Is paying off your mortgage worth it?

hello007007

Unless work was giving me health issues, I would definitely without batting an eyelid pay off the mortgage.

When will you be in this position again?

I would take the bull by the horns and kill it. I'm passionate about killing debt. I've had a bad relationship with money during my 20s and early 30s.

Apintplease

We chose, during the last recession, to throw our savings at the mortgage - why pay mortgage rates when getting SFA on savings. Neither of us were in secure jobs at the time but we decided that not having the mortgage would mean we could live pretty cheaply. Before then we were throwing money at retiring

Since then my husband ( the main wage earner ) has managed to cut his days down to three days a week, I also only work 24hrs

We dont have a pot to pee in compared to those on the pensions board, but other then small credit card amounts - less then £1k at any time, we also dont owe anyone a penny ( mostly the CC bill is paid on full, lockdown and loss of earnings plus huge expenses cropping up scuppered that last year - this year we are back on track )

So we have been mortgage free about 12 years, work part time and still only mid 50s. Neither of us are ready to retire but the 3 days a week is more then enough for us to have a pretty decent lifestyle as well as have our hobbies and before covid, time for family

It all depends on where you are in life. With mortgage rates so low and more incentive to put money away for your later years Id say do that, keep the mortgage and save in pensions, but unless there is money coming in from somewhere I cant see how you can manage it. Losing the mortgage may give you opportunities to take on a lower paid, less hassle job or cut your hours. Savings however run out really quickly

steveb_123

What suits one does not suit all. Personally I opted to pay off the mortage when I had the chance. This gave me the confidence to quit work and retire early. BUT my idea of 'travelling the world' turned out not to be possible on a reduced private pension. So I put my energy into my hobies, photography and astronomy. .... So I would say == what's your goal after quitting work ? Will you be able to afford it ? What's your 'plan B' ?