Best Things about being Mortgage Free

nearlyrich

I agree with the less stress at work thing, we own our dream house in a lovely area and I can't think of any reason to move. My job is not the most secure but having disposable income means I have substantial savings so a blip wouldn't be the end of the world. Just booked a cruise with my bonus which might have been a bit hard to justify with a mortgage. Keep at it chaps there is no downside.

steph123steph

Well Im far off from being mortgage free :-( But.... I look forward o being able to have bigger budgets that allow me to spoil myself a little more! Being able to save more than £20 a month for my baby girls future....(even tho shes only 1!) Im actually overpaying to get out of negative equity and be able to upgrade to 3 bed rather than 2 as I long to complete my family, which I dont feel is practical in a 2 bed!! The day I switch back to positive equity, I will have a very happy husband :rotfl:

StuartGMC

dave4545454 wrote: »

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

An interesting question, but also consider the underlying demongraphics; not only are we living longer, but more and more households are single people. So assuming people clear their mortgage before retirement and then live a reasonable time (much to the chagrin of pension providers, who of course want us to live only 5yrs like we did in the past!) this would I think add to the number of people being mortgage-free.

The most interesting way to look at it would be by age group; I recall that data showed the average age of becoming mortgage-free had dropped but was now rising again... I'll try to find the stats as I think it was a drop from 58 to 54.

Courgette

I'm looking forward to having choices! I'm looking forward to be able to work part-time or not at all if I decide that's the best option for my family. I'm looking forward to be able to help out my DS when he's older so his dreams don't come crashing down to earth through lask of funds (doesn't mean I intend on being milked though!) I'm looking forward to owning a camper-van and driving across Europe in it with loads of little children. Most of all, I'm looking forward to not being beholden to any boss/employer/bank etc unless I decide I want to be!

Sound like a proper hippy, don't I :rotfl::rotfl::rotfl:

crusty_toenail

uzubairu wrote: »

My OH thinks the same too.

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.

Oh this is so true for us too! I said to my OH, when we are mortgage free I will still be shopping for bargains and scanning this site for deals on things!!!! But I love the fact I keep the extra money and not give it to a rip off shop!!!

I also love the idea I can invest in my childrens future, and that is my main priority really;)

elwistua

Our 15 years will end in Jan 2024 but we are planning on doing some further OP's and then offsetting so hopefully we can take a chunk out of the 15 years.

We don't have any kids and don't really intend going down this road which has given me issues in actually paying the mortgage off in that, no heirs who to pass the the house and estate too? We have nephews and nieces so we probably would go down that route. Anyway a little off topic... Things we are looking forward to

1) No large payment disappearing every month
2) More disposable income
3) Holidays, hopefully more of them
4) Ability to reduce the hours we both work, or not at all for one or the other.
5) Options, full stop

ernie_3

I think in the current climate to be mortgage free,means that if you or your partner lost their job the pressure would be off.

Otherwise it gives you/both great freedom to live your life and do the things that you want to do.

To all that has paid off your mortgage i really hope you are enjoying life i will be there in about 5 years.Was on course to be MF by Decmber 2010 this was on my first thread back 2nd May 2008

Just remotgaged to fund a VW T5 Campervan, rates are just too good to let that go by, so now i dont feel too bad about paying a mortgage as this funds a great lifestyle for all the family.:T

WaxiesDargle

I have just received £33,000 from what I should have got when I retired aged 50 in 2006...(they didn't pay me enough lump sum...long story)

on Saturday I will be paying £17,000 off the £27,000 I have left on my mortgage...leaving just £10,000 to pay.

I will then still have £16,000 for a rainy day and help daughters through uni...plus my monthly pension payment and salary

I managed to get another job after retirement and the difference in stress levels is unbelievable...I'm a completely different person...it is like a big weight has been taken off my shoulders...nothing bothers me at work now because if I left I would still have my house and pension....

I've just got back from New York which was off my radar before and I'm planning going away again at the end of this month

I hope this doesn't come across as smug in this day and age...I've struggled to keep the roof over our heads while I was working and paying really hefty mortgage repayments ...more than once it could have all gone

At last life is good

GavB79

dave4545454 wrote: »

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

:rotfl:

Are you including those who rent and those live at 'home' with parents in your 50% of those who are mortgage free? I cannot see that the proportion of people who outright own their property freehold is anywhere near 50%!

crusty_toenail

I'm looking forward to buying things that I need, but have been putting off - things I got as a wedding present that our now old and useless -

1. new knife set
2. Lovely fluffy towels
3. some nice furniture
4. a new 42" tv

just some of the stuff I have been putting off buying, whilst waiting to be mortgage free.

These things I can live without now and I want to be able to buy things outright instead of taking on debt, I am too sensible for being 31!!!