Mortgage makes me worry

Kaz2904

getmore4less wrote: »

Check the policy Critical illness policies often pay out on diagnosis of a terminal illness.

I did a search for (life policy payout on diagnosis)

We had a critical illness policy when we first bought and it cost £38 per month. Our life insurance now costs £9.97 per month and the money saved is used to pay off the mortgage not for a what if scenario.
I am effectively paying my own insurance because I am ensuring that should something happen to either one of us, we will be in a position to not have to panic immediately. It is also cover for the children who wouldn't be covered on a policy at that price.
Children do get sick and if one or other of them got very sick I would not be wanting to go to work and worry about them deteriorating while I was stuck at work. As understanding as my employers are I have a legal obligation whereby if something happened I may not necessarily be able to drop anything and leave work as I have 22 patients to look after myself.
So this is an insurance against any eventuality which I know is paying out already whether or not I claim on it.
My mortgage will be cleared just before christmas 2012 hopefully and I will be totally debt free by 1st September 2013 if not earlier.

My motto in life is "There, but for the grace of God, go I". Anything can and does happen at the worst possible times and it is prudent to have thought these things through.

ic

I currently owe something in the region of £90,000 on my mortgage (only get a paper statement once a year). I pay £480 a month and then save a further £250 a month (which was previously going as overpayments - however ISAs are now 1.5% better than my mortgage).

I'd like to be mortgage free by the time I'm 40, but think as time goes on and my salary increases, I can make this sooner. At present I'm doing lots to the house, which once done will free up more cash to help clear the mortgage faster. I don't worry about the mortgage - especially as I've overpayed and have money saved up - so can cope for a few months should I find myself out of work.

Ultimately I look to my parents - they had a standard mortgage that they paid for 25 years, never moving from the Halifax, and at a much higher rate than we now enjoy. Its normal to have a mortgage over many years, so even trimming off just a few years should be seen as an achievement! If I wasn't overpaying I could really splash out - that £250 a month would see me with a new car, or nice holidays, etc, however I'm spurred on by the idea of having an easier, risk free life as soon as possible. To think that one day I'll have £730 a month to do with as I please and a house that is entirely mine spurs me on. However I do recognise that one day I may not be in the situation that I can afford to overpay, so see myself as "saving for the future", and making life that little bit easier.

mirry

Thats right, The past few years I havent been able to work so much because I keep getting fainting spells,( still awaiting diagnosis )?Therefore we are living on my husbands wage (which isnt high).So although my mortgage is £38'000 its actually alot to us, we also have children who are eating more than we eat !!!We wouldnt be given a £180'000 mortgage.

robwend

we owe £112000. and i worry so much.going to have to get second job as we are comming off our 4.45%fixed . and you can guess ts going to sting:(