Opinions on Paying Off Mortgage Vs Good Lifestyle. Opinions on Paying Off Mortgage Vs Good Lifestyle.
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    Default 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) ?

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    Quote 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

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    Cheers, nice and constructive...

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    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.



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    Quote 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.



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    Quote 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?
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    Quote 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

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    Quote 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!!

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    Quote 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.
    Quote Originally Posted by Bean
    I admit that I'm a lazy lying cretin, but so what?
    25 June 2018

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    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.

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