What will you do when you are mortgage free? 28 May 2016 at 11:41AM in Mortgage-free wannabe 15 replies 2K views

ClarkeKent

As someone who has spent the last 8 years incessently saving to pay off my mortgage.

Just wondering what the plan for others is after it is paid off?

It is going part time, going on a big holiday, going on a big spending spree!!

Interested to hear what it has brought people and what peoples hopes are when they go mortgage free?

LadyGnome

I want to put a bit more aside for my retirement and some money to help the children otherwise I can't see how they will get on to the housing ladder in the SE. Other than that I want a choice about how much I work and what work I do. Oh and I want to go on safari in Africa.

Moneyfordreams

Early retirement for me, or a choice to go part time. My husband is 11 years older so we need to push this over the next 7 years (my hopeful date) then save like mad for 18 months. That will make me 55. I want freedom after working hard forever, so travel, camper van and driving into the sunset beckons

ClarkeKent

Yes, I think freedom plays a bit part in it.

newgirly

I will have to get another mortgage so I can still be a mortgage free wannabe

Miss_Moneysaver

Hi,

I have actually just gone full time after working 12 years part time. This is more to do with my job relocating too far away but it has also given me the chance to pay off the mortagage a lot earlier.

I plan to pay it off next year when I combine inheritance, a 25 year endowment and extra saved.

I would like to retire early as my husband is 10 years older than me. Also, university fees may be looming if my 2 kids go.

nearlyrich

I was a MFW who paid off the mortgage about 15 years ago, the extra went to help the children through uni and then to add to my savings so I can retire at 55, actually I will finish work at the end of June with 10 days to spare. Just keep at it because it's worth it...

Miss_Moneysaver

nearlyrich wrote: »

I was a MFW who paid off the mortgage about 15 years ago, the extra went to help the children through uni and then to add to my savings so I can retire at 55, actually I will finish work at the end of June with 10 days to spare. Just keep at it because it's worth it...

That is exactly what I hope to do :-)

I bet you can't wait to finish work at the end of June. What will you do with the spare time?

Miss_Moneysaver

My youngest will be 18 when I am 54 so I doubt I will be able to retire before 58. I want to help both of them through university if that is the way they want to go. No way do I want to work until 67 (NHS)!

Nymphadora

Our reason for wanting to pay the mortgage off early is really to fund a house purchase abroad, so in actual fact once we are MF we will have a mortgage again.


Of course we are only at the start of our journey so who knows what will happen but that's our goal.

nearlyrich

Miss_Moneysaver wrote: »

That is exactly what I hope to do :-)

I bet you can't wait to finish work at the end of June. What will you do with the spare time?

I can't wait you are quite right.
We will travel for longer than just 2 weeks at a time we have booked a 28 night tour and cruise around the far East and India for next spring.


I have a baby grandson to spend time with which I am looking forward to and my son is in Australia so we will be heading there at some time to spend a few weeks with him and see more of the country.


Combined with more time for hobbies and interests I think I will easily fill the time, my DH who had been retired for some time keeps telling me I won't know how I had time to work....