Attacking the mortgage!

[Stasher]

Thanks for all of the positive comments.

I'm paying off another large amount next week and then further smaller chucks over the next year. I have reached that age where I more or less have everything that I NEED, so all spare cash is being thrown at this (there is no point in putting it in the bank with the current interest rate). I think that I may be able to get shot of it by Christmas, fingers crossed.

Fantastic, best of luck!

[Sparkyy]

Thanks for all of the positive comments.

I'm paying off another large amount next week and then further smaller chucks over the next year. I have reached that age where I more or less have everything that I NEED, so all spare cash is being thrown at this (there is no point in putting it in the bank with the current interest rate). I think that I may be able to get shot of it by Christmas, fingers crossed.

That would be the best Christmas present ever best of luck with it mate

[Mr R]

Thanks Sparkyy, much appreciated.

Hopefully the following will be of use to anyone else considering this approach. I received a letter from the bank today, stating that as my (capital) mortgage has reduced, so has the monthly payments (by roughly £50 per month). I realise that this is the bank's way of extending payments for the remaining time of the mortgage and, obviously, I am going to add these monthly sums to the next big payment, but worth noting anyway.

[poppypiesdad]

We have no lending on our own property, but have two buy to lets,and this very topic had given me a wee push , so got the estate agent to have a once over them for us
The one that is our old home is finally out of negative equity only by £10k so enough to pay off expenses and a wee bit over
The rental only one has jumped back up there's about £30k in that one

That would make us totally free of borrowing. But take our income of about £400 a month between them.

My gut it saying get out now , my head loosing £400 a month , my heart is saying get rid and invest the money in something safe .

J

[Deeps]

We have no lending on our own property, but have two buy to lets,and this very topic had given me a wee push , so got the estate agent to have a once over them for us
The one that is our old home is finally out of negative equity only by £10k so enough to pay off expenses and a wee bit over
The rental only one has jumped back up there's about £30k in that one

That would make us totally free of borrowing. But take our income of about £400 a month between them.

My gut it saying get out now , my head loosing £400 a month , my heart is saying get rid and invest the money in something safe .

J

Each to their own mate, different properties will mean different situations but I don't think there is a safer investment than property over all. Like any investment there's always a bit of a risk but once you get those mortgages paid off it can build the pension pot nicely and you still have your asset as well.

[Deep Thinker]

Fantastic having no mortgage means more of your wage is yours.Trick is when you get a bit extra don't waste on frittering get the mortgage paid off.

[Mortblanc]

I am going to give some general input on the mortgage philosophy thing.

I am retired. I retired when some of my friends have not been able to retire.

Why was I able to tell the system to suck the big one when my friends could not?

It was because I had a paid for home!

My general living expenses are now less than my mortgage payment once was. Everything over that goes to preps, hobbies, travel and general having fun while others are at work trying to make enough to pay their rent to a landlord or meet their mortgage.

My paid for home is not an "investment" so I do not care if it makes sense to some 30 year old who does not mind paying for someone else to retire and live off their rental property.

My home is the paid for roof over my head that will not go away due to sickness, injury, loss of job, or a landlord with a nasty attitude.

It's mine!

[Arzosah]

Absolutely! Its worth the effort to own your own place, I really think so. And its becoming more so, even without tshtf, because there's less and less security in renting (and now buy-to-letters will be having their tax advantages taken away, I believe a lot of people are getting rid of their rental places - can't find the link right now, sorry).

[Mr R]

Absolutely! Its worth the effort to own your own place, I really think so. And its becoming more so, even without tshtf, because there's less and less security in renting (and now buy-to-letters will be having their tax advantages taken away, I believe a lot of people are getting rid of their rental places - can't find the link right now, sorry).

I would be interested in seeing that link, as I have not heard anything about this.

Thanks.

[poppypiesdad]

Me too. But as a landlord we use a letting agent to try and keep all the crap away from us , but when you get a phone call that the washing machine is leaking , and you remind them that we did not supply a washing machine you wonder why the 9% you pay for to them from the rent when they don't know .

Also when the rent is late and both of them are sliding slower into behind when you remind them again that it's their job to do it not ours.


J