Paying off mortgage before 35

spock007

I *might* be in the situation whereby I can pay off a mortgage on a detached house before the age of 35. This is because I don't live somewhere TOO expensive, I've been saving hard for years, and this also relies on partner's savings and income. I've traditionally always wanted to live in another country and advance my career, get different experience in life and in work... but the places I'd move to, I couldn't afford to do the same thing, and I'd be worried that we'd have a lot of cash just sitting around. Financially, it makes sense to stay here and buy - we'd also have two incomes. But isn't life for adventure? What would you do? And I wouldn't be keen on buying only to let...

Furthermore, would I even need to bother so much about working in other places in order to increase my salary... I'm on ~£49k and would like to see this rise to £65k but with mortgage paid off, should I even be bothering about this? I have some friends who are wealthy due to inherited money and job choice and I always wanted to earn that bit more. Perhaps I should calm down and pour myself into my hobbies and live the life rather than focusing on money so much?

Anyway, random musings and thoughts!

bexster1975

Hi spock007

Just wanted to say I will be mortgage free when I am 40 (18 months) so 35 is a huge achievement. In terms of what you do after, my aim is to quit my job within 12 months of paying off the mortgage to run my own business. If the business struggles I will survive but not in any lavish way, but if that is the worst case scenario for being my own boss I am happy with that. Only you can answer the question what is most important to you? If lots of money is, then looking for a better job is the right thing. If more time is a priority, for whatever reason, then look at what you need to earn for the quality of life you desire.

Bexster:)

robrooo

I paid mine off at 44, although I only bought my first (and only) house aged 32. I bought a more modest house in a perfectly decent but less sought after area, and in last 5 years of the mortgage poured everything into paying it off (the credit crunch was my wake-up call), forgoing holidays and some luxuries, although my income is higher than most so it was not too hard. Two years on I am still in my (demanding/frustrating) 90k job, but I could live on 20k - I am using the "excess" to invest for the future and in my plans to do something more worthwhile and rewarding (in other ways than monetary). The feeling I have that if it all "goes belly up" I will still be ok, is priceless.

spock007

90k, wow - what do you do!? And do you work in London? Well done, regardless!

I guess I have to figure out what's more important here. It's really a choice between emigrating and renting or staying here and buying - tough one!

Well done to both of you - and bexster, good luck with your business idea!

GenericUsername

Hi Spock007,

I am 36 and should be mortgage free by 40 if I'm careful and lucky. I have a hankering to eventually step out of the box I work in daily and move somewhere where the sun shines all day, doing something less soul destroying than working for a big company.

The choice you seem to be looking at is to emigrate and rent or stay here and buy. But what about mixing both for your own benefit.

If the property is mortgage free by the time you are leaving the country could you not consider renting it out which would give you an amount if income every month before you even go to work. That way you could take a job that is a slightly lower salary but with less demands on your time, ultimately achieving more time to focus on enjoying life.

I plan to rent my house out when the mortgage is paid off and go and live somewhere else (constant and all year round sunshine is a big factor in deciding where). The £500 a month I will achieve in rent will help to supplement my income. Now if I could just organise 3 more mortgage free properties making £500 a month, I could think about retiring :rotfl: