What will you do when you are mortgage free?

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?
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Replies

  • LadyGnomeLadyGnome Forumite
    801 Posts
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    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.
    MortgageStart Nov 2012 £310,000
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    OriginalEnd Sept 2034 / Current official end Apr 2032 (but I have a cunning plan...)
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  • MoneyfordreamsMoneyfordreams Forumite
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    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 :D
    Mortgage restart June 2018 £119950Re mortgage August 19 £110470, … Mortgage November 22 £85600 final 0% CC 3300Home renovations - £65000, mid 2018 - mid 2022
  • ClarkeKentClarkeKent Forumite
    336 Posts
    Yes, I think freedom plays a bit part in it.
  • newgirlynewgirly Forumite
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    I will have to get another mortgage so I can still be a mortgage free wannabe :D
    2022 MFW 67 - 33 month challenge to clear mortgage, month 3 completed and on track 🙂MFI3 No.12
  • 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.
    Interest rate 1.25%, offset mortgage Woolwich
  • nearlyrichnearlyrich Forumite
    13.7K Posts
    Part of the Furniture Combo Breaker Hung up my suit! Mortgage-free Glee!
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    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...
    Free impartial debt advice from: National Debtline or Stepchange[/CENTER]
  • 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?
    Interest rate 1.25%, offset mortgage Woolwich
  • 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)!
    Interest rate 1.25%, offset mortgage Woolwich
  • NymphadoraNymphadora Forumite
    469 Posts
    Eighth Anniversary 100 Posts Combo Breaker
    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.
  • nearlyrichnearlyrich Forumite
    13.7K Posts
    Part of the Furniture Combo Breaker Hung up my suit! Mortgage-free Glee!
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    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....
    Free impartial debt advice from: National Debtline or Stepchange[/CENTER]
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