Clash City Rocker Posted July 20, 2011 Share Posted July 20, 2011 ....................."Mortgage Free" I was sold an Endowment Mortgage on 16.07.1986 (25 year term) for my first house and today the policy has matured and the cash is in my bank account. I got £3000 less than predicted when I signed up, although I did get £1250 a few years ago due to being mis-sold the policy. The two bedroomed mid terraced house that I bought in 1986 for £24,500 (sold in 1990 for £ 37,500) is valued today at around £100.000. "Happy Day" Quote Link to comment Share on other sites More sharing options...
Willow Posted July 20, 2011 Share Posted July 20, 2011 What a nice feeling that must be I can't remember exactly when my endowment matures but we have earmarked it for uni fees Quote Link to comment Share on other sites More sharing options...
WitchHazel Posted July 20, 2011 Share Posted July 20, 2011 Congratulations! Quote Link to comment Share on other sites More sharing options...
chickencam Posted July 20, 2011 Share Posted July 20, 2011 An exciting day, we are nearly there with a repayment mortgage and the money we spend each month will also go on uni fees. Quote Link to comment Share on other sites More sharing options...
sage Posted July 20, 2011 Share Posted July 20, 2011 Well done Sage Quote Link to comment Share on other sites More sharing options...
gongladosh Posted July 20, 2011 Share Posted July 20, 2011 I'm jealous!! Quote Link to comment Share on other sites More sharing options...
Space Chick Posted July 20, 2011 Share Posted July 20, 2011 Well done, what a relief to know you own your bricks and mortar we have an endowment coming out in a few weeks (not the mortgage one) we're getting solar panels Quote Link to comment Share on other sites More sharing options...
squiffs Posted July 20, 2011 Share Posted July 20, 2011 Well done, what a relief to know you own your bricks and mortar we have an endowment coming out in a few weeks (not the mortgage one) we're getting solar panels My company installs and commissions them, I'm in charge of the PV jobs! In all seriousness I have no realistic expectation of being able to get a mortgage before I'm middle aged right now So really reeeally congratulations on paying one off! Quote Link to comment Share on other sites More sharing options...
Reikiranf Posted July 20, 2011 Share Posted July 20, 2011 Wonderful news! My Mum said that life begins once the mortgage is paid off We'll be mortgage free in 5 years, but we have reduced it in the last couple of years and it's covered by a pension that DH took early so I can't complain. Quote Link to comment Share on other sites More sharing options...
beach chick Posted July 20, 2011 Share Posted July 20, 2011 fabulous! we are in the process of selling an endowment at the moment - the money is going to pay various bills. we have absolutely no chance of being mortgage free til mr beach chick's business does its stuff... and if it doesnt we will be moving when our current mortgage comes to an end... we can see no prospect of retirement; all we can do is hope the property market goes completely crazy and then we can downsize in the future. but that's the risk you take - we are both self-employed, no job security etc. how young people these days have any prospect of getting on the housing ladder is completely beyond me - we bought our first property in the early 1980s in south London for £27,000 - these days it would buy you NOTHING!! Quote Link to comment Share on other sites More sharing options...
squiffs Posted July 20, 2011 Share Posted July 20, 2011 fabulous!we are in the process of selling an endowment at the moment - the money is going to pay various bills. we have absolutely no chance of being mortgage free til mr beach chick's business does its stuff... and if it doesnt we will be moving when our current mortgage comes to an end... we can see no prospect of retirement; all we can do is hope the property market goes completely crazy and then we can downsize in the future. but that's the risk you take - we are both self-employed, no job security etc. how young people these days have any prospect of getting on the housing ladder is completely beyond me - we bought our first property in the early 1980s in south London for £27,000 - these days it would buy you NOTHING!! Tell me about it! and when you're renting you're stuck in an endless loop - you have to pay rent and bills and there's no money left to spare to save for a deposit. EURGH. Quote Link to comment Share on other sites More sharing options...
ali-s Posted July 20, 2011 Share Posted July 20, 2011 Congratulations, it must be a great feeling. We are nearly there as well, can't wait. Quote Link to comment Share on other sites More sharing options...
Cinnamon Posted July 20, 2011 Share Posted July 20, 2011 Congratulations, it must be a great feeling. We are nearly there as well, can't wait. Likewise - just a couple of years left for us we got shot of our Endowments a good few years ago,& managed to claim some money back too....can't wait to be mortgage free (although we may need to take out another to cover fuel bills!) Quote Link to comment Share on other sites More sharing options...
buvarka Posted July 20, 2011 Share Posted July 20, 2011 Very tired Quote Link to comment Share on other sites More sharing options...
Old Speckled Hen Posted July 20, 2011 Share Posted July 20, 2011 we have an endowment coming out in a few weeks (not the mortgage one) we're getting solar panels If you get your leccy from EON they put them in for £99 Quote Link to comment Share on other sites More sharing options...
Guest Posted July 20, 2011 Share Posted July 20, 2011 Isn't it a joy to be mortgage free. Well done. All that scrimping and s"Ooops, word censored!"ing behind you to pay it! My first home cost £3,150.00, in 1970. We had to put £1000 deposit down - more than a year's salary for my husband at the time so took a long while to save up for it. The monthly payments were £33.2.3d which was also a lot of money in those days. We thought that once you paid your deposit and bought the house, then your first mortgage repayment would be the next month. Nope! I then had to go to the building society to explain why we didn't have a penny to pay the first payemnt I got a big lecture - from the manager, but he relented and spread the payment over 12 months and we had to pay and extra .5% for a couple of years for the interest! We had a second hand bed, and wardrobe, two old chairs, and a second hand cooker - but it was heaven! No central heating and the water was heated up with a boiler behind the first! And it was a new house too! The one good thing about being old is having paid off your mortgage Quote Link to comment Share on other sites More sharing options...
The Dogmother Posted July 20, 2011 Share Posted July 20, 2011 Great news, getting rid of my mortgage is one of my fantasies I was also mis-sold an endowment, but cashed it in to buy out the Ex before they did the reimbursements My old garden flat in London, which I bought for £45,000 in 1990 and then sold 4 years later for £60k is now worth £150k... how does that work???!!! I bought this current house in 1994 for £56,500 and it's now worth £190k; music to my ears but I can't afford to move and love it too much anyway I've ploughed endless savings into it and it will be just how I want it... in a few years time! Quote Link to comment Share on other sites More sharing options...
Olly Posted July 20, 2011 Share Posted July 20, 2011 Congratulations on being mortgage free! I took out my first 25 year mortgage in 1986, subsequent house moves and a divorce mean that the current mortgage (for a figure that would have bought a mansion back then! ) isn't due to be paid off till 2020. I'm overpaying like mad, especially while interest rates are low, as I want to pay it off in the next five years. I sold one endowment but the other one's due in a year or two - for much less than predicted, needless to say. Quote Link to comment Share on other sites More sharing options...
Griffin Posted July 20, 2011 Share Posted July 20, 2011 Another couple of years for us too. We've really really stretched ourselves and suffered greatly to get it paid off quickly. We'll be rich beyond our wildest dreams soon Quote Link to comment Share on other sites More sharing options...
sparkysmum Posted July 20, 2011 Share Posted July 20, 2011 Brilliant news I remember the feeling well And all the plans we had for saving the money instead. Needless to say nota penny has been. Enjoy. Quote Link to comment Share on other sites More sharing options...
Sam Palmer Posted July 21, 2011 Share Posted July 21, 2011 Ours matures in late 2013, a date we are looking forward to and are thinking conservatory maybe, as it's nowhere near the amount it should have been. We tried several times to claim for being mis-sold the policy, but got turned down which surprised the people doing the claiming for us. Quote Link to comment Share on other sites More sharing options...
beach chick Posted July 21, 2011 Share Posted July 21, 2011 we were mis-sold as well, but also got turned down - apparently because the broker we used back in 1982 was no longer traceable. ho hum! our trajectory went: 1982, bought 1 bed garden flat south london for £27,500, sold 7 years later for £72,500; bought 4 bed semi in south London for £117,500, sold 8 years later for £365,000; bought current 4 bed semi for £175,000, most recent valuation was £400,000. it is fair to say that we did huge amounts of work on all of them, more than most people would be prepared to take on, so we bought cheap every time - and lived in them while we did the work so it was not an easy ride at all. it all sounds fine on paper but really its all a bit hypothetical and scary because everything else costs so much more as well! I wonder if ours is the last generation to be able to get onto the property ladder at a young age? we were in our very early 20s and the deposit on our first flat was given to me by my Dad - it was what he had put aside for my wedding, so we then paid for our own wedding many years later... Quote Link to comment Share on other sites More sharing options...
Old Speckled Hen Posted July 21, 2011 Share Posted July 21, 2011 I wonder if ours is the last generation to be able to get onto the property ladder at a young age? I think you're probably right. It's so depressing. I went without and scrimped and saved to get my daughter through university without a loan as I knew it would be such a millstone. I needn't have bothered,she's an actress and will never earn enough money to have paid a loan off so she might as well have had it. I digress.......... Having sold my business I gave her a small one bedroomed flat in Richmond borough where prices are absolutely ridiculous so at least she has a start when she decides to move. Meanwhile hubby and I are mortgage free, retired and living on a very small income with the house for sale so that we can downsize...............happy days, though Quote Link to comment Share on other sites More sharing options...
squiffs Posted July 21, 2011 Share Posted July 21, 2011 I wonder if ours is the last generation to be able to get onto the property ladder at a young age? we were in our very early 20s and the deposit on our first flat was given to me by my Dad - it was what he had put aside for my wedding, so we then paid for our own wedding many years later... Yeah I think also the attitude these days is that people pay for their own mortgages and weddings now, I certainly don't even think about getting money from my parents for anything. All my debt and all the things I've paid for since I turned 18 have been mine, I sometimes wish I had a wedding fund though! Quote Link to comment Share on other sites More sharing options...
Chickendoodle Posted July 21, 2011 Share Posted July 21, 2011 Yeah I think also the attitude these days is that people pay for their own mortgages and weddings now, I certainly don't even think about getting money from my parents for anything. All my debt and all the things I've paid for since I turned 18 have been mine, I sometimes wish I had a wedding fund though Having just paid for my YD's wedding I am sorry to say that was not her attitude and they had absolutely no money anyway Quote Link to comment Share on other sites More sharing options...
