MF in 3 months, But Now Need To Make Decisions

planemad

I have always kept up with the MFW page.
I'm now in a position at 34 years old I only have 3 months left on my mortgage.

My wife and I alongside our 2 children under 5 have made sacrifices for the last 3 years. I have done thousands of hours of overtime but on average I have paid off an additional £2600 per month on my mortgage every month.

I tell a lie really as I have not actually overpaid the mortgage but kept the additional money in savings accounts to give me the security that I had money if needed but the view was it was the MF pot.

I now have some serious decisions to make this month on whether to actually pay off the mortgage or purchase a flat to rent where my wife can take the full income from (as she does not work) so does not use her tax free allowance.

Mortgage balance is £101,000 and currently we are sitting with £96k saved.
Mortgage is on a HSBC tracker with 14 years left and unlimited overpayments can be made. monthly payment is £500.
1 bed flats here are circa £110k and would give a monthly return of £625.00 ish.

Any advice my friends? Merry Xmas to ALL.

juststuff123

Hi Planemad

I can't really offer any advise. I just wanted to say Well Done that's a huge achievement! I hope you take stock and enjoy it! I know it's not easy when your already planning your next goals but it's important.
Merry Christmas to you and the family