Just being nosey,really!!!!

lincoln-potter

Warburtons bread rather than waitrose own brand.....ahh the good life.

Mostly for me its security of owning my own home whilst also having a good disposable income to do what we want, when we want.

Anna_Glypta

I'm hoping to be done by next year. Then it's consider cutting back working hours or possible BTL option as a pension but a REALLY good holiday as well, oh and of course with all the tips I have picked up on here about not wasting money there will be some left to save as well. Well that's the theory.:j

megela

Another one for a BTL deposit to up our retirement income.

robrooo

While I had it, my mortgage overpayment fund was acting as my emergency fund too, so since paying off the mortgage with it (in Dec 2012) my short term priority was to replace that. I am a high rate tax payer, so have put some money into premium bonds and will open my first ever cash ISA next month, then another after April. I actually feel poorer at the moment, with my all income allocated like this, but I am a lot happier

After that I have a lot of work to do on the house - I pushed everything into the overpayments and the house is little neglected, needs some small and medium sized jobs done on it. If I can save up enough I would like to extend, but I'm not going to borrow for it. I have a very large garden which I would like to landscape that properly.

My long term my plan is to downshift my job, from long and horrid commute, long hours, high-stress, ineffective managment to something more worthwhile, i.e. making a positive difference, and less stressful. I expect a drastic drop in income with this but a better lifestyle overall.

Rob

lexington013

Be able to retire at 55 (9 years away) and then be able to buy a little property in Spain. Living the dream but not at expense of enjoying life now. Next step to learn Spanish and get my fitness regime sorted. Its great to have goals and aspirstions and work towards delivering them!

kitjos

Awesome topic!

I plan a mixture of things. Mainly get my hubby to cut down his hours by quite abit, he only has a couple of days off a month, he doesn't want to keep doing that for the rest of his working life. Then id like to do the 'material' stuff. Massive exclusive holiday, world cruise, eat out in restaurants more often, buy nice diamond jewelry for me, new expensive car for hubby ~ it may seem shallow doing all that but its what I desire

Then yes, save save save so we have money for pension time and also helping our daughter out when the time comes. Were only mid 20's so got a while yet to get our other stuff done first

X

SillySod

Save for a (bigger) house. Won't be MF for long (this time round)

GreenNinja

Hoping to leave current job with a boss I hate and long commute in to something more local and part time :j

jap200

Have been MF for a year and a half (15 years early!). We have a lifetime tracker at 0.5% above base until the end of the term in 15 years time, so 1% interest (Abbey/Santander - sadly no longer available) - hence being able to pay it off much sooner than expected.

However it is also a flexible offset so we are better off not actually paying the mortgage off and have taken all the money out (£158K) and put it into ISAs for the last few years (all now on 3.1%) and the rest in a savings account with the same bank earling 3.2% (but taxed at 20%). So we are effectively borrowing money back from ourselves at 1% interest (£128/month tax-free) to earn £347/month (after relevant tax) = approx £219 profit per month! We will keep doing that until either the base rate rises or the savings interest reduces to the point where there is no profit.

In the meantime we have continued making our usual £1600 mortgage payment into the savings account and so are actually building up some real savings. However, we plan to spend around £80K on a house extension financed by our real savings first with the balance taken from the morgage pot which is also in the savings account - hence borrowing money back from ourselves (if you get my drift). It should then take us approx 4 years to pay it back again (unless there is a serious hike in the interest rate).

Our £80K investment in our house will (apparently) increase the value of our house by over £100K (we are v lucky with our location), so we are in a win, win, win situation.

Forgot to say that we also plan to divert a few months worth of 'mortgage' payments to a trip-of-a-lifetime family adventure holiday before the kids (currently aged 10, 12 & 14) leave home too!

drinkduffbeers

jap200 wrote: »

Have been MF for a year and a half (15 years early!). We have a lifetime tracker at 0.5% above base until the end of the term in 15 years time, so 1% interest (Abbey/Santander - sadly no longer available) - hence being able to pay it off much sooner than expected.

However it is also a flexible offset so we are better off not actually paying the mortgage off and have taken all the money out (£158K) and put it into ISAs for the last few years (all now on 3.1%) and the rest in a savings account with the same bank earling 3.2% (but taxed at 20%). So we are effectively borrowing money back from ourselves at 1% interest (£128/month tax-free) to earn £347/month (after relevant tax) = approx £219 profit per month! We will keep doing that until either the base rate rises or the savings interest reduces to the point where there is no profit.

In the meantime we have continued making our usual £1600 mortgage payment into the savings account and so are actually building up some real savings. However, we plan to spend around £80K on a house extension financed by our real savings first with the balance taken from the morgage pot which is also in the savings account - hence borrowing money back from ourselves (if you get my drift). It should then take us approx 4 years to pay it back again (unless there is a serious hike in the interest rate).

Our £80K investment in our house will (apparently) increase the value of our house by over £100K (we are v lucky with our location), so we are in a win, win, win situation.

Forgot to say that we also plan to divert a few months worth of 'mortgage' payments to a trip-of-a-lifetime family adventure holiday before the kids (currently aged 10, 12 & 14) leave home too!

Wow that's the way to do. Inspired:T