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Sudden desire to become mortgage free !!
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[Deleted User]
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Im 55. Its never really bothered me to be mortgage free as I receive a pension that will always pay the mortgage. However I was talking to my younger son and he said he would never want the family home to leave our family. I bought it new 20 years ago ( single mum ) and it was designed to my specification. Im now worried and want it paid off - but they could lose it with IHT ?
Any thoughts ?
I own three houses
main - value £1 mill - £324k mortgage
2nd - £500k - mortgage £317,000 BTL
3rd - £230k mortgage £155,000 BTL
Im also now worried about IHT as equity as it stands = £ 931k so already to be wacked for IHT ( never be a spouse double)
I have 19 years on mortgage left - so to 75. I could die earlier so really want it paid off in 10 years - so at 65.
main - value £1 mill - £324k mortgage
2nd - £500k - mortgage £317,000 BTL
3rd - £230k mortgage £155,000 BTL
Im also now worried about IHT as equity as it stands = £ 931k so already to be wacked for IHT ( never be a spouse double)
I have 19 years on mortgage left - so to 75. I could die earlier so really want it paid off in 10 years - so at 65.
Mortgage is £1605 at mo
Im thinking £1400 a month overpayments is what is needed to get it paid off in that time scale.
Im thinking £1400 a month overpayments is what is needed to get it paid off in that time scale.
I also pay £600 a month to my two sons, so they can pay off their mortgages faster.
Or maybe I should give them an extra £700 a month each and leave my mortgage higher so providing I live a rolling 7 years a lot of money is taken out of my estate.
I just dont know ?
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