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Journey to be mortgage free...then what?!
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giger
Posts: 164 Forumite
Hi all
I've be financially savvy for years, and have being following this forums for 10 years or so. The idea is sound - I like it.
I've been hitting my mortgage hard for the past few years and have overpaid a substantial amount. If I continue on this track the mortgage is paid off within the next 3 years. I will be 41/42 years old at this point. However, as the end is in sight I have started thinking "Then what?!".
I could treat myself to a nice sports car, but that it taking on debt, so shouldn't I just buy it now and reduce my overpayments and enjoy it? I could buy a second property to rent, but see above. I could have a plush kitchen and lots of holidays.
So, what do people do next once the mortgage is gone?
I have an offset mortgage. My mortgage is approx £500pm, I overpay by a further £500pm, and drip feed in a further £1000 from my offset savings. Is it still sensible to pay it off, or should I be enjoying the money (or using it more wisely elsewhere?). Please note, I don't plan on moving again as the house is plenty big enough.
My journey is well under way, I guess I am just wavering slightly. What would you do?
I've be financially savvy for years, and have being following this forums for 10 years or so. The idea is sound - I like it.
I've been hitting my mortgage hard for the past few years and have overpaid a substantial amount. If I continue on this track the mortgage is paid off within the next 3 years. I will be 41/42 years old at this point. However, as the end is in sight I have started thinking "Then what?!".
I could treat myself to a nice sports car, but that it taking on debt, so shouldn't I just buy it now and reduce my overpayments and enjoy it? I could buy a second property to rent, but see above. I could have a plush kitchen and lots of holidays.
So, what do people do next once the mortgage is gone?
I have an offset mortgage. My mortgage is approx £500pm, I overpay by a further £500pm, and drip feed in a further £1000 from my offset savings. Is it still sensible to pay it off, or should I be enjoying the money (or using it more wisely elsewhere?). Please note, I don't plan on moving again as the house is plenty big enough.
My journey is well under way, I guess I am just wavering slightly. What would you do?
0
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At the end of the day no one can make that decision apart from you.
What do YOU want to do?I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0
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