IO Mortgages and people's views

Thrugelmir

Spiggle wrote: »

Hiya babyjp,

You will be soooo glad that you have your head screwed on from the start.

We have been in our home for 24 years. Initially the mortgage was IO and was relatively easy to get. We remortgaged and consolidated loans time and again on IO. So, we paid money out every month but consistently increased our debt. We also surrendered policies originally meant as the repayment vehicles a number of times.

About 7 or 8 years ago I finally gained a little bit of sense and when we yet again remortgaged but went onto a repayment. Now this will sound stupid (and thankfully I'm no longer the same person) but the first statement I got showing the debt had reduced was such a surprise, totally novel!

Over the past few years and particularly since I've really got into MSE my outlook has changed dramatically and we intend to be mortgage free by 2015 through overpaying and saving.

Believe me, a 51 year old who should have paid off what was originally a small mortgage this year if we'd done the right thing back then, you will be the one who will be laughing later in life. You are so sensible and are to be congratulated for your foresight. Don't ever doubt that you are going about things the right way.

Oh, and don't let anybody tell you that your way is too cautious because that is not true.

Good luck for your future.
Spigs

Great post. :T

Shame more people don't have a light bulb moment.