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

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 4:22am

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 9:16am

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 9:33am

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 9:36am

8 years into a 22 year mortgage.

macnug · 14-02-2015 9:45am

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 9:46am

In 19 years

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

Menas · 14-02-2015 9:55am

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.

Buford T. Justice XIX · 14-02-2015 10:51am

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 · 14-02-2015 10:53am

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

Into The Blue · 14-02-2015 10:55am

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

Riamfada · 14-02-2015 11:00am

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

macnug · 14-02-2015 11:39am

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.

14-02-2015 12:05pm

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 · 14-02-2015 12:07pm

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 · 14-02-2015 12:11pm

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 · 14-02-2015 12:28pm

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 · 14-02-2015 12:29pm

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 · 14-02-2015 12:38pm

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 · 14-02-2015 12:42pm

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 · 14-02-2015 12:44pm

Approx 3 yrs, hopefully less with some overpayments.

Can't wait!

Badly Drunk Boy · 14-02-2015 1:07pm

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 · 14-02-2015 1:13pm

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 · 14-02-2015 2:27pm

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 · 14-02-2015 2:28pm

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 · 14-02-2015 2:42pm

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 · 14-02-2015 2:45pm

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 · 14-02-2015 2:54pm

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 · 14-02-2015 2:56pm

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

iguana · 14-02-2015 2:59pm

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 · 14-02-2015 3:05pm

2023.
1 house, 1 apt.

TerrorFirmer · 14-02-2015 3:56pm

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.

14-02-2015 4:02pm

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

McGrath5 · 14-02-2015 4:05pm

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

lisasimpson · 14-02-2015 4:08pm

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 · 14-02-2015 4:24pm

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 · 14-02-2015 4:35pm

Will be mortgage free in approx 90 days.

creolebelle · 14-02-2015 4:44pm

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.

John Mason · 14-02-2015 4:53pm

12 years but hopefully less.

Galwayguy35 · 14-02-2015 6:36pm

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 · 14-02-2015 6:46pm

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 · 14-02-2015 6:56pm

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 · 14-02-2015 8:08pm

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 · 14-02-2015 8:09pm

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 · 14-02-2015 8:11pm

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 · 14-02-2015 8:34pm

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 · 14-02-2015 8:44pm

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 · 14-02-2015 8:46pm

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.

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

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