So by the time I'm 50 I'll be mortgage and rent free, which isn't too bad. My pension should be OK hopefully and I'll have ten years worth of rent saved up too when that comes around.

Still, I'd rather all that money now and retire in my thirties

osarusan

Never had a mortgage.

Bought one apartment in cash, which we'll sell when it comes time to buy a family home (but it won't come close to covering the price of whatever house we buy, whenever we buy it), so we'll get a mortgage then.

NIMAN

rainbowtrout wrote: »

It's a lovely feeling going into the bank to tell them you want to make your final payment and close your mortgage account. And then to see that money in your account the next month and not going out by direct debit

I am really looking forward to that day, it will be such a weight lifted off you.
Me and the OH will have the champers on ice that night!

Mehaffey1

No, nay, never

CruelCoin

MLH1 wrote: »

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

Just took out a 90k mortgage over 25 years.

Might be able to squeeze in some extra repayments.

Expecting to be debt free in 15 years.

Have never had any loans before.

FURET

No mortgage, no debts. I'm completely opposed to debt and I'm solidly convinced that property is something most people should never buy unless they do so at zero interest and are definitely going to be in one area for a very long time. All my money is in cash (around 8% of what I have), and low-cost bond (20%) and stock (72%) indexes, all of which I manage myself.

Two things about mortgages in particular freak me out:

• The interest cost of the debt over prolonged periods. This often doubles the cost of the house, but it's something most people seem to not understand or care about (more a case of the former than the latter imho).
• The ball and chain aspect. I like to follow opportunities wherever they take me in the world. That becomes less possible when one owes a long-term debt on a home.

People who borrow for electronics and holidays are financially illiterate. Makes me glad that I own visa and mastercard stock, though.

dodzy

FURET wrote: »

No mortgage, no debts. I'm completely opposed to debt and I'm solidly convinced that property is something most people should never buy unless they do so at zero interest and are definitely going to be in one area for a very long time. All my money is in cash (around 8% of what I have), and low-cost bond (20%) and stock (72%) indexes, all of which I manage myself.

Two things about mortgages in particular freak me out:

• The interest cost of the debt over prolonged periods. This often doubles the cost of the house, but it's something most people seem to not understand or care about (more a case of the former than the latter imho).
• The ball and chain aspect. I like to follow opportunities wherever they take me in the world. That becomes less possible when one owes a long-term debt on a home.

People who borrow for electronics and holidays are financially illiterate. Makes me glad that I own visa and mastercard stock, though.

Married ?
Kids ?

Just curious

FURET

dodzy wrote: »

Married ?
Kids ?

Just curious

Yes and yes

Lyssa

rainbowtrout wrote: »

It's a lovely feeling going into the bank to tell them you want to make your final payment and close your mortgage account. And then to see that money in your account the next month and not going out by direct debit

Am hoping to be in this situation by the end of this year. OH is being made redundant, payment will clear mortgage with some left over. Will be completely debt free then. Can't wait.