Paying off your mortgage....

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The Ghost of ORR said:
As many have said, there's a balance. Don't skint yourself but do without a few things here and there and you'll shave years off.
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Oh I'm not leaving myself short. Due my first bairn in 2 month, so have a "family car" on order, and rather than spend the spare coin on a daft toy, I'd rather be finished work a few years early. Got the military pension maturing at 55, so around there would be great.

Well, that's the plan anyway. :lol:
 


We are toying with this decision at the minute. Basically we have a rental property that, if we sell, would pay off the mortgage on house that we live in.
We're both late 40's and like the idea of being mortgage free but quite like the idea of this rental property being our nest egg for when we pay our mortgage off in 10 years time as well.
 
Mackem DishMonkey said:
We are toying with this decision at the minute. Basically we have a rental property that, if we sell, would pay off the mortgage on house that we live in.
We're both late 40's and like the idea of being mortgage free but quite like the idea of this rental property being our nest egg for when we pay our mortgage off in 10 years time as well.
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I'd keep the property if you're both currently working.
 
I was comparatively late doing everything in life - late getting mortgage, late getting married, late having a bairn ...

My only main regrets in life are staying in a job and a relationship way past the time I should have bailed, both back in the late nineties.

Couldn’t commit to a mortgage back then as I didn’t have a green card and wasn’t sure if I’d get turfed or not.

Measuring the arc of your life against that of other people is a hiding to nothing. Like I say no regrets and love life, wouldn’t change much but I am just slightly a tiny bit envious of those who have theirs paid off. Must be a nice feeling. We live within our means so I can keep up with payments OK and have a bit stashed for retirement too but I’d like to start overpaying soon and get it sorted quicker. I’m envious of the low interest rates you have back home. Need to look into a refinance of soon and see if I can get the rate lowered.
 
Would have paid mine off two years ago.
Main positive for me would not to have the pressure around the thought of losing your job. Paying off your mortgage simply gives you more options.

Looking to do so in two more years the reason we didn’t do it was moving to a house of our dreams and simply love the village and garden.
In addition was easy then to have a dog and the kids go to decent schools which they enjoy.
Definitely a live changer paying off the mortgage and fantastic for everyone who has already done so.
 
Paid mine of at 40. Went thru a phase of looking at massive houses with swimming pool etc , then buying land and building our building our own bespoke house.
Thankfully I never as I’m sentimental old sod and the house we are in holds all the memories of the kids growing up. 4 big bedrooms all with big ensuites will be enough to see us thru the impending teenage years of my two boys .
Anything more would just be a waste.
Oh and I never really felt anything when I paid mortgage off ....bit of an anti climax
 
I just want rid of the stress of the debt as I'm wired a bit funny and obsessive over money and the likes. I hate owing money and my job is hopeless at paying on time. The mortgage is a modest amount and I hope to be done by 40 so that I can relax a bit and sack off IT and just do something that I enjoy.
 
Ours paid off. Saving so our lass(no) can go part time. I would encourage all to pay off a bit extra if they can. Know its hard
 
Its a question of circumstances really, and hopefully not worth getting fixated on. However, If you can do it, it takes some pressure off and gives more options.

For example, you can go part-time or self-employed and still live within your means, and ultimately retire earlier than otherwise.
 
Mackem DishMonkey said:
We are toying with this decision at the minute. Basically we have a rental property that, if we sell, would pay off the mortgage on house that we live in.
We're both late 40's and like the idea of being mortgage free but quite like the idea of this rental property being our nest egg for when we pay our mortgage off in 10 years time as well.
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Similar position though in our early 40s with 3 daughters. We could be mortgage free if we sold our old flats from before we met, but whilst we're not dripping in money (far from it) we can afford to keep it all going and hope the other properties will be early pensions for us. I just try not to think about them other than when it's time to get a new tenant or 31st January !
 
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