Twenty-something's aim to be mortgage free

wh_em

IAMIAM said:

I really do not get this me. The UK mindset is obsessed with paying off a mortgage fully, only to then die 20 years later with £500k in bricks and mortar not going into heaven with you.
Worse still are the ones who pay it off and then equity release it in 10-15 years, in effect wasting time and energy in paying it off when in their prime. 
I calculated that I would be 40-50k in interest on a mortgage over 30 years. £1k a year in interest is fine for me vs living frugally for 15 years, then having been 15 years mortgage free and then deciding I wasted 15 years of my life and suddenly cashing everything in at 50+ to get capital back. Each to their own though! 

For a lot of people the emotional gain is better than any financial gain. Personally for me I'm not hell bent on paying it off as fast as I can but do want to reduce the term somewhat as I hate the idea of 35 more years of such a debt around my neck! Not only that when remortgaging comes it will be nice to be in the next LTV bracket.

 As you'll see from my posts my main focuses have been my pension and ISAs, the mortgage payments come second to those. But as you say, each to their own. I can absolutely see both sides.

wh_em

Competsoph said:

@wh_em forgive me for my utter bolshiness but I thought you were Mr Wh_em? 

haha, nope we are Mrs & Mrs wh_em...or rather we will be in 2022. or should i say Ms & Ms wh_em!

stavromueller

wh_em said:

oh yes I'm familiar with the ownership element of it just didn't know the process after marriage. In addition I always found the change from Miss to Mrs after marriage incredibly infuriating so from the age of 22ish I've used the title of Ms. because I didn't like the fact that my name should depend on somebody else(!) I hate that we still keep these throwbacks.

I hate the throwbacks as well - I have used Ms for many years, refuse to use Mrs, and will shortly (fingers crossed) finish my PhD when I will finally have a title that isn't based on my sex or marital status! I never changed my name - I wanted us to double barrel but my husband refused so we both kept our names. 
He finds it somewhat amusing that I get annoyed when people call him Mr 'my surname', but it's still based off the idea that I am not worthy of keeping my own name after marriage! Grumble grumble!

ruby_eskimo

Yes quadruple barrelled would definitely be a bit too much!  I had built up a reputation and had things published in my maiden name so that also was a drive for me to keep it as part of my name for professional purposes.  However things changed and I kind of wanted a fresh start away from my previous organisation so glad I did change my name in the end.  It's 5 years on and I still sometimes don't respond to my married name like at the Dr's or the Dentist

Competsoph

@stavromueller good luck and congratulations on your PhD. It's one of my lifes dreams to get there eventually!

And @wh_em haha! Lovely to know a bit more about you! 

IAMIAM

wh_em said:

IAMIAM said:

I really do not get this me. The UK mindset is obsessed with paying off a mortgage fully, only to then die 20 years later with £500k in bricks and mortar not going into heaven with you.
Worse still are the ones who pay it off and then equity release it in 10-15 years, in effect wasting time and energy in paying it off when in their prime. 
I calculated that I would be 40-50k in interest on a mortgage over 30 years. £1k a year in interest is fine for me vs living frugally for 15 years, then having been 15 years mortgage free and then deciding I wasted 15 years of my life and suddenly cashing everything in at 50+ to get capital back. Each to their own though! 

For a lot of people the emotional gain is better than any financial gain. Personally for me I'm not hell bent on paying it off as fast as I can but do want to reduce the term somewhat as I hate the idea of 35 more years of such a debt around my neck! Not only that when remortgaging comes it will be nice to be in the next LTV bracket.

 As you'll see from my posts my main focuses have been my pension and ISAs, the mortgage payments come second to those. But as you say, each to their own. I can absolutely see both sides.

Yeah, I am similar around the LTV and term. I try to reduce term by 1 or 2 years every time I switch rates and drop LTV.

wh_em

stavromueller said:

I hate the throwbacks as well - I have used Ms for many years, refuse to use Mrs, and will shortly (fingers crossed) finish my PhD when I will finally have a title that isn't based on my sex or marital status! I never changed my name - I wanted us to double barrel but my husband refused so we both kept our names. 
He finds it somewhat amusing that I get annoyed when people call him Mr 'my surname', but it's still based off the idea that I am not worthy of keeping my own name after marriage! Grumble grumble!

How interesting that people assume your name is his! Very frustrating!

wh_em

ruby_eskimo said:

Yes quadruple barrelled would definitely be a bit too much!  I had built up a reputation and had things published in my maiden name so that also was a drive for me to keep it as part of my name for professional purposes.  However things changed and I kind of wanted a fresh start away from my previous organisation so glad I did change my name in the end.  It's 5 years on and I still sometimes don't respond to my married name like at the Dr's or the Dentist

hahaha, i'm sure I would be the same if I ever changed my name! Good idea about having the fresh start, never thought about it like that.

wh_em

Morning all

Another week has passed... its payday again. Although I've been taxed £600 to make up for the fact they didn't tax me for the 3 weeks before that. It's all fun and games when they forget to tax you until it catches up with you three weeks later! Hopefully that's it and they won't take anymore than they're meant to next week, but we'll see.

This is my last week on this job, its absolutely flown by. And my old job are still on for me to start on Monday WFH so that's exciting. I can't wait to not have to commute, I haven't minded it so much but it'll be nice just to not have to worry about driving anywhere for a little bit. Also can't wait to follow the cats around all day demanding attention from them...whilst doing actual work of course!

So just managed to put £40 into my investments & overpayments category as the rest of it went to covering all my angry red categories on YNAB.

Have a good one

wh_em

Aims for Dec 2020/April 2021
1. Emergency fund -   £2000/£4000 No change
2. Mortgage OPs - £152.53/£1000 No change 
3. Family member loan - £400  £600/£1000  
4. Mrs wh_em loan - £251.49/£7500 no change
5. LISA contributions -  £767.02  £815.02/£4000