What's your mortgage free dream?

looneyleo

Here here julesangles....My mortgage is so horendous I can't even dream of the end of it....I'm just glad i have my family around me now as I pay each and every dreary month...24 years to go....I so want to pay my mortgage off I can't tell you...but with two small children and working part time for my new business I just dream of making over payments to get the dream closer....I'm just trying to enjoy my life and we'll get to the mortgage dream later...at least I am debt freee for now....

save-a-lot

Currently got 19 years to go on £74K - reckon I could half the term, then I would like to rent out the mortgage free property and use the income from that to part fund moving into a converted barn with some land.

Scully's_Girl

I have to go with aris on how the mere cost of living makes it difficult to live all of lifes dreams simply because there is no mortgage to pay. My husband & I paid off our mortgage 3 years ago, and we still both work. However, I can definately promise that things are easier with no mortgage. I manage our finances constantly to ensure we can afford to live only on his salary. The amount we would be paying into a mortgage goes into 2 shares ISA's, so the money is ours, not the banks. I have seen bank commercials which confuse me, showing people paying off their mortgage, then quitting their jobs and going on roundtheworld trips. Unsure how they can do that. As aris stated people still need food, water, and electricity.
We also plan to have children one day, so we're preparing for that.
Because we have no mortgage one of us can stop working if we need to, but since we're currently childless and fairly young we figure its better now then later.
Planning retirement once the mortgage is paid off might be a bit hasty. IF you really want that sportscar or two I say go for it, since it will be your money. As for us, we've maintained a fairly similar lifestyle to everyone else. The money that would go into a mortgage is earmarked for savings, so we dont have loads of free cash or anything. But we do travel as often as our vacation time allows, having just returned from China & Australia two days ago.
Good Luck everyone! It definately takes alot of pressure off and affords far more freedom, methinks.

nellis10

I think my mortgage free dream would be the ability for both me and DH to go part-time and spend the rest of the time with the children (currently have one but hoping for more!!)

We have under 13 years to go and £97750 approx to still pay off, but I am hoping to get that done in 5-7 years with the help of an investment property we have and overpaying when we can.

karom

Buy a week-end/holiday home in Devon/Dorset. Love the place!

This of course means a new mortgage but once main place of living is secured I am happy

Dream within the next 7 years to realise

Martinslovechild

My mortgage will be paid off in 13 months time.

Current Plans are:-

1. Lots of world travel.
2. Spend an obscene amount on a top-end hi-fi system.
3. Possibly purchase apartment/villa abroad.

My plans change on an almost daily/weekly/monthly basis. For example, only 2 months ago, we were very close to deciding to move to a much bigger house in a more desirable area, but we've put this idea on hold for the time being - i'm going to wait instead until the house crash eventually arrives in 2010 (this is my belief, by the way, timed nicely to coincide with a huge recession in USA).

Somewhere on my list is the fact that I can walk away from my very stressful & demanding job at any point once the mortgage is gone -- this has to be the single most important reason for paying off the mortgage that got me making monthly overpayments in the first place.

Miss_Penny_Pincher_2

Just checked mortgage statement and now owe under £91,000 :j so managed to pay off £4,000 in 6 months woohoo ... ok ok nothing compared to lifechanging who could probably pay that in a day!! but feels a good achievement to me

My mortgage free dream is to be secure in knowledge that completely own property and won't have to worry about finding the mortgage money every month. Also want to be able to afford for me to be a stay at home mum which seems to only be possible if pay mortgage off!

Prudent

catowen wrote:

Im a single mum, very aware that although i work, im in quite a low paid job and once my DS and DD leave school, my money will go down futher (WTC and CTC) so im trying to pay my mortgage off, so the burden of that monthly payment will be gone and if either of them want to go to uni or travelling, i might be able to help. If they dont need any help, then maybe there would be some free for me!!!!

Ditto. I have paid off my mortgage, but remain cautious with money. I will still a single mum even when things like tax credits stop and want to be able to help my daughter at uni if needed. It would be lovely if I could use some of this cash for a treat for myself in the future, but just now I am remaining prudent!