A word of encouragement on becoming mortgage free

halloweenqueen_2

You can pay the estate agent a % to get in tenants and deal with everything if you want to!
Or buy those premium bonds!! you still will get the money back and have the chance to win more money?? More fun??!!

Pitchshifter

I have given that some thought, not much mind you, and I don't like the idea of being a landlord and all the hassle it involves. I mean If I wanted an extra £4k a year I could get a lodger, but hmmm NO THANKS! Money isn't everything.lol

Pitchshifter

Broken_hearted wrote:

Once I'm mortgage clear I intend to stay that way, have more hoildays and enjoy life. I don't need a bigger house.

I agree. :T

Prudent

halloweenqueen wrote:

Maybe you could go down the buy to let route?

You put down a deposit and the rental income pays the mortgage?

I am mortgage free and also considered that option. However one of the reasons I choose to pay off my mortgage was simply for the feeling of being 'free' from the burden of a big regular payment. I go through phases of debating whether to buy another property, but in the end the lack of hassle seems a better option. Then again I guess entrepenuers (spelling?), don't get rich by making hassle free choices.

halloweenqueen_2

Pitchshifter wrote:

I have given that some thought, not much mind you, and I don't like the idea of being a landlord and all the hassle it involves. I mean If I wanted an extra £4k a year I could get a lodger, but hmmm NO THANKS! Money isn't everything.lol

Was only making suggestions, don't worry about it - I have a very hassle free lodger on my buy to let which I own outright so just thought it may help as an idea.

FZwanab

halloweenqueen wrote:

Maybe you could go down the buy to let route?
You put down a deposit and the rental income pays the mortgage?

Couldn't help but notice your £2 coins savings now amounting to £1210, how did you manage that? and what will you do with it??

halloweenqueen_2

I've been saving them a while and I put them in a bonus account which pays me a bonus if I save at least £20 a month on top of the usual interest.
I'm not sure what to do with them, my ambition is to reach £5000 it will be either a travel fund or a lump sum mortgage payment, whichever seems the greatest need when i get there!

frible

We hope to be mortgage free in about 4 years, and have thought about what to do when that happens. Stupid thing is our fav' option to to buy a bigger place, with a new mortgage. Which is fine, but if paying off the mortgage quickly become a habit and we could go through life spending every penny on property and none on fun. Saving money becomes addictive, perhaps we will need a new board for addicts.

halloweenqueen_2

Once mine is paid for I intend to travel, that way I will only need mine for a base and not be tempted to finance estate agents and solicitors for ever more.

FZwanab

Well done Halloweenqueen, I was hoping for your sake that it wasnt a misprint. Good idea regarding the bonus account. I am hoping to both pay off my mortgage and have a travel fund set up over the next ten years, then when my mortgage is paid off, I'd like to travel the world with my family for a month or two, my kids will be teenagers then and will hopefully remember this, I think travel is a great form of education. It would be a pity to pay off the mortgage and have no savings to do something you want with.