Help me become mortgage free before I turn 50

Tiredbutdetermined

I agree with the others. Paying into savings to create a massive payment to rid it at once might make sense on paper now but it is reliant on rates. However, I am a big believer that working to mortgage free is much more of a psychological journey than a financial one. Seeing your balance and years coming down sooner is a massive motivator.
I have rounded up my monthly direct debit so I am always overpaying by £95 each month. That alone has a snowball effect but I don't miss the money when I view it as my standard mortgage payment.

Do you guys have any debts? If you have no kids can you use some of your disposable income as extra savings so you don't feel as much pinch when that time comes?

Newbie_John

South_coast said:

You won't be able to get those ISA rates for the next 5 years though. They're already dropping with the base rate change

If this happens, use it to overpay - it may be months, if not years. Right now it doesn't make sense to do so.

I've seen cases here of people so focused on getting the mortgage paid off as priority and then buying car on Finance (because they didn't have spare money as they were ovepraying mortgage). If you want to pay off your mortgage as soon as possible you need to learn to make financially smart decisions rather then rushed.

Putting a side idea that you may spend (waste) savings and not the mortgage (you can always remortgage).

Savings if you can get a rate above your mortgage rate helps you paying off your mortgage quicker - as you generate more money.

Sarahwithlove

It's about personal preference. As long as you have some kind of savings along side for other expenses such as new car then to me paying down the mortgage is more of a motivation than saving would be. You need to weigh up the small amount of extra you get from savings versus the psychological benefits overpaying mortgage gives you. Everyone's journey is their own and you should do what works for you.