£161,044.25 reasons to be mortgage free

wantabetterlife

Just noticing i have neglected this diary a bit recently, so thought i better post an update!!
Another mortgage payment has come out and the balance now stands at £146091. Other than the standard overpayment i havent put anything else towards the mortgage as i am trying hard to get a decent savings pot for when i go on maternity leave, have managed to save £2100, but would like to get this up to at least 3k before i can relax a bit.
Have a rather large credit card bill to pay this month due to a short but expensive break away, but hopefully there should be no major expenses now until christmas.
I only have 2 more pay days left until i go on maternity leave so i am hoping to get organised for christmas early and have most of what i need bought before i finish work.
Hope everyone is keeping well in the MFW land :D.
WABL

jadyus

Hello all here.i am looking for advice from all the good people on this site.i have an endowment mortgage to the value of 32,000 pounds.i have funds saved up in order to pay it off.the mortgage has 2 moe years to run.i guess until now it all seems an easy decision but the problem is that i have not worked for the last two years and am afraid that if use the money to pay off the mortgage and then do not find a job soon then i may need that money to live on.i am paying around 2,500 pounds a year in mortgage.i also have an insurance policy as a cushion,in case i cannot pay off the mortgage.unfortunately i have been informed by the insurance company that there is a shortfall in the value of the policy to about half what it shoud be,which is around 23,000 as opposed to 45,000 pounds which was the original value.i am also being advised by financial advisors that i should keep paying the interest on the mortgage until it runs out and invest the money to use when i retire in about 8 years.i am 57 years old.it is tempting to pay off the mortgage but then i think maybe making money for the future is also important.since i keep putting off the decision to pay off the mortgage i am paying interest on my mortgage,which i guess is a waste.i had been planning to buy another property to gain an income from it so i can retire but now that seems like a dream since my age and the fact that i am not working are against me.please advise.what will be the best course of action for me?
With due regards.

wantabetterlife

Hi Jadyus, sorry i cannot help with your problem, i think you would be better posting this on the morgages and endowments board as i am sure someone will be able to offer some advice. Goodluck.

CathT

Hi WABL

I think this is an expensive time of year!
Yay to starting maternity leave, i finished when i was 36 weeks and the instant i finished couldn't believe how i'd managed to work while feeling so tired! Enjoy the rest - when are you due?

Cath

jadyus

Hi wantabetterlife.thanks for your advice about posting my query on the mortgage and endowments page.is there any way of taking the post i have here and inserting it into the m and e page or do i have to write the whole thing again?i am hoping i do not have to write everythibg again.your advice on this will be most welcome.thank you and regards.
Jadyus

mummyofonechild

Can you just copy and paste the text into a new query on the other board?

wantabetterlife

Have pm'd you Jadyus. Hi CathT, i am due the end of november and cant wait to finish work too, i will be almost 36 weeks aswell! The weather here is really bad so dont think i will be doing much today, looking forward to the x factor later and just having a lazy day. Have a nice weekend everyone

hoobydoobydoo

Hello WABL

Just read through the whole diary and I am seriously impressed. I am #49 of MFiT-T2 but only to clear a further advance we took out to pay for a loft conversion. We borrowed £30k but the balance started with £15 by the time the challenge started. I am hoping it will start with a 9 on the next update.

A some of the other posters have said, it is good to read about somebody else with a 6-figure mortgage. Our main mortgage is about £120,000 at the moment, but one the FA has gone I plan to attack it. DH is not really on board with the whole MSE thing, but I hope he will become more interested as he sees the balance going down.

Good luck with your maternity leave!

Hooby

wantabetterlife

Hi hoobydoobydoo (love your username BTW )......thanks for reading the diary so far...when i first came onto this board a lot of the mortgages were really small in comparison to mine..but over the past few months there have been loads of new diarys started with balances over 100k.
Sometimes i find it hard to keep the momentum going because my mortgage is so big and because over £500 of our monthly payment is interest :mad::mad:....it really frustrates me.
I am going to try and post more regularly on this diary to try and keep myself focused.
WABL

wantabetterlife

Have just worked out our daily interest, it was £20.45 per day on 01.01.2010 and now it it £18.58. Although it is still very high, psychologically it feels great that it has fell below £20 and that we are paying almost £2.00 less to the banks everyday :j:D:j