I got my final annual mortgage statement and I'm like this...

Paid mine off at 40 and very nearly killed myself (i'm not kidding) working a job I ******* hated to do it, but I was also lucky in a way the yoof of today just aren't (as i'm sure many others were).
First mortgage at 19 back in the early 90's when the banks would lend to anyone, and then moved quite a few times, and with every move made rather a lot of money on the sales.
I also own another paid off property which I rent out, which literally makes me Hitler and Pol Pot rolled into one.
I do feel for the hard working youngsters today who see no light at the end of the tunnel and have resigned themselves to a lifetime of renting due to the outrageous deposits needed and lack of affordable housing.
*awaits froth
 
JonRGV250 said:
Paid mine off at 40 and very nearly killed myself (i'm not kidding) working a job I ******* hated to do it, but I was also lucky in a way the yoof of today just aren't (as i'm sure many others were).
First mortgage at 19 back in the early 90's when the banks would lend to anyone, and then moved quite a few times, and with every move made rather a lot of money on the sales.
I also own another paid off property which I rent out, which literally makes me Hitler and Pol Pot rolled into one.
I do feel for the hard working youngsters today who see no light at the end of the tunnel and have resigned themselves to a lifetime of renting due to the outrageous deposits needed and lack of affordable housing.
*awaits froth
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Congrats sir, that's epic!

Oh wait.... I meant, how dare you, boomer!
 
Paid mine off at the end of last year, at age 36 (25 year mortgage done in 10), worked my nuts off, had decent career luck too if being honest, but it cost my health from poor living conditions while saving a deposit, and a lot of work related stress.

Got some home improvements done, pc and car are due to be replaced, then just getting used to having the extra cash each month. Might start actually doing things for fun lol, aka getting a life.

I remember starting work as a graduate and realising I'd lost money in my first year, my salary just didn't cover living expenses. All that fuss about making you go to university with the promise of a good job at the end of it and the good job doesn't materialise. Was defo a "how the hell am I gonna turn this around" moment, which is why I sacrificed a lot/too much/everything to make it happen.

Had to do it all solo too, no wife, no bank of mum and dad, and there'll be very little in the way of inheritance down the line. Quite sad and funny discussing money with mum, she never earnt much and it took her a long time to pay off her 10k mortgage, just doesn't "get it" at all lol. I'm sure the kids of today will look back at me with a similar "you millennials had it easy" attitude.

It's kind of ridiculous how much of our society is structured around a household having two incomes, yet it's at a time when people are choosing not to marry or have kids more than ever before, that'll need addressing properly sooner or later.
 
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throwaway4372 said:
Paid mine off at the end of last year, at age 36 (25 year mortgage done in 10), worked my nuts off, had decent career luck too if being honest, but it cost my health from poor living conditions while saving a deposit, and a lot of work related stress.

Got some home improvements done, pc and car are due to be replaced, then just getting used to having the extra cash each month. Might start actually doing things for fun lol, aka getting a life.

I remember starting work as a graduate and realising I'd lost money in my first year, my salary just didn't cover living expenses. All that fuss about making you go to university with the promise of a good job at the end of it and the good job doesn't materialise. Was defo a "how the hell am I gonna turn this around" moment, which is why I sacrificed a lot/too much/everything to make it happen.

Had to do it all solo too, no wife, no bank of mum and dad, and there'll be very little in the way of inheritance down the line. Quite sad and funny discussing money with mum, she never earnt much and it took her a long time to pay off her 10k mortgage, just doesn't "get it" at all lol. I'm sure the kids of today will look back at me with a similar "you millennials had it easy" attitude.

It's kind of ridiculous how much of our society is structured around a household having two incomes, yet it's at a time when people are choosing not to marry or have kids more than ever before, that'll need addressing properly sooner or later.
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Well done, I'm the same age as you (well for 2 weeks at least :p). We've got about 120k on our mortgage and if I do nothing it's due to finish in around 16 years. My initial plan was hammer overpayment, but kids and wanting nice things makes that hard, don't think we've overpaid in the last 10 years but it is what it is. I'm aiming for retirement at 55 so I've been hammering my work pension with a reasonable amount so that's not looking too bad. Don't plan on moving again though so that should save a bit:cry:.
 
I'm in no rush to pay it off quickly. I'd rather put excess money into my pension (which is what I do). I probably could have have reduced it by 50% but instead I take my family on many holidays, and built up a decent retirement pot.

However I do understand why people would want to do it. For me though investing in higher return makes more sense for my situation.

That said we're on a low rate mortgage and the sum is relatively small every month. I've made the choice of quality of life, perhaps foolishly but building up those life experiences with the kids is far more enjoyable.
 
I paid off 2 mortgages, incredibly satisfying, but have also purchased 2 properties for cash in the past, which is even more satisfying...!

Personally, I have never understood why people don't want to get to a debt free position. I know the explanations, not all debt is bad, and in the past mortgages have been almost 'free' etc. but there is no feeling like being debt free, it is empowering and enables you to feel that there are choices in life, responsibilities evaporate when you are not committed to a repayment schedule.

And yes I have a pension.
 
martin363 said:
I paid off 2 mortgages, incredibly satisfying, but have also purchased 2 properties for cash in the past, which is even more satisfying...!

Personally, I have never understood why people don't want to get to a debt free position. I know the explanations, not all debt is bad, and in the past mortgages have been almost 'free' etc. but there is no feeling like being debt free, it is empowering and enables you to feel that there are choices in life, responsibilities evaporate when you are not committed to a repayment schedule.

And yes I have a pension.
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Living for the present is something I find more fun. And I'm not planning on being in the UK for the rest of my life either so happy to live with that decision.

If you can put 30k+ into a pension every year and over pay the maximum of your mortgage then kudos! However for me it is one or the other and I'd rather spend the spare cash and have fun knowing that my mortgage is being paid off, albeit just more slowly.

Of course if I won't the lottery I'd pay it off immediately!
 
Freefaller said:
Living for the present is something I find more fun. And I'm not planning on being in the UK for the rest of my life either so happy to live with that decision.

If you can put 30k+ into a pension every year and over pay the maximum of your mortgage then kudos! However for me it is one or the other and I'd rather spend the spare cash and have fun knowing that my mortgage is being paid off, albeit just more slowly.

Of course if I won't the lottery I'd pay it off immediately!
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it was only because I lived and worked overseas for 15 years that I had the choices, you have to take risks otherwise nothing ever happens to let you do these things.

I would go for it if you have the opportunity. (overseas that is)
 
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bazzabear said:
To add - I totally understand that those saying invest instead of overpaying are correct. But I'm overly risk averse, and like that the overpaying has a definite aim, value and goal to reach.
So that's what we've decided to do even though it's very likely to be the less profitable option.

The difficulty is, when we've paid off fully, knowing what the hell to do with the money then!
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Depends on your age, when you get to the age most people do you replace the mortgage with medical bills
 
martin363 said:
Personally, I have never understood why people don't want to get to a debt free position.
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Probably because some people want the next best thing, and are willing to hock themselves up to the eyeballs in debt to have it.
For example, I spent too long as a Mercedes and Audi salesman in the 2000's and saw people tie themselves up in knots to keep up with the joneses.
I bought back quite a lot of cars that the customers couldn't ultimately afford, but they were left in terrible negative equity on the finance that still needed paying.
Absolute and utter madness.
FWIW I drive a 2007 Ford Focus :D
 
martin363 said:
it was only because I lived and worked overseas for 15 years that I had the choices, you have to take risks otherwise nothing ever happens to let you do these things.
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JonRGV250 said:
Probably because some people want the next best thing, and are willing to hock themselves up to the eyeballs in debt to have it.
For example, I spent too long as a Mercedes and Audi salesman in the 2000's and saw people tie themselves up in knots to keep up with the joneses.
I bought back quite a lot of cars that the customers couldn't ultimately afford, but they were left in terrible negative equity on the finance that still needed paying.
Absolute and utter madness.
FWIW I drive a 2007 Ford Focus :D
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Agreed. I have a base model Golf, boring, but only 175 for a service and gets me from A to B. Plus I got it for cash...
 
martin363 said:
it was only because I lived and worked overseas for 15 years that I had the choices, you have to take risks otherwise nothing ever happens to let you do these things.

I would go for it if you have the opportunity. (overseas that is)
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Yep, if I still lived in the UK, I would be paying the mortgage for the rest of the term which was another 14 years. I moved overseas 4 years ago and started making more money. Enough to stack savings and clear the mortgage sooner.

Also helped I didn't have women or kids draining my finances during my 20's and early 30's :D
 
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theone8181 said:
We've got about 120k on our mortgage and if I do nothing it's due to finish in around 16 years. My initial plan was hammer overpayment, but kids and wanting nice things makes that hard
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Still a nice strong position to be in. £120k isn't that much in the grand scheme of things, especially as you've been able to have kids and live your life.

We are doing as much as we can to over pay, ht kids are our next step and know that'll be a hit to us in terms of how much we can move roay if at all.

The dya we get down to less than £200k left will be a good one, as over paying £20k a year is almost doable without too many sacrifices needed.
 
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