Today, 1st September 2014, we made the last payment on our mortgage. After all this time, I can’t quite believe we have got there. We have managed to pay it off 5 years early and I feel like it’s a real achievement.
How have we managed this? I guess we have been lucky but we’ve also made our own luck. We bought the house at the bottom of the market after there had been a house price crash in the early 1990s. It was a bit scary at the time as prices were still falling. We had both owned houses before we got married, and although they had also dropped in value, we still had enough to put down a good sized deposit. We bought the house on a mortgage based on one income only as we didn’t want to stretch ourselves with young children.
Before you ask, neither of us comes from a wealthy background. I was the first person in my family to go to university. OH came from a similarly normal growing up in a 3 bedroom semi background.
We also bought when interest rates were higher. As they fell, we continued to pay at the same rate, overpaying every month.
Things are very different right now. Edie and Bee both say they can’t see how they will be able to buy a house. I think they will – it might just take a bit longer.
Where do we go from here? We’ve now got to learn how to have a bit more money. It would be very easy to splash out, but we both want the option of cutting our hours if not retiring at 60, so we will be looking at how we can achieve this.
Have you paid off your mortgage? If so, what did you do next?
Until next time, Tawney x