Best Things about being Mortgage Free

tsharp

I know a couple of people who are mortgage free, and it made me consider one thing;

While being mortgage free is a great thing for all of the reasons quoted above, it can create a kind of golden handcuffs scenario. You're mortgage free and have more options and cash, but by virtue of owning it, you will be tied to that area because you'll naturally be reticent of moving and therefore getting a new mortgage and starting all over again! Nice problem to have though, and of course is not relevent if you never foresee a reason to move, or can downsize, but still...

crusty_toenail

My husband agrees with the job aspects of being mortgage free - less stress at work, being able to enjoy the job more etc........ no pressure!!!

dave4545454

i'm mortgage free.

the best thing about is the freedom it gives you to live comfortably and be able to do whatever you want

wynnvegas

tsharp wrote: »

I know a couple of people who are mortgage free, and it made me consider one thing;

While being mortgage free is a great thing for all of the reasons quoted above, it can create a kind of golden handcuffs scenario. You're mortgage free and have more options and cash, but by virtue of owning it, you will be tied to that area because you'll naturally be reticent of moving and therefore getting a new mortgage and starting all over again! Nice problem to have though, and of course is not relevent if you never foresee a reason to move, or can downsize, but still...

Totally agree. For us to upscale beyond a 3-bed semi without a mortgage will probably be another 5 years of saving / wise investing. No chance I'll get caught with another mortgage unless something dramatically bad happens.

torbrex

I added my mortgage payment to my long term savings so that I will be bringing down my retirement age.
I save over 50% of my wages into that fund every month so that my projected retirement will be 59 and will come down if I dont use all my holiday fund every year.

pie81

tsharp wrote: »

I While being mortgage free is a great thing for all of the reasons quoted above, it can create a kind of golden handcuffs scenario. You're mortgage free and have more options and cash, but by virtue of owning it, you will be tied to that area because you'll naturally be reticent of moving and therefore getting a new mortgage and starting all over again!

not sure I agree. I'm mortgage free, but am intending to upsize to a bigger place (need space to have kids in a few years' time) and therefore take on a mortgage again. While I'm obviously a little sad that I will no longer be mortgage free, I have never considered not moving simply to remain mortgage free... instead I am just grateful that my new mortgage will be much smaller than it might have been had I not paid off the mortgage on my current place...

uzubairu

pie81 wrote: »

not sure I agree. I'm mortgage free, but am intending to upsize to a bigger place (need space to have kids in a few years' time) and therefore take on a mortgage again. While I'm obviously a little sad that I will no longer be mortgage free, I have never considered not moving simply to remain mortgage free... instead I am just grateful that my new mortgage will be much smaller than it might have been had I not paid off the mortgage on my current place...

My OH thinks the same too.

Benefits of being mortgage free

1. We'd definitely have more holidays and be less stressed at work.
2. We could save for our retirement and make other investments.

The best thing about deciding to go on this journey to mortgage freedom, is that it has shown us how we can save money without living like hermits, and that subtle changes to your lifestyles can save you hundreds of pounds a year and save your thousands over the life of the mortgage.

Even when we are mortgage free, most of those lessons learnt will stay with us, so that we will always try to get the best value for our hard earned money.

sammyjammy

tsharp wrote: »

I know a couple of people who are mortgage free, and it made me consider one thing;

While being mortgage free is a great thing for all of the reasons quoted above, it can create a kind of golden handcuffs scenario. You're mortgage free and have more options and cash, but by virtue of owning it, you will be tied to that area because you'll naturally be reticent of moving and therefore getting a new mortgage and starting all over again! Nice problem to have though, and of course is not relevent if you never foresee a reason to move, or can downsize, but still...

I respectfully disagree

I'm aiming to be MF before my 43rd birthday (6yrs) I'm planning to continue saving that money until I have a big lump sum that will enable me to move house and still be mortgage free. God willing I'm pretty set up on the pension front (I may live to regret that comment!).

george_jetson

Some interesting points in this thread!

You're mortgage free and have more options and cash, but by virtue of owning it, you will be tied to that area because you'll naturally be reticent of moving and therefore getting a new mortgage and starting all over again!

I see what you mean, but surely it's preferable to being stuck in your home because of negative equity! Anyway don't most people tend to buy places in areas they like (with the obvious exception of property "developers" / real estate "flippers")?

Also , unless you're upsizing or moving to a far better area, there's no reason why you would have to take out a new mortgage to move house.

My husband agrees with the job aspects of being mortgage free - less stress at work, being able to enjoy the job more etc........ no pressure!!!

This really is the biggie! I didn't expect this and it's an unexpected (and very welcome!) bonus!

Even when we are mortgage free, most of those lessons learnt will stay with us, so that we will always try to get the best value for our hard earned money.

Completely agree! I still keep up many of the habits I started during my mf quest including making my own bread, taking my own sandwiches to work, bussing or cycling to work, shopping at Aldi, renting rather than buying DVDs, doing without a freeview box (and TV licence!). But all of these things have advantages over and above saving money!

Nowt wrong with the Flamingo.

I'm actually looking forward to it. I've stayed in Bill's a couple of times and I love the location!

I'm tempted with the offers at Aria for summer 2010 - 2011 will be our first Christmas trip to Vegas and we're taking a few friends and family with us to celebrate properly.

I'm hoping that City Center will be open by the time I get back - I'm dying to have a snoop around there and also the M resort!

I was lucky enough to stay at the Wynn a couple of years ago for the unbelievable price of $99/night. Where else in the world can you stay in such a place for such a price? Love Vegas!

dave4545454

what percentage of the population are mortgage free now? about 50%?