When it comes to buying a house, many buyers will be focusing on finding a mortgage which is a good deal for them. But, with the average mortgage spanning 25 years, others may be hoping to repay their mortgage in full sooner rather than later. One homeowner has managed to do just that, and went on to share their delight on Reddit. Posting the news in a UK Personal Finance community three months ago, “u/JustPaidItOff” explained that they had very recently made their final mortgage payment.
What’s more, at the age of 41, they had repaid the mortgage term over the course of 16 years.
“I just wanted to share that I paid the final balance off my mortgage this lunchtime,” they penned.
“It’s quite a weird feeling – it’s slowly sinking in as I type this and the relief is incredible. I’m 41.”
They were quick to explain that the purpose of the post wasn’t to boast, but instead to tell those interested about how they had done it.
“This isn’t a gloat posted, but share that all I did was over pay a moderate amount consistently over the term, which put me in a position to complete the mortgage term in just over 16 years,”(sic) the Reddit user continued.
So, how did the homeowner pay off their mortgage in 16 years?
It seems that there was a number of factors.
“Committing to the over payment early stopped me wasting a small amount I had left over each month,” they said.
“It was the best phone call I’ve made adjusting the mortgage payment all those years ago.”
While they may not have counted the pennies throughout the mortgage repayment process, it seems that keeping track of outgoings was an important aspect for this homeowner.
That said, that doesn’t mean they didn’t indulge themselves with some spending now and then.
“I’ve always been careful with money, but being completely honest on every outgoing has allowed me to calculate an amount I could commit to,” they said.
“I’m a simple creature with simple pleasures, but I always pay into a play pot every month too, so I’m not hyper sensitive about treating myself.”
The homeowner also explained that they had been living on a “moderate” income thanks to their job.
They went on to reveal how they had been taught from a young age not to turn to spending on credit.
The Reddit user told readers: “I come from a poor background, but managed to get a science degree and get myself a professional job which pays a moderate but not exceptional amount.
“My parents had instilled into them don’t spend what you don’t have, which was a life lesson I followed and has put me in this position today.”