Paying off your mortgage....

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thats a fair point.. I have dosh but its all tied up and while I can I'm reducing debt to make it more comfortable in a few years and I no longer need to graft

to be fair if I did another move I'd probably finance it by selling a 2nd property so that I wouldnt have a mortgage or a small one at that.

maybe have an annexe I could rent out on airbnb or something

Sell the lot, move north, retire now. ;)
 


Apparently, more people are going for longer term mortgages now, 35 is common, sometimes 40. Probably more common down south like. I was 30 when I took out the 30 year one so I thought it seemed like a decent starting point.

I'm 24 and took out a 35 year one, to keep the initial payments down. Got it fixed for 2 years and then will be looking to reduce the time as mine and the lasses incomes should be better by then.
 
not quite at that position yet. 5 - 7 years then I'll be set and I'll be no older than 55

Are you planning on retiring up here? Always think that's a great idea for people living down south who also own property.

I'm 24 and took out a 35 year one, to keep the initial payments down. Got it fixed for 2 years and then will be looking to reduce the time as mine and the lasses incomes should be better by then.

Aye, that was my plan, I'm 9 years into the original 30 as it stands. Circumstances change so the initial period shouldn't really have to count for much.
 
Are you planning on retiring up here? Always think that's a great idea for people living down south who also own property.

.

financially it makes sense but wouldnt be until the kids have finished school fully. I also have a good network of friends and like it around here.

If I stayed in existing property which is more than big enough and take rent in from 2 properties or sell one I can live comfortably
 
financially it makes sense but wouldnt be until the kids have finished school fully. I also have a good network of friends and like it around here.

If I stayed in existing property which is more than big enough and take rent in from 2 properties or sell one I can live comfortably

Aye, that's quite often the issue. People tend to get settled. It's easy for me to say sell up and retire by the sea, but if your centre of life ends up elsewhere then it's not always a realistic option.
 
Aye, that's quite often the issue. People tend to get settled. It's easy for me to say sell up and retire by the sea, but if your centre of life ends up elsewhere then it's not always a realistic option.

if I moved anywhere I think I'd like the west country but its back of beyond and prices are still steep as anything
 
We got our first mortgage a few years ago and we have overpaid as much as possible every year. Got the LTV down to about 50% now and we're due to remortgage in April.

Long-term plan is to keep the one we have and rent it out and buy another place in a cheaper area (we're in London and looking to leave). This would leave us essentially mortgage free again as the rent received would be more than enough for the new place's mortgage.

I hate being forced to work and plan on retiring once I hit a set figure I've worked out I can comfortably live off. Will hit the figure when I'm about 45, possibly younger. I've just been very lucky with timing from when we bought our home.
 
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.
If you can remember your nights out, did you really have a good time?
 
5 years I should be mortgage free and the grand age of 49. I have a house that's paid for that my parents live in so that's my retirement investment. Money wise it's not a lot £230 a month that I will be better off

Fuck knows I have two mortgadges and am renting, just thinking about it makes my head hurt
I know lots of lads who rent and will never commit to a mortgage.
 
10 years left. Started overpaying last month and jings does it bring the term down! That said, hoping to move next year so God knows.....
 
Just switched to a 5yr fix at 1.79%
Was on 3.49% so monthly payment reduced by £150 so will overpay that each month, used to paying the larger figure and should reduce the term overall.

I'm fortunate enough to have cleared the mortgage on my previous house and renting it out, in a decent position I guess but would like to get to a state where if I had to, selling the previous house would clear the larger mortgage I have now.
 
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