• Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
  • Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!

Opinions on Paying Off Mortgage Vs Good Lifestyle.

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    Opinions on Paying Off Mortgage Vs Good Lifestyle.

    I know everyone has their own opinion on what's best, being mortgage free or having a good lifestyle. My situation was that two years ago, I decided to sell my old house, nice detached house c. £200K with small £40K mortgage, and could've paid it off in a few years and be mortgage free by early 40's. Then I decided to buy some land, build a house, get a £120K mortgage but have a house worth probably £450K now. But for me, I am more interested in enjoying life, that maybe owning a couple of nice cars, getting involved in an expensive motorsport hobby, having holidays etc rather than knuckling down and paying it off. I guess I could pay this one off in < 10 years but all of my pleasures would be out of the window. My thoughts are if I can have it settled by 50-ish then that would suit me, and maybe move abroard then.

    What's everyones thoughts on this, and what drives you to get it paid off earlier (apart from the interest saving) ?

    #2
    Originally posted by ChrisPackit View Post
    What's everyones thoughts on this, and what drives you to get it paid off earlier (apart from the interest saving) ?
    I can't speak for everyone but here's my thoughts. You're a

    Comment


      #3
      Cheers, nice and constructive...

      Comment


        #4
        There's no doubt at all in my mind, suffer now and relax later.

        I know its better to enjoy life while you have your youth and stuff, and while your kids are young, but on balance, I think paying off your debts early is the way to go.

        when I was about your age, i knocked up a little spreadsheet with a few scenarios. When I saw the difference in overall spendies, it was a no brainer.



        (\__/)
        (>'.'<)
        ("")("") Born to Drink. Forced to Work

        Comment


          #5
          Originally posted by EternalOptimist View Post
          There's no doubt at all in my mind, suffer now and relax later.

          I know its better to enjoy life while you have your youth and stuff, and while your kids are young, but on balance, I think paying off your debts early is the way to go.

          when I was about your age, i knocked up a little slate tablet with a few scenarios. When I saw the difference in overall spendies, it was a no brainer.



          FTFY

          Comment


            #6
            Originally posted by EternalOptimist View Post
            when I was about your age, i knocked up a little spreadsheet with a few scenarios. When I saw the difference in overall spendies, it was a no brainer.
            They had those back then?
            Originally posted by MaryPoppins
            I'd still not breastfeed a nazi
            Originally posted by vetran
            Urine is quite nourishing

            Comment


              #7
              Originally posted by ChrisPackit View Post
              I know everyone has their own opinion on what's best, being mortgage free or having a good lifestyle. ?
              Why are they mutually exclusive?
              I've done both.
              House is worth £1 million +, average for London.
              Hard Brexit now!
              #prayfornodeal

              Comment


                #8
                Originally posted by sasguru View Post
                Why are they mutually exclusive?
                I've done both.
                House is worth £1 million +, average for London.
                Course you have sas. Course you have.

                Now tell him about your fleet of virtual motorbikes too and really blow his socks off!!

                “The period of the disintegration of the European Union has begun. And the first vessel to have departed is Britain”

                Comment


                  #9
                  Originally posted by sasguru View Post
                  Why are they mutually exclusive?
                  I've done both.
                  House is worth £1 million +, average for London.
                  Not easy to sell on a bail hostel.

                  Comment


                    #10
                    For me its a balance, I really want to pay my mortgage off asap so I can either retire early or not have to worry about being in constant work all the time and mainly just know if any major tulip happens in my life thats one major outgoing I don't have to cover but I don't want to pile so much in that I can't enjoy and make the most of 'the now' in case I get run over by a bus tomorrow!

                    I could if I piled all my cash into my mortgage have it paid off in 4 years but I'm choosing to pay a substantial amount off each month/end of fixed term rate but leaving enough behind to put in savings so I can have my holidays and a nice car on the drive and no major money worries for general everyday things.

                    Comment

                    Working...
                    X