What did you do the day you made your final morgage repayment

Percy1983

Ask me in 299 months...

I guess I will continue to live in it and be happy.

Gra76

I went in for my next chemotherapy session...it was a critical illness policy that paid my mortgage off. There wasn't as much celebrating as there would have been under other circumstances!

It's nice to know that I don't have to worry about paying a mortgage now and that we're able to take 2 steps up the housing ladder instead of 1 now due to outright ownership of our property.

suburbanwifey

I stood outside and looked at it and said to my OH "All ours" and smiled. There was and never could be a better feeling than paying your mortgage off.

PasturesNew

RenovationMan wrote: »

Much harder to remedy a small or non existent pension pot.

I've no pension either... no house, no pension. But the advice I got re a pension was to not bother, there's no benefit to somebody like me bothering with a pension.... they're really for people with employer schemes and/or higher rate tax payers.

RenovationMan

PasturesNew wrote: »

I've no pension either... no house, no pension. But the advice I got re a pension was to not bother, there's no benefit to somebody like me bothering with a pension.... they're really for people with employer schemes and/or higher rate tax payers.

Really poor advice. Was it from someone in the financial industry, as you may be able to sue for such poor advice?

SecondLegDownIsTheBigOne

suburbanwifey wrote: »

There was and never could be a better feeling than paying your mortgage off.

Really? No better feeling?

Have you no friends, family, children?

How shallow. Unlike your bathtub.

As for myself, I will just be glad that now, and for the whole 25 years of being signed up to a mortgage, I can actually spell mortgage. I hope that the OP will write out the word 'mortgage' once for each year of debt slavery he has left behind.

suburbanwifey

SecondLegDownIsTheBigOne wrote: »

Really? No better feeling?

Have you no friends, family, children?

How shallow. Unlike your bathtub.

As for myself, I will just be glad that now, and for the whole 25 years of being signed up to a mortgage, I can actually spell mortgage. I hope that the OP will write out the word 'mortgage' once for each year of debt slavery he has left behind.

LOL, you really are sad aren't you. But since you ask, no the bathtub is not a better feeling than paying off one's mortgage, with that paid off me and my OH's money is all ours now, not a large portion of it going to a Building Society :rotfl:I'm flattered you scan all my previous posts LOL

setmefree2

RenovationMan wrote: »

Something a lot of the MFW people seem to forget. All their efforts seem to be invested in paying off their mortgages with no thought towards how they will fund their retirement. Yes, a mortgage free house is a cornerstone of a comfortable retirement, but it's not necessary to pay it off in your 40s.

I don't think that is true, is it? Whilst we have been paying off our mortgage we have been paying the maximum into our pension schemes (to get matched contributions from our employers), we've used our cash ISA allowance every year and invested in other good stuff as its arisen.

RenovationMan wrote: »

The ideal financial plan would be to pay the mortgage off on the day you retire, having spent all your working life building up a decent pension pot.

Pension pot versus ISA??? Pensions give tax relief on the way in but not on the way out - ISAs give tax relief on the way out. It's not necessarily the best thing to stick all your money in a "pension pot" ( whatever that means?)

RenovationMan wrote: »

I'm in my early 40s with a mortgage size that would have most people's bums twitching,
yet my pensions are of such magnitude that I could pay nothing more into them and still have a retirement income above £20k.

I can always sell up and buy a smaller house, an easy way to become mortgage free. Much harder to remedy a small or non existent pension pot.

The great thing about being mortgage free is that earning large amounts of money is optional and you still get to keep the house.....

We're in our late 40s and still have another decade to save even more for our retirement....now we don't have a mortgage to pay every month....

Just sayin...

chucky

I've paid off my mortgage twice so remortgaged and used the remortgage cash to buy another place each time to live in and rented the previous property then sold each property in good times.

setmefree2

RenovationMan wrote: »

There is no tax on offset mortgages. The 'return' on the savings is a reduction in the monthly mortgage payments. As well as offsetting his mortgage a person can put money into ISAs, NSANDI (when available) and pensions which are also devoid of taxation.

You can do all that whilst overpaying your mortgage too.

RenovationMan wrote: »

As you close in on retirement the money in the offset could be funnelled into ISAs

????? How do you propose doing that. We have been using our ISA allowances for over a decade or two. There are ISA millionaires these days. I don't think that can be achieved over night.

RenovationMan wrote: »

Using this strategy a pensioner is reducing his tax liability (tax is not paid on ISA returns and using the 25% lump sum reduces the monthly pension payment which is taxable) and it also means that the taxman has helped pay off the mortgage via the 20%/40% tax rebate in the pension plan. SOmething to seriously consider for higher rate tax payers.

Depends on the pension surely? A lot of funds that the big pension companies offer are rubbish and the fees are too high. Personally I think a lot of people would be better off using self select ISAs once they've reached the threshold for maximum employer contributions but hey that's just imho....

Anyways, I'm just sayin.... that I don't people who are mortgage free only think about their mortgage exclusively of other stuff....and it's still gonna be the best feeling to be mortgage free....