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We did it Mortgage balance £0

We made our last payment on Friday, mortgage paid off 16yrs early
seems unreal.

Just wondering what we should do with the extra money now I am what I would say risk adverse we both have workplace pensions. I currently earn around £16k mark depending on overtime, and hubby is in the 40% tax bracket. We were thinking of him paying more into his pension.

Our goal is to see where we both are at 55 work, life, pension fund

Any pointers on where to look would be very helpful.

Thanks
Mortgage
June 2011 £145,943.13
Dec 16 £74,537; Feb
Aug 17 £59,399.96
Nov 19 £0.00
«1

Comments

  • Oh wow! Congratulations!!
  • Browntoa
    Browntoa Posts: 49,611 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Pensions board on here will offer advice on the pros and cons of additional pension payments
    Ex forum ambassador

    Long term forum member
  • Misslayed
    Misslayed Posts: 15,494 Senior Ambassador
    Tenth Anniversary 10,000 Posts Homepage Hero Name Dropper
    Congratulations - you can get a badge for it!
    I’m a Senior Forum Ambassador and I support the Forum Team on the Competition Time, Site Feedback and Marriage, Relationships and Families boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts 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 and not the official line of Money Saving Expert.
  • Socajam
    Socajam Posts: 1,238 Forumite
    1,000 Posts Second Anniversary Name Dropper
    Before doing anything, I would booked a decent holiday, something like one of your bucket list wishes.
    I am all for saving, but sometimes we lose the real picture that some things need doing because tomorrow is not promised.
    Case in point: I had two friends aged 54 and 57 died within one month of each other.
    Treat yourself because both of have worked hard to achieve ridding yourself of one of the most expensive debt.
    Then on your return, increase your pension or other savings.
  • MallyGirl
    MallyGirl Posts: 7,261 Senior Ambassador
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Congratulations.

    Pensions are definitely something to consider.

    take a trip to the pensions board and see what the advice is
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
    & Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts 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 and not the official line of MoneySavingExpert.
  • longway2go
    longway2go Posts: 1,006 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Congratulations, it must feel amazing. How long was it between deciding to be mortgage free and having 0 balance?

    I would definitely book yourselves a lovely holiday first.

    What a weight lifted ��
    Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming
  • genieuk
    genieuk Posts: 341 Forumite
    Part of the Furniture 100 Posts Combo Breaker Mortgage-free Glee!
    Socajam wrote: »
    Before doing anything, I would booked a decent holiday, something like one of your bucket list wishes.
    I am all for saving, but sometimes we lose the real picture that some things need doing because tomorrow is not promised.
    Case in point: I had two friends aged 54 and 57 died within one month of each other.
    Treat yourself because both of have worked hard to achieve ridding yourself of one of the most expensive debt.
    Then on your return, increase your pension or other savings.


    Thanks I booked a surprise weekend away for me and hubby
    We are also hoping to visit friends that live in Australia in the next year or two
    Sorry to hear about your friends, totally agree life is precious.
    Mortgage
    June 2011 £145,943.13
    Dec 16 £74,537; Feb
    Aug 17 £59,399.96
    Nov 19 £0.00
  • genieuk
    genieuk Posts: 341 Forumite
    Part of the Furniture 100 Posts Combo Breaker Mortgage-free Glee!
    longway2go wrote: »
    Congratulations, it must feel amazing. How long was it between deciding to be mortgage free and having 0 balance?

    I would definitely book yourselves a lovely holiday first.

    What a weight lifted ��

    It has always been a plan of mine and my spreadsheet, hubby got on board last couple of years. But I think it really hit home that it was possible when we did our last 2yr fix and we moved to first direct, and we could overpay as much as we wanted.
    We had always had relatively good security having been in the forces, but moving in to civilian life and getting our first mortgage I just felt like we should pay off as soon as we could.
    Mortgage
    June 2011 £145,943.13
    Dec 16 £74,537; Feb
    Aug 17 £59,399.96
    Nov 19 £0.00
  • diggingdude
    diggingdude Posts: 2,496 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    well done, not jealous.....honest :)
    An answer isn't spam just because you don't like it......
  • Excellent news...I cannot wait until I post the same message. We plan to enjoy the first couple of months without paying the mortgage as a present to ourselves, but then yes top up pension contributions/save etc
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