Should we or shouldn't we?

Coveredinbees!!!!

If it was me I would just pay off the mortgage, I dream of the day when I can do it.

rizla01

Hi Jenny.

Well done. Nice position to be in.

In my view the ONLY thing that should stop you going ahead is this.

How easily could you obtain a £6000 loan (That doesn't put your home at risk) should the need arise?

Presently you have a nice umbrella,(£6000.00) should anything go wrong and you are still able to make those mortgage payments.

You can repay the mortgage at ANY time. So why rush. Just KNOWING that you can, should suffice.

MOST important is the fact that you could lock your savings away and receive 5% Interest on the money invested and still carry on making your payments and every week you will be in profit.

PLUS your mortgage will eventually get paid off and you will still have your investment.

ASK YOURSELF - How would you like to be mortgage free and have £7000.00 in the bank?

Sorry to put a dampener on your party but I am over 50 (Old) and cautious and that is exactly the advice I would give as a father and yes, now Mortgage free and retired (unofficially) but with a very comfortable figure behind me.

Anyway, good luck whichever route you choose to follow.

ClootiesMum

Well - have you.....

I'm so happy I'm sitting at my desk at work grinning; everyone thinks I've gone a bit barmy.

I can just picture this

CM

jennyjelly

Just thought I'd update everyone on the situation as you were all kind enough to take the time to give your good advice.

Firstly, to Rizla01. You make a very good point and I have a feeling my dad would probably have asked me to stop and think for just the same reasons if he were still here. I totally understand what you are saying - yes we will be sailing a bit close to the wind for a few months while the savings rebuild, but as we are in 'safe' jobs we are prepared to risk it. The £6000 loan you mention wouldn't be a problem with the amount of equity in the house. In a year's time, at the end of the mortgage term, our savings wil have recovered to the tune of £6000 so I think it's as broad as it's long in that respect.

But things have gone a bit cockeyed, thanks to my own stupidity. Read on ..........

So I moved all the necessary money into the current account ready to do the deed. I thought. But what I actually did was send it all to an account that I closed 6 months ago but forgot to change as my nominated account with the ISA people. So since then it has been floating around in financial cyberspace with me rushing around with a virtual fishing net trying to find it. It was a bit tense I admit.

No permanent harm done, it finally bounced back and was sent out again on a journey to the correct account where it has now safely arrived. Trouble is, there was a bit of an overdraft on the account due to DH overspending a bit, so now there's not enough to pay the mortgage immediately, we have to wait until we are both paid at the end of the month then that will more than cover the shortfall. I could just transfer some from our safety net money but for the sake of waiting a week I don't really want to touch that.

So that's it so far. Who would have thought such a simple thing would become such a drama. My face was very red for a while, as I'm the one who always deals with all the financial stuff and claim to know what I'm doing.

If I don't make any more stupid !!!!-ups I should be posting that we are mortgage free by September 1st. Cross your fingers for me!

ClootiesMum

All fingers suitably crossed....

rizla01

Firstly, to Rizla01. You make a very good point and I have a feeling my dad would probably have asked me to stop and think for just the same reasons if he were still here. I totally understand what you are saying - yes we will be sailing a bit close to the wind for a few months while the savings rebuild, but as we are in 'safe' jobs we are prepared to risk it. The £6000 loan you mention wouldn't be a problem with the amount of equity in the house. In a year's time, at the end of the mortgage term, our savings wil have recovered to the tune of £6000 so I think it's as broad as it's long in that respect.

Glad that you at least, thought about it.

I understand a little more about your personal circs so a very small risk weighed against the phsychological benefits, fades into insignificance.

Power to yer elbow. Hope you get the hiccup sorted out very soon.

Riz

Radish72

Fingers crossed, toes crossed, jealously rising

Well done you apart from the little hiccup at the end, made it a bit more exciting not that you needed that :j

Just think 1st Sept - no more mortgage :T:T

jennyjelly

Hello again, thought I'd post an update.

As of about 5 minutes ago we own every last brick and nail of our house and I'm so happy I don't quite know where to put myself so I thought I'd log on and tell you guys.

The bank holiday Monday cam just at the right time because it meant that both our employers had to pay us early. I checked the bank account this morning and both lots of wages were in, then spent the rest of the day itching to get home and do the deed. So now it's done. Nearly 30 years of struggling all over. I don't think even a rainy bank holiday can wipe the grin off!

We have decided to take a month off and enjoy the extra free money in September, maybe go away for a weekend if we get organised. Then it's back to being sensible, and a regular deposit into the ISAs.

Can't quite get my head around it, but it's a good feeling. Thanks for all your support, particularly for not calling me names when I did silly things.

Now I'm off to add my name to the MF roll of honour!

chirpchirp

Well done. Must be such a lovely feeling.

Keefington

Congratulations on being MF, it must be liberating looking at a missing Direct Debit / Payment