Should I pay off my mortgage discussion

setmefree2

Welshlassie wrote: »

When did I say I'm persuing MF at the exclusionn of all else??? I have emergency savings, pensions and ISA's, in addition to trying to pay my mortgage off sooner that the bank has planned for us.

Me too! Posters tend to post about paying off their mortgage because this is "The Mortgage Free" Board. If we wanted to discuss pensions we'd go to the pensions board and likewise with savings.

stphnstevey

Harry_Powell wrote: »

It's not a good idea to spend 3,5 or 10 years in the dogged pursuit of a single financial aim, to the exclusion of everything else. After 10 years of overpaying, an MFW may have taken 15 years off his/her mortgage length and saved a lot of interest, but will have lost 10 years in which to pay into a pension scheme or ISA savings for their retirement. Every single financial website is in agreement that the earlier you start saving for retirement, the more time you have for growth and the easier it will be.

To take overpaying to the degree that the MFW'er is not even keeping back emergency cash for job loss or illness is dangerous. It seems that many MFW'ers are concentrating so much on the MFW aim that they forget that the journey is a long one and the wheels could easily come off along the way.

All I see when I venture into the MFW board are people who think they're 'safe' from everything that life throws at them if they could only be mortgage free. Wrong - you'll find that your mortgage payments, especially on a small mortgage, represent only a fraction of your monthly outgoings. If you hit a bump in the road and have zero savings, you'll have to borrow to make ends meet. Eventually you will be forced to sell your house.

I can say what I like on this public forum, you don't own it. Like most extremists, you don't like me undermining your 'MFW religion', but I'm afraid that you can't stop me from speaking my mind. If I stop just one person from venturing down the mad path of 'MFW Crash Dieting' and convince them to pursue a balance strategy of Savings, Pension and Investing then it'll be worth all the abuse you fanatics throw at me.

You get back what you give - so if you don't like others comments, don't make comments about them.

My mortgage has always been at least 50% of my income and I know others it is alot more. To clear or reduce the biggest debt you have is good financial planning.

Additionally, if I am mortgage free in retirement then I have cut 50% of my outgoings. Therefore I need less pension to survive.

Finally, some people have more faith in bricks and mortar than shares as an investment vehicle. Each to their own

golfiematt

we are all entitiled to aim for whatever it is that makes us happy, other people may think our idea's arent for them or dont like our motives, thats fine .At the end of the day we all do whats best for ourselves and we would be daft not to do research into the what if scenario with benefits, after all nobody else will help you if you get into difficulties.
The main thing is to be as happy as you can & enjoy life!:)

Harry_Powell

I seem to have poked a hornet's nest and realise that free and open debate is unwelcome ob this particular board. So be it, I'll leave you to your sub-prime investment strategy.

Interesting how quick some people are to smart and take offence. One usually finds that deep down this sort of person know they're wrong and so try the harder to argue their case, trying to convince themselves as much as everyone else that they're doing the right thing.

setmefree2

Harry_Powell wrote: »

I seem to have poked a hornet's nest and realise that free and open debate is unwelcome ob this particular board. So be it, I'll leave you to your sub-prime investment strategy.

Interesting how quick some people are to smart and take offence. One usually finds that deep down this sort of person know they're wrong and so try the harder to argue their case, trying to convince themselves as much as everyone else that they're doing the right thing.

See Ya Harry :wave::hello::wave:

Love to hear your arguments as to why investing in shares is better than investing in bricks when you're ready:D

Welshlassie

setmefree2 wrote: »

See Ya Harry :wave::hello::wave:

Ditto!!

Welshlassie

Harry_Powell wrote: »

I seem to have poked a hornet's nest and realise that free and open debate is unwelcome ob this particular board. So be it, I'll leave you to your sub-prime investment strategy.

Interesting how quick some people are to smart and take offence. One usually finds that deep down this sort of person know they're wrong and so try the harder to argue their case, trying to convince themselves as much as everyone else that they're doing the right thing.

What you have posted isn't debate though is it? It was having a go at someones valid question about their possible options.

I notice you haven't responded to anything I asked you, is that becuase I hit the nail on the head and you only do it to provoke a reaction??

Sad little man!

Bargain_Rzl

Welshlassie wrote: »

What you have posted isn't debate though is it? It was having a go at someones valid question about their possible options.

It wasn't even that, really. It was a question about how the overpayments vs savings scenario is legally perceived in general... just something that crossed my mind a while ago and I wanted a definitive answer out of curiosity.

pencekeeper

Bargain_Rzl wrote: »

It wasn't even that, really. It was a question about how the overpayments vs savings scenario is legally perceived in general... just something that crossed my mind a while ago and I wanted a definitive answer out of curiosity.

Despite the distraction - are you happy you've got an answer?

Bargain_Rzl

Yes. It is largely as I thought.

Thanks