Mortgage free is it worth it?

Mrs_Z

Same here - security reasons mainly. Currently over paying into a separate savings account, aiming to be able to clear the outstanding mortgage balance in 4 years time (instead of 19!) which co-incides with the end of my current work contract.

Hopefully in that time I can choose; if my work contract does not get renewed, then I'd like to be able to choose to do something different - work that I would enjoy more but that will pay less. If the mortgage is taken care of by then, it could be a real possibility.

Tall order but I think it'll be worth it!

zzzLazyDaisy

For me, the fact that I have no rent/mortgage means that I can continue to live in my house even though I am no longer able to work through illness. If I'd had a mortgage there is no way I could have paid it on my current income and I would have lost my home. The security is priceless.

I will say, though, after I bought this place in 2005, the value went up considerably but has now dropped and similar houses in the area are now being marketed for about £20k -£30K less than that the price I bought at - so that's about £3k to £4k loss a year on average. BUT it would have cost me double that each year to rent a place like this, so I am still up on the deal.

Much more importantly, though, I can't be given notice to leave, and I can budget my income knowing that my overheads are low.

I haven't regretted being a MFW for a single minute.

LillythePink

Thanks again for all of the comments, I suppose I am just thinking that it's a massive moutain to take apart and pay off early and does a few years really make that much of a difference?

But I know that it does but not because of the lower interest but to have paid it off earlier and so can put that smug look on your face knowing that you don't have a mortgage.......me wants

Right....that's it - I am now going to try and do it - ok, unless things drastically change and we win the lottery or come into some money, it may only reduce it down by a few years, but that's better than nothing.

Whilst I am going to try and save money on food etc, some other stuff isn't easy but even another £50 on top of the £150 that we have just started putting into the account will help.

We do still need to build up our OH's Accident Fund (I have PHI through work so don't need it for me) and also have money aside for emergencies like house stuff, but I should also be able to divert some more money to that pot.

So onwards and upwards to try to slay the dragon which is our mortgage!

Thanks all