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

deise08 · 13-02-2015 08:54PM

Have 7 years down, another 23 to go

beertons · 13-02-2015 08:57PM

3 years gone, 17 to go.

DebDynamite · 13-02-2015 09:01PM

December2012 wrote: »

How many of those of you that are mortgage free own the property you live in?

I know strictly speaking if I was renting I would be mortgage free, but that's not quite the same as having a home already paid for.

All things going as they are presently we will own our home outright in 15 years.

Same here. Celebratory drinks in 2049? :pac:

Buford T. Justice XIX · 13-02-2015 09:25PM

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.

Pherekydes · 13-02-2015 11:27PM

Received the deeds only two weeks ago.

boobar · 13-02-2015 11:29PM

20 more years

Would settle for 15

anncoates · 13-02-2015 11:32PM

Hopefully in 10 years.

Tarzana2 · 13-02-2015 11:32PM

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

thesimpsons · 13-02-2015 11:33PM

12 years left officially but have reduced it to 7 yrs by overpaying. on low tracker now thankfully but do remember interest rates of 15% back in early 1990s. no other loans.

Agent Smyth · 13-02-2015 11:50PM

Have the money to pay both my mortgages but cant decide what to do.
One is variable rate, so most likely pay that off
But other is tracker, cant make up my mind.

Ihatecuddles · 13-02-2015 11:53PM

Mortgage free and debt free at 23.

That rhymes

SEPT 23 1989 · 13-02-2015 11:54PM

when i win the lotto or go bankrupt

13-02-2015 11:55PM

no mortgage, no interest

Andrewf20 · 13-02-2015 11:57PM

A few decades. I could go bananas paying it off but I'm choosing to enjoy life to a fair degree. I'll pay / have been paying off a few lump sums once the budget allows.

efb · 13-02-2015 11:57PM

2040

13-02-2015 11:58PM

Got my annual statement the other day. I have 96months left. Not too long really. Planning how to spend all the extra money already.

Moonbeam · 13-02-2015 11:59PM

Hope to have both mortgage cleared in the next 12 years but that might be optimism. it will be when the eldest starts college.

Bob24 · 14-02-2015 12:03AM

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.

Recently applied for a mortgage and this didn't seem to be an issue as I could show monthly transfers to a saving account for the past few years.

Greentopia · 14-02-2015 12:03AM

Mortgage free and debt free. Inherited Mum's house when she passed away last year.

Never had any debts in my life and never want to. Not even credit card. Parents instilled a Germanic like prudence with money and importance placed on regular savings. Very thankful for that.

Wabbit Ears · 14-02-2015 12:08AM

12 years done , 8 to go on two mortgages.

TheBeardedLady · 14-02-2015 12:11AM

No mortgage but in debt for university master's. Hopefully it's worth it. Giz a job.

sparksfly · 14-02-2015 04:22AM

Mortgage free for 15 years, 1 year into a secured CU loan of 10,000 over 5 years for home improvements. No other debts.

kmc25_1 · 14-02-2015 09:16AM

Next January we will have finished up.
Can't wait and will be counting down the months.
We started back in 99 with a 25 year mortgage and have been prudently paying off a little extra when we can.
Like above posters we were helped by low interest rates.
Kudos to my good wife who got us to switch when I was like the gom standing at the back of the bus telling people he didn't know what a tracker mortgage was.

14-02-2015 09:33AM

No mortgage and no debts (bar a harmless amount on a CC which I could clear if I wanted), have no issue with getting loans though cleared my last car loan a few months ago. Being a borrow money is a great tool when done within your means so never understood poeople never doing it. Life's too short and I have better things for doing than busting my self saving for something for years rather than getting a loan and buying it tomorrow.

I will be buying a house as soon as the time is right (asap). Saying you will never have have a motgage or buy a house means you will be forking out for rent long after a mortgage holder will be living rent and mortgage free.

orchidsrpretty · 14-02-2015 09:36AM

8 years into a 22 year mortgage.

macnug · 14-02-2015 09:45AM

Mortgage free now. Sold a house in 2007, made a profit, used that profit to buy a house in 2013 outright.

Lucyfur · 14-02-2015 09:46AM

In 19 years

But we overpay so hopefully a good few years less than that

Menas · 14-02-2015 09:55AM

macnug wrote: »

Mortgage free now. Sold a house in 2007, made a profit, used that profit to buy a house in 2013 outright.

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

Buona Fortuna · 14-02-2015 10:35AM

macnug wrote: »

Mortgage free now. Sold a house in 2007, made a profit, used that profit to buy a house in 2013 outright.

Yep did the same. We sold in 2008. It was pure accident but we must have been right on the cusp. The Northern Rock thing was going on and there was a lot of stuff about sub-prime mortgages in the states. I remember being childishly amused by the yanks going on about Fanny May

rainbow kirby · 14-02-2015 10:47AM

No mortgage, there's no way we could afford to buy here.

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

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