Payment towards mortgage or buy motorhome?!

chowder33

I have 10K to either purchase a used motorhome or make a payment towards mortgage balance?

I have 55k balance with 17 years left, not sure how much impact paying 10k off balance would make.

I have no other outstanding debts and also have rainy day emergency funds safe, so decisions, decisions, decisions!!

Advice welcome:T

gar123

follow what makes you happy mate, if you are looking at a motor home i imagine you have dreams of the open roads and exploring the world, go for it!

dimbo61

But and this is the big but for £10k you will be looking at a 10/15 year old van and then you have to park it on the drive and pay for 2 vehicles (tax,insurance,service,fuel)
Why not hire the latest van each year for your 2 weeks around cornwall and clear £10K off the mortgage now.
that way you find out your ideal van without expensive mistakes
Overpay the mortgage and you could be Mortgage free in a few years

seeff

Agree with the both of the above. If you want the motorhome then go for it, but its definitely a lifestyle choice. Not a way to a cheap holiday (when you consider depreciation of the vehicle and £15 per day site fees on top of the stuff dimbo mentions)! It's also a long term commitment to the type of holidays you want to take.

Regarding the impact £10k makes: it's impossible to say without knowing interest rates / repayments, ERC, etc. However if you want a very rough guess - it would reduce your term by a third (ie take 5ish years off) and probably save you £10 ish of mortgage interest. But as I say, that could be wildly out in up or down depending on the details of your current mortgage.