Mortgage free in Forever Home :-)

MissRikkiC

I’ve got more than double those years and don’t believe that I’m the same years younger than you to make that seem okay! I also have similar monthly payments to you so the same cost but for double the time. I totally get the feeling that it’s forever! It’s tricky, you’re pleased you’re paying off extra, you’re happy to do it but my goodness doesn’t it feel like you’ll be doing it forever! 

It’s the same as saving for your mortgage deposit to begin with, you do everything you can to scrimp and save every penny but it’s a long old slog. And there is no instant gratification and even when there is, it’s not big enough. 

But the joy which will come is so worth the wait isn’t it? The mortgage free bit. 

I assume somewhere here, there is the mortgage equivalent of the debt free red carpet, those who have paid off their mortgage. Maybe a read of some of those inspiring diaries and red carpet moments will give you the umph again and a reminder why it’s so important to you. 

KajiKita

Sympathies @greenbee and hugs x

Interesting thoughts @MissRikkiC … and yes, it seems interminable … Sympathies to you too. 

Actually, whilst cogitating on this, I think a lot of it is tied up in how insecure I feel in paid employment these days. Not because I think I am at risk for any particular reason, but probably because I am constantly doubting myself so much after my last role. I have a loop going around in my head saying something along the lines of:
”You’re going to fail / not be good enough,
you won’t see it coming,
they will get rid of you, 

you will be out of work,
you won’t get another job,
you won’t be able to afford the mortgage,
you will lose everything”. 

Real doomsday-scenarioing when I stop and look at it actually. 

KK

SandyShores

I'm the same as you both too @greenbee.  And we are looking at working into retirement to pay our mortgage (unless those PBs come in ).

A few years ago I never thought we'd get back on the property ladder, so we might have a large mortgage, but its worth it.

I did have a light bulb moment where I thought 'I can't continue keeping such a tight grip on everything, throwing every penny at the mortgage and then find I'm 70+ years old without a mortgage but I've not enjoyed a good bit of my life'.  If we really needed it, Nationwide do mortgages up to aged 85, and although I'm not intending to take advantage of that offer, its great to know its there. 

So, Kajikita, try to enjoy your spends, there are options if needed.  We'll be keeping you company as we pay our mortgages into grey haired-ness

Humdinger1

@KajiKita you may not want to do this but is it worth looking at what the tax- free parts of your pensions are likely to be when you get access to them? This could make a big contribution to paying off or down the mortgage and accelerating progress.  You're doing brilliantly love Humdinger xx 

KajiKita

That’s an interesting idea @Humdinger1, not one I had considered.

KK

debtfreewannabe321

Our mortgage is half yours KK but then our income is probably the same too so the debt and the noose feel similar to yours. I can't look it as a whole I make a goal and a make it fun to try and make OPs that are smaller at the moment it is only £100 a month I'm overpaying so not a lot is coming off our capital at All. I find £60 from the monthly income and then set myself a target on selling or surveys or saving from the budget during the month to make the other £40.....we have 19.6 years left at the moment with the small OPs not making much difference yet. 

f0xh0les

KajiKita 

I ran some calculations over lunchtime, like you do, 

This is the only place in the whole wide  🌎 that understands this. 🤣🤣  
How about having another spreadsheet/ graph tracking how each op brings your 'voluntarily leaving the rat race' date closer? 
How do you eat an elephant 🐘*? 
Slice by slice - don't think of the whole. Concentrate on smaller targets, like paying off 1% slices? or knocking one month off the Freedom date? You usually can only pay off 10% a year without penalties, so I only ever concentrated on that 10%. 
Hugs
* no actual elephants were sliced in the making of this post. All elephants were purely theoretical and for demonstration purposes only. MSE does not condone the eating of elephants. Any actual elephants are approached at their own risk. 

maggiem

I know that feeling of doom over the mortgage and the ‘what if’ questions. I felt better when I thought about how much I would be having to pay anyway to rent my house and all the hassle involved in renting.  You have a lovely garden and can do what you like with it. I wonder if this is really a reflection of the effects of your last job as you said earlier. Hopefully this will diminish as you become more secure in your new job. You re making overpayments and every little helps. Keep calm and carry on as they say. 

KajiKita

Yup, sounds very similar @debtfreewannabe321 .... However, methinks there is a line that needs updating in your signature, hmmmm...? 

f0xh0les said:

KajiKita 

I ran some calculations over lunchtime, like you do, 

This is the only place in the whole wide  🌎 that understands this. 🤣🤣  
How about having another spreadsheet/ graph tracking how each op brings your 'voluntarily leaving the rat race' date closer? 
How do you eat an elephant 🐘*? 
Slice by slice - don't think of the whole. Concentrate on smaller targets, like paying off 1% slices? or knocking one month off the Freedom date? You usually can only pay off 10% a year without penalties, so I only ever concentrated on that 10%. 
Hugs
* no actual elephants were sliced in the making of this post. All elephants were purely theoretical and for demonstration purposes only. MSE does not condone the eating of elephants. Any actual elephants are approached at their own risk. 

You are so right about this being the 'only place' .... 
I haven't looked at 1% slices would be ... c. £2.4K?
I will look at what would be needed either as lumps or as trickle OPs to take months off the duration.
10% would be £24K OPs p.a. which is not remotely achievable at current income levels! 
I'm sure the elephants will be fine ... <crosses fingers and looks around nervously for the elephant welfare enforcers ...>

maggiem said:

I know that feeling of doom over the mortgage and the ‘what if’ questions. I felt better when I thought about how much I would be having to pay anyway to rent my house and all the hassle involved in renting.  You have a lovely garden and can do what you like with it. I wonder if this is really a reflection of the effects of your last job as you said earlier. Hopefully this will diminish as you become more secure in your new job. You re making overpayments and every little helps. Keep calm and carry on as they say. 

Flipping good point about renting a house like we have where we are! It would be waaaay more than what we are paying now and you then get all the frustration / pointlessness of it not being your own home so you can't change much or plant for longevity etc. That drove Mr KK wild when we rented again before buying where we are now.

Thanks all,

KK

debtfreewannabe321

I can't update until Friday when DP gets paid 🙈😆 I have taken a hundred off that cleared but it will be gone by Friday 🤞🏻🤞🏻🤞🏻