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

When we moved, to get the house we wanted meant extending the mortgage to end when I am 67. Stuff that, I'd like to retire at 60! So our main aim is to reduce the term by overpaying what we can without adversely affecting current quality of life - I've a spreadsheet that calculates it perfectly. It's a good method as you can see your aims and progression.

The issue worth considering is not putting all the eggs in the one basket, otherwise you run the risk of being house-rich, cash-poor later in life. It would be for all for nowt if retiring at 60 and not having the cash/income to live the life you want, and we certainly are not considering downsizing unless we have to.
 
AdamM6 said:
My parents and family gave me nothing, had to work hard and graft like the rest of you.

No silver spoon here!
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My point was you listed that you had to live without a really nice luxury to pay off early :p

I am paying odd my mortgage too. Having to not buy the ferrari but its the price I'm willing to pay to get it gone sooner. I too am like you commoners. ;)
 
Well we're heading in the wrong direction. We bought our first house mortgage free in 2014 but time has come to move (wife wants to move closer to schools) so having now sold up a few months ago were back to scouring the market and looking at some eye watering mortgages! Long term financially I know it's the right thing to do though but still being mortgage free in your 20s and into your 30s was a nice feeling!
 
Our plan changed slightly with the rising interest rates. Still on a fixed rate until the end of 2024, so currently money earns more in a fixed rate saving account than it would save us by overpaying on the mortgage. But that will all change when the fixed rate ends of course!

So, instead if maximum overpayments each year, we're just keeping the money in savings. And in January 2025 we will completely pay off the remaining mortgage value.

The only difficulty is that in the meantime the savings are going to be enough for the interest to be taxed. Premium bonds and cash ISAs to the rescue on that I think.
 
We paid off our second mortgage as early as we could due to being reamed on first one at 12+% and my income didn't cover the payments -fortunately the wife was working so we managed - When we sold I put every single penny down we had for next mortgage which was a lot less then first and our goal was to pay it off ASAP - work mate laughed and said what about the tax relief you get.
I worked out we were better off without a mortgage than putting money away for the interest -
It skinned us out lobbing lump sums into mortgage but it was well worth it in the end.
 
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