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

I tend to err on the conservative side but in my late 30s have got to the point where I feel comfortable loosening up a bit and spending more on enjoying life. I think this is the right thing to do vs maniacally paying off the mortgage. Just hope the current economic situation doesn't scupper it. Realistically, mortgage will probably take another 10 years with overpayments but I'm paying more than double my mortgage payments into pension every year at the moment.
 
Paid my first one off at 45. Nearly 50 now and 48k to go on our current property. Still 15 years on the term, but hope to pay it off in the next 5 years.
 
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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Yep. I have a 100k miles Octavia and a cheap eurobox Renault SUV.

For me I had to choose 1 out of 3 choices.

Pay off mortgage as quickly as possible
Invest for higher returns towards my pension
Live life to the max right now.

I decided that paying off the mortgage ASAP was the least important of the 3. However after having kids I realised that giving them as many experiences as possible and giving them the best life they can was important but I also want to make sure I'm not working until I'm way into my 60s. So decided to try and do a bit of both, whilst I'm earning a reasonable wage and cross my fingers for a lottery win!

My pension pot is looking for healthy for someone of my age and the return I've got over the last 10 years is significantly higher (by quite a big order of magnitude) than what I'd have saved on overpayment.

I won't have any inheritance nor did I ever receive anything other than nostalgic heirlooms with little financial value. However a mortgage or rent was never something I saw as hanging over my head. Sure I am privileged enough for it not to be a worry, but I worked hard for that privilege.
 
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Freefaller said:
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.
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That's exactly it. Kids are expensive, but I'd rather have fun now than live the life of a miser :cry: . A guy I worked with "boasted" he'd paid his mortgage off, what happened was he got divorced and had no kids, but him and his Mrs had a house diwn south on interest only mortgage so made a bit on that. Lack of kids and buying a house that was only 100k (coupled with having no life) meant he was mortgage free, but I'd find it depressing.
 
theone8181 said:
That's exactly it. Kids are expensive, but I'd rather have fun now than live the life of a miser :cry: . A guy I worked with "boasted" he'd paid his mortgage off, what happened was he got divorced and had no kids, but him and his Mrs had a house diwn south on interest only mortgage so made a bit on that. Lack of kids and buying a house that was only 100k (coupled with having no life) meant he was mortgage free, but I'd find it depressing.
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Kids are so rewarding that I couldn't imagine life without them and it's not as if we're sacrificing anything as we're building memories with them and giving them life experiences which helps them blossom!

But yes life is different and cheaper without them, but for me would be emptier and certainly not what I'd want.
 
Bassmansam said:
Dunno why people worry about paying a mortgage off so quick unless your not in a position to receive the inevitable inheritance from your parents.
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Because its financial freedom and you aren't paying hundreds of pounds a month in interest. If we didn't have a mortgage we could work less, go on more holidays etc.

And I am unlikely to get any real inheritance from my parents because they are not wealthy and they will enjoy their retirement and then require extortionately expensive care in their old age.

Anyway, if your parents are wealthy enough to give you serious amounts of money when they die then they would be far far better off finding a way to give it to you when you are younger. Its a bizarre thing we do in the UK. Wait until people don't need money before giving it to them. The time you would benefit most from it is in your late 20s onwards. Not your 60s or 70s.
 
fez said:
Because its financial freedom and you aren't paying hundreds of pounds a month in interest. If we didn't have a mortgage we could work less, go on more holidays etc.

And I am unlikely to get any real inheritance from my parents because they are not wealthy and they will enjoy their retirement and then require extortionately expensive care in their old age.

Anyway, if your parents are wealthy enough to give you serious amounts of money when they die then they would be far far better off finding a way to give it to you when you are younger. Its a bizarre thing we do in the UK. Wait until people don't need money before giving it to them. The time you would benefit most from it is in your late 20s onwards. Not your 60s or 70s.
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I meant from the sale of their property after they pass. Its a horrible thought but i guess its something we all have to experience.
 
I’d be mortgage free had I not got divorced and I could pay it off from pension funds if I wanted but for now chose not to. Nice not to have a mortgage however, to argue otherwise is daft. Having a home you fully own is freedom from ‘The Man’.
 
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