It's "mortgage-free" a redundant statement? If you don't want a mortgage then don't borrow money

It's "mortgage-free" a redundant statement? 
If you don't want a mortgage then don't borrow money and just save up.
If you have a mortgage and dont want one then pay it off.
If you have £80 month extra you can either pay it off the mortgage or enjoy a full gym membership for the next 25 years, but that's a lifestyle choice that each individual has to make and both have equal value (£80).
There are benefits to paying a mortgage off but there are equally benefits to enjoying your life, and nobody can advise another which is BETTER, and the very notion is preposterous tbh.
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Comments

  • When house prices are rising someone who waits until they have the money in cash will not be able to save up enough to keep up with house price rises wheras someone who gets a mortgage locks the price down so the house doesn't increase in price and instead pay down the debt to own 100% of it
    I like to go somewhere in the middle. Pay the mortgage off to bring security (as a self employed person this is important to me) pay into pensions for longer term security and also enjoy the day to day. I wouldn't want to put every penny into the mortgage and claim poverty and be unable to afford to go on a nice holiday but by the same token I am not someone who buys a 50k car when a 10k car will do me fine.
    It is all about priorities.
  • is it me or does this make no sense at all...
    Nov 2023 - Mortgage Balance £252,219.06
    Credit Card - £9,662.23 + £2,153.55
    Goals: Mortgage Free by 2035, Give up full time work once Mortgage Free, Ensure I have a pension income of £20k per year from 2035

  • Indeed.  The message appears to be, don't aim to be mortgage-free, but aim to either a) not have a mortgage, b) have one and pay it off, or c) have one and not pay it off.
  • think what he's saying is "if you want to be mortgage-free, just don't take out a mortgage," but that's such a galaxy-brain take I'm not sure I've understood correctly. 
  • GS..
    GS.. Posts: 220
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    Nope. The message is. Paying off a mortgage is redundant as a subject, either pay it off or enjoy a new car, you can't ADVISE anyone about which is BETTER
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  • Who exactly is advising as to which is better?
  • very odd, nobody is advising anyone to do anything that I am aware. this is a non-post
    Nov 2023 - Mortgage Balance £252,219.06
    Credit Card - £9,662.23 + £2,153.55
    Goals: Mortgage Free by 2035, Give up full time work once Mortgage Free, Ensure I have a pension income of £20k per year from 2035

  • If you have a mortgage and become mortgage free then you have a roof over your head forever more with out paying rent etc (obvs theres council tax and ground rents for leaseholders etc). If you never get a mortgage then you will pay rent until the day you expire. I’d much rather have an end date! And that’s both with and without overpaying. 
    Mortgage started August 2020 £69,700
    Mortgage ends Aug 2050 MFW: Aug 2027 
    Current Balance: £60,700
    MFW2020 #156 £723.13
    MFW2021 #26 £1184.71
    MFW2022 #11 £197.87
    MFW2023 £785
    MFW 2024 £174.73

    Determined to make it! 
  • If you have a mortgage and become mortgage free then you have a roof over your head forever more with out paying rent etc (obvs theres council tax and ground rents for leaseholders etc). If you never get a mortgage then you will pay rent until the day you expire. I’d much rather have an end date! And that’s both with and without overpaying. 
    AMEN!! And for the poor lady I read about in the news who was evicted in Houston, TX at 65 years old, Vietnamese, doesn't speak English and receives $700.00 a month in Social Security benefits whose rent was raised to $650.00.  :( I'd say it would have been definitely better to have owned her own house free and clear in her retirement years rather than watching her stuff get put out on the street with nowhere to go in 110-degree heat. So very sad. 
    Mortgage start date Dec 2015 - $64,655.00
    Mortgage end date Dec 2045 - NOT!!!!
    Mortgage balance  - $4600.00
    Business Savings $43,310/100k
    Hope to be mortgage-free by end of 2023 
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