Paying off your mortgage....

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Mortgage payment is only £275 per month so not going to be life changing when it’s paid off however I am looking at siting if off in the next two years so that’ll mean £1k a month for the next couple of years.

Not bothered about up moving, would rather spend my money on living, planning on packing work in at 50 (5 years to go), house is there for the kids.
 


I've got 5 years left on mine, the place is currently let anyway and the rent covers the mortgage plus a little bit (not a lot extra as we have a good tenant and agent so happy with the status quo). However I expect when we come back to the UK we will end up moving somewhere else as the wife doesn't fancy living in the old place again (I blame homes under the hammer for putting ideas into her head). Luckily the kids are now both in University (daughter in final year son in year one) so by the time I am back in the UK we should be in a good place financially
 
Paid my first house off at 39yo, was a goal to do before 40, didn’t feel much in the end as it was only a few hundred quid a month anyway. Now at 44, mortgaged up to the hilt, which is a little scary, although have the comfort that if things go tits up, I have funds to cover the mortgage elsewhere. Oh and a nice pad in Hanoi also.
 
There is a radio personality in the United States called Dave Ramsey. He makes a big deal about getting out of debt in 7 steps. We had a huge mortgage and car loans and credit card debt. We were able to pay off all the debt except the mortgage within 2 years. We had our house paid off in 12 years (8 years early). The steps are logical, but it isn't without pain. But it is so worth it.

https://www.daveramsey.com/baby-steps
 
There is a radio personality in the United States called Dave Ramsey. He makes a big deal about getting out of debt in 7 steps. We had a huge mortgage and car loans and credit card debt. We were able to pay off all the debt except the mortgage within 2 years. We had our house paid off in 12 years (8 years early). The steps are logical, but it isn't without pain. But it is so worth it.

https://www.daveramsey.com/baby-steps

People need to be told these things?
 
People need to be told these things?

The lack of financial education that most people have isn't that surprising. If we were taught it in school, people would be a lot better off.

It took me until my mid 20's to stop spending every penny I had on rubbish and getting in debt etc. If I'd been a bit more sensible when I was younger it'd have helped me a lot.
 
The lack of financial education that most people have isn't that surprising. If we were taught it in school, people would be a lot better off.

It took me until my mid 20's to stop spending every penny I had on rubbish and getting in debt etc. If I'd been a bit more sensible when I was younger it'd have helped me a lot.
Same here, minus the debt. Wouldn't have wanted to be sensible at that age.
 
Same here, minus the debt. Wouldn't have wanted to be sensible at that age.

You only live once and all that, but I do regret not saving money as soon as I began working full time. The compound interest is enough to make me weep.
 
Aye I just think it was just cos the lads were single. They've ended up in their late 30s and have missed out on all the memories of nights out and holidays away with the lads and now they've got a shit load of disposable income, we've settled down and they don't have lasses as they never went out to meet one.

Do they want a lass though? Many use tinder these days rather than going out. And having a lass isnt the be all and end all.
 
i'm just about to sign up to one, this week hopefully. 25 years. payments are going to be slightly more than the rent we're paying now but looking forward to having a proper house. its daunting thinking i'll be 55 when its paid off. would love to think i'd be able to overpay but i know that if i have spare cash, i'm going on holidays with it
 
You only live once and all that, but I do regret not saving money as soon as I began working full time. The compound interest is enough to make me weep.

I can't say I regret not saving in my early 20s like. Few extra K in the bank now wouldn't buy those memories, things I simply couldn't do now.

i'm just about to sign up to one, this week hopefully. 25 years. payments are going to be slightly more than the rent we're paying now but looking forward to having a proper house. its daunting thinking i'll be 55 when its paid off. would love to think i'd be able to overpay but i know that if i have spare cash, i'm going on holidays with it

No need to worry about overpaying if you can't afford it at the moment, all things being well your income will increase, when it does, but some of the increase towards the mortgage and watch the term go down.
 
i'm just about to sign up to one, this week hopefully. 25 years. payments are going to be slightly more than the rent we're paying now but looking forward to having a proper house. its daunting thinking i'll be 55 when its paid off. would love to think i'd be able to overpay but i know that if i have spare cash, i'm going on holidays with it

other than interest rates going up in the long term you will be far better off. Rents progressively rise. your mortgage doesnt
 
other than interest rates going up in the long term you will be far better off. Rents progressively rise. your mortgage doesnt

Big consideration though, especially if someone is stretching themselves at low rates...

I think lenders are doing affordability tests at more "normal" rates though.
 
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