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Mortgage Free - What Will You Do Next?

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Mortgage Free - What Will You Do Next?

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Hi all,
I've spent the afternoon looking at diaries on here. I just wonder what you envisage as the next phase of life once the mortgage is paid off? For many (myself included) the option of working less is appealing.

But are there any other burning desires people have? Mine would be buying a small yacht and sailing here and there, knowing I have a land base. What are yours?
Mortgage balance October 2015: £99875
Mortgage balance November 2017: £97583

Mortgage balance November 2018: £90952.08
Mortgage balance December 2018: £90470.65
Mortgage balance June 2020: £79561.39
Mortgage balance August 2020: £78595.02
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Replies

  • YouthgonewildYouthgonewild Forumite
    154 posts
    100 Posts Second Anniversary
    Fantastic Lomcevak! Bey you feel so relieved it's nearly over and done with. Best of luck with it all, more time to do as one pleases would be awesome. 
    Mortgage balance October 2015: £99875
    Mortgage balance November 2017: £97583

    Mortgage balance November 2018: £90952.08
    Mortgage balance December 2018: £90470.65
    Mortgage balance June 2020: £79561.39
    Mortgage balance August 2020: £78595.02
  • dark^knightdark^knight Forumite
    504 posts
    Tenth Anniversary 100 Posts Photogenic
    ✭✭
    Hi, I am about a week away from paying off the mortgage.
    There are are a few things that have been put on hold over the last couple of years, so will need to get on to those:
    1. A new(er) car. Really need this, as the current one will not last much longer. Was going to upgrade last year, but decided to delay so that I could pay off the mortgage.
    2. House needs new bathroom, kitchen, windows, etc.
    A bit dull, I know, but once the excitement of being mortgage free wears off, it will be back to mundane tasks for the next year or so.
  • longway2golongway2go Forumite
    493 posts
    Part of the Furniture 100 Posts Name Dropper
    ✭✭
    I think initially we would probably get a bigger house as I don't think this is our forever home. I would like to travel more and support my children through university (if they want to go) and getting on the property ladder. 
    I also think investing for potential early /phased retirement would be something to consider.
    Atm it all feels a bit 2 far off but looking forward to getting to a place where I can start to really think about theses options. 
    Mortgage Aug 2019 161,000 :eek::eek::eek:
    Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500 woop!! Sep 2020 144380 :-)

    Our Mortgage is never going to be as high as it is today. :j
    Onwards and downwards to a better life for our family. :j
    Just keep swimming
  • MrsLovelyMrsLovely Forumite
    50 posts
    10 Posts
    Hi, 22 months away for me. Once MF, the savings will ramp up, at least 4 holidays/breaks away per year, lots of socialising, meals too. But we may save to invest in a 2nd BTL property. This would be a 10 year investment to then provide an income for us later on. I will be 47 when I am MF, and whilst I will be able to 'pack up FT stressful' work, I think being able to divert all tjst money into an investment project would be wise. The biggest advantage at that point is that I am CHOOSING to work,  not having to. Even if I did quit FT work,  I am sure I would work part time doing something lovely instead! 
    Dec 2010=£160k. Nov 2019=£70k. July 2020=£48,547.
    *Sept 2020=£46,677*
    Mortgage free date Feb 2022 😎
    E fund - £00.00/£10,000
    This years 10% Overpayment-£15,270/£15,280
  • MrsLovelyMrsLovely Forumite
    50 posts
    10 Posts
    Lomcevak said:
    I'm 24 days away from being mortgage-free :smile: and the initial post-mortgage plan is to shore up assorted aspects of my finances (boring!!) - i've maxed out pension contributions for years and overpaid a lot off my mortgage, but that means most of my assets are very illiquid (house and pension). Right now I have a bit over two years of expenses split between cash (relatively little) and S&S ISAs (quite a lot more), but i'd like to grow liquid assets, in particular so that i'm not forced to sell parts of the S&S ISA at an inopportune moment. That then blends into my longer-term retirement plans, I'm mid-40s and would like to retire no later than mid-50s, but would go earlier if budget allows. For me "retirement" probably isn't no work, but fewer hours, and something i'm more interested in. 
    Once the FIRE plans are fully in place, i'll probably loosen the budget a bit, but I have quite inexpensive tastes in life and having a job that flies me all over the place (well, until recently) has extinguished any burning desire for travel and hotels, I've spent more than enough time in Marriotts and airports. Freedom to do what interests me while not having to worry about how the bills will be paid is the most important thing for me. 
    I wouldn't rule out another mortgage between now and retirement, my house is nice but has never really felt like a "forever" house so we may start to look at what else is out there, but it's unlikely to be a huge step up if we do move.
    Dull answer, sorry :smiley:

    24 days away!!  Oh my god!!! I think I would be about to burst!
    Dec 2010=£160k. Nov 2019=£70k. July 2020=£48,547.
    *Sept 2020=£46,677*
    Mortgage free date Feb 2022 😎
    E fund - £00.00/£10,000
    This years 10% Overpayment-£15,270/£15,280
  • YouthgonewildYouthgonewild Forumite
    154 posts
    100 Posts Second Anniversary
    Great responses folks, I especially like the thought of more holidays. I haven't  had a trip abroad in years as I've had my offspring. We have usually done Wales/ Scotland/ Cornwall/ Butlins :lol:

    I like to think of all the stuff on the house I could do if I didn't have a mortgage. My kitchen definitely longs for an update even though it is fine and it functions. I would replace the windows too. Then again.... I dont know if this is my forever home. Any potential move would be years and years off so I want to make this house lovely to live in. I think that is important when you spend most of your time at work, coming home to somewhere that is right for you. 
    Mortgage balance October 2015: £99875
    Mortgage balance November 2017: £97583

    Mortgage balance November 2018: £90952.08
    Mortgage balance December 2018: £90470.65
    Mortgage balance June 2020: £79561.39
    Mortgage balance August 2020: £78595.02
  • YouthgonewildYouthgonewild Forumite
    154 posts
    100 Posts Second Anniversary
    Dark-knight, a week away from clearing the mortgage. I would feel like shouting from the rooftops!
    Mortgage balance October 2015: £99875
    Mortgage balance November 2017: £97583

    Mortgage balance November 2018: £90952.08
    Mortgage balance December 2018: £90470.65
    Mortgage balance June 2020: £79561.39
    Mortgage balance August 2020: £78595.02
  • LomcevakLomcevak Forumite
    949 posts
    Eighth Anniversary 500 Posts Name Dropper
    ✭✭✭
    MrsLovely said:
    24 days away!!  Oh my god!!! I think I would be about to burst!
    I've been able to pay it off for several months, but have to wait for the early redemption penalty on my two-year fixed to expire! :anguished:
    I console myself with the knowledge that it was the right choice two years ago, as it was the cheapest option and my original overpayment plan suggested I'd still have close to £10k to repay at this point, but I made better progress than expected last year and have been stuck counting down the days since.


    MFiT-T5#6, £50k to zero: £49,907/£49,907 (100.00%), 2020 MFW#8 £4,763/£4,763 (100.00%)
    £50k-in-’20#27 £39,676.24/50,000 (79.35%)
  • YouthgonewildYouthgonewild Forumite
    154 posts
    100 Posts Second Anniversary
    That's brilliant Lomcevak.
    Mortgage balance October 2015: £99875
    Mortgage balance November 2017: £97583

    Mortgage balance November 2018: £90952.08
    Mortgage balance December 2018: £90470.65
    Mortgage balance June 2020: £79561.39
    Mortgage balance August 2020: £78595.02
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