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Is it worth it?
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unionjack81
Posts: 34 Forumite
Hi,
This question is probably more aimed at successful MFWs. At the moment, I owe about £137k on my mortgage. I am on a tracker and so have benefited from the reduction in base rate. I have not only chosen to overpay my mortgage by this amount but also increased it by a further £100.
The end result is that I'm currently overpaying by about £390. I believe that I should be able to maintain this indefinitely (unless the base rate increases to 10%!!!!!).
If I do this, it will bring my mortgage term down to just under 13 years! I would be chuffed if this was the case because it would result in me being mortgage free before I am 40.
So now for the question...... is it worth making the personal sacrificies required to achieve such a goal? Put it like this, kids might mess up my plans a bit lol What do you do at the end of it? Do you start amassing a fortune? Spend it all? I'm just not sure what the benefits are?
I'm only asking this because I don't want to spend such a significant part of my life achieving something that some of you have found to be less important that you first anticipated.
This question is probably more aimed at successful MFWs. At the moment, I owe about £137k on my mortgage. I am on a tracker and so have benefited from the reduction in base rate. I have not only chosen to overpay my mortgage by this amount but also increased it by a further £100.
The end result is that I'm currently overpaying by about £390. I believe that I should be able to maintain this indefinitely (unless the base rate increases to 10%!!!!!).
If I do this, it will bring my mortgage term down to just under 13 years! I would be chuffed if this was the case because it would result in me being mortgage free before I am 40.
So now for the question...... is it worth making the personal sacrificies required to achieve such a goal? Put it like this, kids might mess up my plans a bit lol What do you do at the end of it? Do you start amassing a fortune? Spend it all? I'm just not sure what the benefits are?
I'm only asking this because I don't want to spend such a significant part of my life achieving something that some of you have found to be less important that you first anticipated.
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