to pay off mortgage or not

i have the opportunity to pay off my mortgage or buy a holiday home, my heart is ruling my head as i feel we need a place to escape to.
my sensible head says pay off mortgage.
i feel confused, i have no other debts.
please help with advise
Thank you  


  • Grabs39
    Grabs39 Posts: 364
    First Anniversary Name Dropper Combo Breaker First Post
    Almost certainly the mortgage.

    How many holidays could you buy for the cost of the holiday home?  If it's a 20k Caravan it would be 333 nights in a B&B (@£60pn).  If it's a £100k cottage that's 1666 nights, or one night a month for 138 years...

    Obviously, that doesn't include ongoing maintenance, council tax, utilities etc.
  • getmore4less
    getmore4less Posts: 46,882
    Name Dropper First Anniversary First Post I've helped Parliament
    Have you costed the holiday home on an ongoing basis?

    They don't sit there free once bought.

    Also how much of the time you spend there will be maintaining hte place rather than just have a getways

    pay off the mortgage and have that amount per month to pay for breaks away anywhere not restricted to one place with a property.
  • Nonnadiluca
    Nonnadiluca Posts: 544
    First Anniversary First Post Name Dropper
    I agree with the other posters ; my view is that if things go t!ts up, and we've all found out over the last year that you never know what's round the corner, the security of owning the roof over your head is a wonderful thing!
    Also agree that I would much rather go on holiday to wherever takes my fancy than to the same place every time. My SIL has a holiday home and doesn't really get to enjoy it much as it's rented out to cover the costs of owning it so she can't go anytime she feels like it,  and when she does go there's usually some maintenance job or other to do. Having said that, if you really love where it is and want to spend all your holidays there, that's a different matter. 
    Fashion on the ration challenge 2023: 66 - 2 = 64 - 1.5 = 62.5
  • Poppycat1
    Poppycat1 Posts: 376
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    I have considered this off and on over quite a few years.  I talked myself out of it each time after considering the costs against the time I could spend there.  I believe council tax needs to be paid at a higher rate now than it used to be.  Then there is the ground rent/service charge etc.
    Without overpayments: 15 years, 1 monthsBecause of overpayments: 10 years, 10 months left until paid off
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