What made you want to pay off your mortgage?

PasturesNew

Once it's paid off you can shut your door and nobody's coming after you. If, say, you had a £50k mortgage and put £50k into other vehicles, then lost your job, there's nothing to say you could get at that £50k you saved,or that it'll even still be worth that much - yet still the mortgage would need paying.

Better to own the roof over your head and not have high falutin' ideas about investing.

bownyboy

For me it forms part of my plan for financial independence. I'm 42 now and if possible would like to reach FI by 49. So having a minimal or no mortgage by then means my 'number' is much lower.

As part of the plan for FI I'm also saving aggressively into Pension and S&S ISA's

ally18

Very simple for me.

Single parent aged 48, £48k left on mortgage due to be paid 2036 when I will be 70! On a tracker rate of 0.68%.

This is far too scary a situation to be in for me. I have no other debts and want to ensure I have a roof over my head that cannot be taken away from me so I overpay purely for the sense of security that I want.

I know many people would advise not to overpay but to put the money away because of the low mortgage rate I have. To me though, the mortgage is a debt and I don't want it any longer than I need to have it.

I am currently working on the plan of the final payment date being 2023 instead.

SavingRaven

Hi Jammerr! We're OPing because our mortgage is massive at £280k and that is far too much of a burden to carry for the foreseeable future. I work for myself and would ideally like to be able to pick and choose work I want to do and OH wants to retrain and work for himself too and reducing our biggest outgoing is the best way for us to do this.

Are you thinking of starting a MF challenge or are you already doing one?
SR

jodles16

I have a 4.99% mortgage, to me its about paying less interest overall, also as others have said you have no idea how long you will work for, in my job I see people who have become very unwell and are not able to work, if I'm going to end up having to quit work early due to health etc I hope to be close enough to paying this off so I can keep my home!

Plus its addictive and I love it!

Jodles

Firegirl

I've been doing this for a week! Totally addicted!!!! I'm sure I'm loosing weight skipping coffee and cake trips and bringing my own lunch to work! I also have investments but want my mortgage gone at a decent age and as you can see my mortgage is high!!!

kate2954

I don't overpay as I have a low mortgage interest rate and the money is better used in saving accounts . I figure if I lose my job, interest rates rise etc I can just use the money to pay off the mortgage anytime I need. In my mind I am mortgage free as the money is there readily available if needed plus it is making money - best of both worlds !

Broken_Biscuits

im overpaying about 40% a year of my normal payments. When the fix ends and im looking to remortgage at the the best rates available with at least 40% owned. I currently save more than i over pay and no doubt once locked into the best rate available, over payments will either considerably slow down or stop entirely.

over paying so aggressively in the first 5 years will bring the term down by about 5 years anyway and my saving rate (if continued) will give me the option to pay off in full 10 years early if i so choose.