Paid off mortgage and I'm now depressed



  • Sounds like it's not paying off the mortgage that's the issue. It's the idea that paying off the mortgage will solve all your problems but it hasn't.

    Being mortgage free is basically something you don't do rather than something you do i.e. you're simply not paying it anymore. 

    What were your reasons for wanting to get to this position? and have they changed over time?

    I'm 40 and a month away from paying off the mortgage. I originally wanted to be mortgage free to give me more money to enjoy the finer things in life. Then it became more about how much I hate working and wanted enough money to not need to work again. Then it was knowing jobs aren't secure and difficult to get so wanted that safety blanket.
  • Sistergold
    Sistergold Posts: 2,030 Forumite
    First Anniversary First Post Name Dropper Photogenic
    edited 1 June 2022 at 9:23AM
    Congratulations 🥳 ! Why not tell yourself that you can leave the job as mentally this might make you hate your job less. Sometimes pressures of bills making us stay in a well paid job which normally has its own pressures can make you hate the job more than you actually do. I am saying this as going for a less paid job will not mean you will like it. Being paid little will make me hate most jobs. Most jobs are not enjoyable just because they are a job. 

    Also most of us need a motivation to do most things. So we are in jobs because we need the money. We mostly need goals. So maybe now that mortgage is paid off, maybe max out on pensions, savings investments etc, there is a lot of money needed before one can leave a good job I think. As a high earner I think it’s advisable to take time before making drastic decisions. 

    Another thing is biologically at/by 40 many people get so disgruntled by their life(midlife crisis!) It seems there is more and better things out there when you reach that age. Some leave a job, some divorce etc. After a few years of making these drastic changes one realises they should have stayed put, that infact they were leaving a good life and they threw it away. Again more regrets. My advise is take a deep breath keep everything the same for now and if in two or three years  you still feel the same see what you truly want to do that will make you happy. 

    Initial mortgage bal £487.5k, current £266.8k, target £243,750(halfway!)
    Mortgage start date first week of July 2019,
    Mortgage term 23yrs(end of June 2042🙇🏽♀️), 
    Target is to pay it off in 10years(by 2030🥳). 
    MFW#10 (2022/23 mfw#34)(2021 mfw#47)(2020 mfw#136)
    £12K in 2021 #54 (in 2020 #148)
    To save £100K in 48months start 01/07/2020 Achieved 30/05/2023 👯♀️
    Am a single mom of 4. 
    Do not wait to buy a property, Buy a property and wait. 🤓
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