{"id":1408,"date":"2019-02-05T08:36:38","date_gmt":"2019-02-05T08:36:38","guid":{"rendered":"http:\/\/maturingwell.co.uk\/?p=1408"},"modified":"2019-02-05T08:36:38","modified_gmt":"2019-02-05T08:36:38","slug":"remembering-when-we-paid-off-our-mortgage","status":"publish","type":"post","link":"https:\/\/maturingwell.co.uk\/index.php\/2019\/02\/05\/remembering-when-we-paid-off-our-mortgage\/","title":{"rendered":"Remembering when we paid off our mortgage"},"content":{"rendered":"

\"\"Being debt free is a nice feeling. \u00a0I found myself remembering when we paid off our mortgage and the huge weight which had been lifted from us. \u00a0We only had a mortgage for about eight years and I hope I\u2019ll never forget the immense joy and relief when we paid it off.<\/p>\n

We were fortunate in having an interest only mortgage with the ability to repay capital off when we could (once again this is where having great financial advice is so cost effective). \u00a0This was in the days when our savings were giving good returns and we were achieving a higher return compared to the interest rate we were being charged by the building society.<\/p>\n

After a few years I had a little \u201cwindfall\u201d and plonked it straight into the mortgage, paying off about half the mortgage. \u00a0This then gave us the impetus to get the damn thing paid off. \u00a0I remember saying to Rachel how it was the right thing for us to do as good interest rates on our savings wouldn\u2019t last long. \u00a0Besides, morally it seemed the right thing to do.<\/p>\n

How to annoy the building society! <\/span><\/h2>\n

Every time we had a cheque come in the post or sold something on eBay, even if it was for just \u00a32 or \u00a33, we would pay it into our mortgage account. \u00a0Each time we had a little spare cash, the same would happen.<\/p>\n

As Rachel was at home most of the time, it was Rachel who used to pay these amounts into the building society. \u00a0Whenever Rachel did this, she would ask the building society to recalculate the amount of interest we were paying and this seriously annoyed the counter staff. \u00a0They would have to press a few buttons on their computer and sometimes they would say how minuscule the difference was. \u00a0They would get annoyed, huff and puff, but still do it. \u00a0And yet for us, it was symbolic, every little bit made a difference.<\/p>\n

It was so nice seeing our mortgage balance gradually coming down and I remember we were so excited when the end was in sight. \u00a0Once we had paid it off, I think we celebrated with Heinz deluxe beans on toast that evening in a truly frugal-living kind of way. \u00a0We loved doing it like that!<\/p>\n

When we asked the building society to send us the deeds, they offered to hold onto them by offering us a further mortgage. \u00a0Perhaps we would like to buy a bigger house, or perhaps to have an extension built or to buy a new fancy car or something? \u00a0No thank you, just send us the deeds.<\/p>\n

Perhaps we were a little unusual?<\/span><\/h2>\n

I wonder if the usual trend or pattern in life is to take out another mortgage or loan, to buy a better house. \u00a0We certainly could have done with a bigger house and yet there is something to be said about being content.<\/p>\n

It would have been so easy to borrow some more, I had a good salary and we could easily have climbed the property ladder or splashed out on any number of things. \u00a0Knowing we could do those things was a nice thought; even nicer was deciding not to.<\/p>\n

You have a mortgage?<\/span><\/h2>\n

I remember learning about compound interest at school. \u00a0Was it in Maths or perhaps Economics? \u00a0Doesn\u2019t really matter. \u00a0What does matter is paying interest every year on a debt, which is what a mortgage is. \u00a0Even better is to gain some interest, or profit, on savings and then get interest on the interest, year by year.<\/p>\n

So looking at whether you can repay some capital on your mortgage has to be a good thing no matter whether it is a lump sum or simply through over paying a little every month. \u00a0Providing you don\u2019t run any cash reserves down too far, it must be a good thing to do. \u00a0In the current economic climate with low interest rates, getting the mortgage paid off quickly still makes sense, surely?<\/p>\n

The overwhelming point of this? \u00a0The nice feeling of seeing a mortgage paid off once and for all. \u00a0You own your property, it\u2019s completely yours and the bank owns none of it.<\/p>\n","protected":false},"excerpt":{"rendered":"

Being debt free is a nice feeling. \u00a0I found myself remembering when we paid off our mortgage and the huge weight which had been lifted from us. \u00a0We only had a mortgage for about eight years and I hope I\u2019ll never forget the immense joy and relief when we paid it off.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[16,4],"tags":[],"class_list":["post-1408","post","type-post","status-publish","format-standard","hentry","category-frugal-living","category-personal-finance"],"yoast_head":"\nRemembering when we paid off our mortgage - Maturing Well<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/maturingwell.co.uk\/index.php\/2019\/02\/05\/remembering-when-we-paid-off-our-mortgage\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Remembering when we paid off our mortgage - Maturing Well\" \/>\n<meta property=\"og:description\" content=\"Being debt free is a nice feeling. \u00a0I found myself remembering when we paid off our mortgage and the huge weight which had been lifted from us. \u00a0We only had a mortgage for about eight years and I hope I\u2019ll never forget the immense joy and relief when we paid it off.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/maturingwell.co.uk\/index.php\/2019\/02\/05\/remembering-when-we-paid-off-our-mortgage\/\" \/>\n<meta property=\"og:site_name\" content=\"Maturing Well\" \/>\n<meta property=\"article:published_time\" content=\"2019-02-05T08:36:38+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/maturingwell.co.uk\/wp-content\/uploads\/2019\/02\/0A132CD0-B3C5-4149-B141-1674D33E6965-1024x579.jpeg\" \/>\n<meta name=\"author\" content=\"doug\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"doug\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/maturingwell.co.uk\\\/index.php\\\/2019\\\/02\\\/05\\\/remembering-when-we-paid-off-our-mortgage\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/maturingwell.co.uk\\\/index.php\\\/2019\\\/02\\\/05\\\/remembering-when-we-paid-off-our-mortgage\\\/\"},\"author\":{\"name\":\"doug\",\"@id\":\"https:\\\/\\\/maturingwell.co.uk\\\/#\\\/schema\\\/person\\\/3947fd195f73357e41e105024de782ac\"},\"headline\":\"Remembering when we paid off our mortgage\",\"datePublished\":\"2019-02-05T08:36:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/maturingwell.co.uk\\\/index.php\\\/2019\\\/02\\\/05\\\/remembering-when-we-paid-off-our-mortgage\\\/\"},\"wordCount\":710,\"commentCount\":2,\"publisher\":{\"@id\":\"https:\\\/\\\/maturingwell.co.uk\\\/#\\\/schema\\\/person\\\/3947fd195f73357e41e105024de782ac\"},\"image\":{\"@id\":\"https:\\\/\\\/maturingwell.co.uk\\\/index.php\\\/2019\\\/02\\\/05\\\/remembering-when-we-paid-off-our-mortgage\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/maturingwell.co.uk\\\/wp-content\\\/uploads\\\/2019\\\/02\\\/0A132CD0-B3C5-4149-B141-1674D33E6965-1024x579.jpeg\",\"articleSection\":[\"frugal living\",\"personal finance\"],\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/maturingwell.co.uk\\\/index.php\\\/2019\\\/02\\\/05\\\/remembering-when-we-paid-off-our-mortgage\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/maturingwell.co.uk\\\/index.php\\\/2019\\\/02\\\/05\\\/remembering-when-we-paid-off-our-mortgage\\\/\",\"url\":\"https:\\\/\\\/maturingwell.co.uk\\\/index.php\\\/2019\\\/02\\\/05\\\/remembering-when-we-paid-off-our-mortgage\\\/\",\"name\":\"Remembering when we paid off our mortgage - 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