Mortgage free? - How did you do it?

r3nu4l

Inspired by this thread on the moneysavingexpert forums, I'm just wondering how many boardsies had a mortgage but are now mortgage free? Also, I'm specifically wondering how you did it.

The easy answer is "I worked hard" but that's not very informative, so please share the following:

a. The date you decided to become mortgage-free
b. Mortgage Debt at its highest
c. Mortgage-Free Date
d. Your one pearl of wisdom.

Also, please share anything other advice you have.

punchestown

Buy at the bottom end of the market payable with a mortgage for the shortest term possible and not more than three times your average salary.
Find a partner who then incurs half the mortgage for half the entitlement.
Receive a promotion in work, increased wage, increased payments back off the mortgage.
Suffer the death of a loved one with the inheritance of some money or property and pay off the mortgage with same.
Otherwise, take a 35 year mortgage 90% ltv and suffer for the rest of your life living in a shoebox in the arse end of nowhere wondering how you ended up in such a mess and whose bright idea it was to pay 11 times your annual salary for a place to live.

r3nu4l

yeah...
/sighs

all good advice but for this thread is for those who have had a mortgage and gotten free of it, not just for advice and sarky comments about paying 11 times salary. :pac:

e.g. I have the partner who pays half, I have received the promotion and the wage, I overpay my morgage to the max allowable without incurring penalties all as you advise in your excellent post but I'm buggered if I can find anyone who's willing to die and give me an inheritance. :rolleyes:
I'm looking for extra hints and tips, did people stooze credit cards, change mortgage deals every two years? How did they do it?

westcoast66

Posting this anonymously!

a. The date you decided to become mortgage-free : January' 03
b. Mortgage Debt at its highest : 260K
c. Mortgage-Free Date : December '03
d. Your one pearl of wisdom : Before taking/reading any advice, be aware of who the author is.

Basically, had saved enough for a deposit on two properties by 1999 and got two mortgages. Sold the second property in 2003 with enough profit to pay off the first mortgage. Obviously, in the current market, this would be impossible. Luck has a lot to do with it.

Also, people said I was mad to sell in 2003 but I reached my goal (mortgage free) and decided to cash out.

silverharp

bought first house in UK 1996 with Partner 70% mortgage, paid it off 3 yrs later (39k STG) . made some money in the dot com days then moved back to Ireland, exchange rate was great 2001. made a deal with parents to buy their house cheap and they downsized in the area, net mortgage was 100K and paid it off 3 or 4 years later.
Basically my wife and myself are mad savers, credit cards are on DD, and we have never had a personal loan for car or anything else. for 5 years here the family car was a nissan micra, only upgraded when the kids arrived.
Job wise I always made sure I never had to commute, now I am walking distance from work and my wife works part time from home so it cuts down on costs, 1 car, less childcare.
I was always suspicious of the property boom here and would never have taken out a big mortgage for 40 years etc.

r3nu4l

Wow, congrats guys, some good tips worth considering there

Glenbhoy

sold the house about a year ago and paid off the mortgage - does that count??