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Mortgage Free Wannabe Wannabe
MisterMotivated
Posts: 608 Forumite
Hi all,
After various big changes in my life, some planned, some unexpected, I've recently bought another house as I got tired of renting. In the past I was a dedicated MFW and, in spirit, I still am. However, both my BTL and residential mortgage rates are lower than my savings interest rates, so it doesn't make sense to pay either one off early, so I'm holding onto the money for now. I'm happy with this, but it's beginning to demotivate me a bit as I'd love to pay off a chunk and see my mortgage balance reduce, but it's really not worth it, so instead the BTL never really changes and the residential goes down ~£160 per month from the standard payment.
I know it's not a terrible position to be in, but I'm just looking to hear from anyone else who might be in the same position, and how they stay motivated. I do love a good spreadsheet and have various trackers and calculators showing what all my money is doing, but it doesn't change the fact the mortgage balances themselves aren't changing very much.
After various big changes in my life, some planned, some unexpected, I've recently bought another house as I got tired of renting. In the past I was a dedicated MFW and, in spirit, I still am. However, both my BTL and residential mortgage rates are lower than my savings interest rates, so it doesn't make sense to pay either one off early, so I'm holding onto the money for now. I'm happy with this, but it's beginning to demotivate me a bit as I'd love to pay off a chunk and see my mortgage balance reduce, but it's really not worth it, so instead the BTL never really changes and the residential goes down ~£160 per month from the standard payment.
I know it's not a terrible position to be in, but I'm just looking to hear from anyone else who might be in the same position, and how they stay motivated. I do love a good spreadsheet and have various trackers and calculators showing what all my money is doing, but it doesn't change the fact the mortgage balances themselves aren't changing very much.
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