saving £100,000 ten years to utopia !!

Luckyinlife

Love your target sounds like a great plan as well
15 years early is what im aiming for to 10 year mortgage is more than enough i think hehe :]

streethack

Thanks Luckyinlife im sure with a great user name like yours your smash that mortgage down. I agree ten years is more than enough. Good luck

Luckyinlife

Thank you :] ill give it my best shot :]

streethack

Another overpayment this month of £400 smackers leaving the outstanding balance of £115,719

Share holdings are currently £17,399

Firegirl

Your mortgage is coming down well- good effort!!!!

streethack

£400 smackers whacked off the mortgage this month taking the outstanding balance down to £114,855.

£16,781 shares taking a kicking at the minute.

With news of another little one on the way and the need to get a bigger car I have closed down my current ISA. Had to pay 100 days of interest! Have money all over the place at the minute so once we pick the car up I will be able to sort out all my savings.

streethack

Another month another £400 big ones paid off the mortgage, I get paid 13 times a year so this month will be a big one for slapping down the mortgage. Outstanding mortgage is £114,001.

Shares still taking a pounding at the moment £17,510

Ok we my and the wife have now brought a seven seater for the upcoming little one. This meant closing down my ISA to pull some money out of it. Im still drip feeding it into two FD bonus savers at the moment but the total savings left are £10,549

streethack

I've been reading loads of advice on the internet regarding not paying your mortgage off or not even overpaying. There's talk of cheap money, inflation, investing your money and making it work for you ect. Am I missing something here? Is there this way to invest that guarantees this amazing return? Has no one ever lost there shirt on an investment that went bad?

What about the other side of the coin, losing your job. I've seen first hand what happens to family's when things go bad. My parents nearly lost there home his business partner did. There family ended up in a council flat, top floor five in a three bed. Are family broke down and my parents split up. I never want my children to experience that. Then there also the feeling of freedom, being able to walk around your home knowing it's yours, touching the walls knowing that whatever happens this is all yours.

Perhaps my view is a little tainted but paying off your mortgage seems like the best decision you can make. Screw 6% returns if they exist I'm choosing freedom and God willing my own children will always have a roof over there heads.

edinburgher

I've been reading loads of advice on the internet regarding not paying your mortgage off or not even overpaying. There's talk of cheap money, inflation, investing your money and making it work for you ect. Am I missing something here? Is there this way to invest that guarantees this amazing return? Has no one ever lost there shirt on an investment that went bad?

Over the last 6-7 years, it has been incredibly easy to beat the 'returns' on OPing. For example, plenty of people have been paying 1.5-2% on their mortgages, shares have gone up plenty in the interim, P2P lending etc. would also have been good, cash would even have beat many mortgage rates.

If you have sensible, diversified investments chosen for practical reasons, you shouldn't lose your shirt.

But you shouldn't invest with money that you can't afford to lose and yes, plenty of people have lost shirts.

Have you ever researched how much your S&S would be worth if you'd prioritised them over OPs?

streethack

edinburgher wrote: »

Over the last 6-7 years, it has been incredibly easy to beat the 'returns' on OPing. For example, plenty of people have been paying 1.5-2% on their mortgages, shares have gone up plenty in the interim, P2P lending etc. would also have been good, cash would even have beat many mortgage rates.

If you have sensible, diversified investments chosen for practical reasons, you shouldn't lose your shirt.

But you shouldn't invest with money that you can't afford to lose and yes, plenty of people have lost shirts.

Have you ever researched how much your S&S would be worth if you'd prioritised them over OPs?

Originally when I started this I planned to save rather than over pay. This was for security reasons plus I was getting better returns in a standard ISA. I'm not sure I would of come out better off in S&S ISA. Perhaps, I pay 3.89% on a fixed mortgage which is up next year. I can see how paying 1.5% on a mortgage you could edge out but not by a boat load unless you know what your doing.

I'm also talking about the mentality off overpaying your mortgage. This preconceived idea that it's a bit weird, that's it's just normal to service this huge debt. To remortgage for a car or to pay of credit cards