Keep saving towards mortgage or buy a motorhome

Grassisgreen35

I just need some sense, we have 136k in savings (in a higher interest accounts than our mortgage) and 203k of mortgage. Our current super low mortgage rate doesn’t end until August 2026. I am so tempted to spend half of our savings on a motorhome which unfortunately cost loads at the moment. We’ve got a basic cheap vw campervan which has suited 2 adults and one child but with another child on the way I am just not sure it’s going to be practical going forward. We save approx 40k a year so in reality we will of saved up enough to pay off our mortgage before the fixed term ends in 2026 unless something drastic changes but even then I would say with my maternity later this year on full pay and my husbands work I cannot see that changing for another year & a bit so it will almost be paid off, obviously this totally changes if we blow loads of money on a luxury! But what would you do if you loved life on the road and in the outdoors suck it up with our current cheap campervan?? Damn do I wish motorhomes were cheaper.

DE_612183

Motorhome.

tacpot12

I'm not sure your sums add up. How much do ou expect to repay of your mortgage this year and how much next year? 

Are you intending to sell the VW Camper Van and what is it worth? 

Grassisgreen35

Well we aren’t repaying anything on mortgage until our mortgage fix ends in August 2026, our mortgage rate is only 1.26% so we’ve got our 136k savings in ISA’s or whatever at much higher rates (the result of the last 3 years of savings towards paying it off). Obviously having it more accessible makes it more tempting to spend it!! We obviously expect to save another 40k in the next year & we would sell our current camper at around 13k, the motorhomes we’ve looked at are in reality in the 60-70k mark as we’d want a super compact 4berth one under 6metres length with low roof and not more than a few years old with the better engines that aren’t banned in places now.

Grassisgreen35

Should probably add to this that I guess we are making our standard repayments that works out as about 19k of repayments over the next 2 years. Basically I reckon all things considered if we splashed out on this expensive vehicle it may be that we still have to remortgage for about 50k-60k in 2026 the end of the term, maybe slightly lower if our circumstances remain consistent.