Mortgage Payoff and Travel

Hi,

I am looking to radically change my life, sell up and travel the world.

My plan is to sell my house, pay off the 72K mortgage and pocket 70K profit. I will then travel the world for a year or 2 and then rent and work to fund further traveling. Crazy I know but looking for some advice on the best way of doing this. I currently have a offset mortgage.

Am I best just paying off and investing the money somewhere or is there a better way. If not what is the best way to invest the money so that I get the best from the capital. I don't have much savings so I will need to access this money to some degree.

Any help appreciated

Zuma

Replies

  • newgirlynewgirly Forumite
    8.1K Posts
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    ✭✭✭✭
    Why not consider renting it out while travelling and just working as you go?


    2022 MFW 67 £0/ £13,000

    MFI3 No.12 £0/ £40,000
  • ZumaZuma Forumite
    8 Posts
    Thanks for the reply. I need the funds to travel
  • Monkeychops16Monkeychops16 Forumite
    154 Posts
    I've been Money Tipped!
    I really admire you grabbing life like that. What a mega opportunity. No advice but lot's of admiration.

    :T
  • LuckyinlifeLuckyinlife Forumite
    1.6K Posts
    ✭✭✭
    Advise on here is mainly how to pay your mortgage off which i guess you can do when you sell the house :]

    only advise i would give is enjoy every second of it :]
    Mortgage--- [STRIKE]£67700 March 15[/STRIKE] [STRIKE]£65221 April 15[/STRIKE] [STRIKE]£64983 July 15[/STRIKE] [STRIKE]£64780 sept 15[/STRIKE] Remortgage [STRIKE]£67295 oct 15[/STRIKE] [STRIKE]£66599 Nov 15[/STRIKE] [STRIKE]£65878.73 Dec 15[/STRIKE][STRIKE] £64834 1st Jan 16[/STRIKE] [STRIKE]Feb 16 £64,511.89[/STRIKE][STRIKE] March 16 £64,056.40[/STRIKE] [STRIKE]April 16 £62550[/STRIKE] [STRIKE]May 16 £62,396.20[/STRIKE] Feb 17 £60.800
    Emergency fund 23k
  • ourcornercottageourcornercottage Forumite
    1.5K Posts
    ✭✭✭
    Me and BF DID this 11 years ago don't regret it a bit.

    Put money in interest making accounts whilst you aren't using it, if there's any that you aren't going to use put in a longer term option with higher rates. My best advise is getting someone you 100% trust access to ones of your accounts in case you need money. In fact my parents are still signatories on my account now!!!

    Have fun :-)
  • ZumaZuma Forumite
    8 Posts
    Thanks for the support everyone, very encouraging. I guess I need to post in one of the investment forums and look to do as advised.

    Much appreciated everyone so far :)
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