MF Motovation

Sausageroll14

I've heard from my family the sheer and utter delight in paying the final payment. I want that freedom. Why should those suits (politest thong ai can say) get my money every month. It's more than a decent meal out each month. 

Plus I have grand plans for my money. I want a full life and post that I want to set up a trust and benefit many. 

Scott_Chegg_

As someone said earlier, it was the amount of interest I was paying. I created a spreadsheet that roughly worked out the interest per month (rather than per day as it would have had too many columns )
Also having my mortgage on a banking app so I could see the balance and do transfers to it. I was shocked so I started to put every spare penny I had towards the mortgage (literally really, I remember once I earned 9p in interest on an old account one month and transferred that to the mortgage too as well as any money "saved" from shopping sites). As the interest was calculated daily I could see the balance falling. It became a bit of an obsession. I took over 5 years off the mortgage by doing this. The feeling as you get closer to the end goal is amazing....
good luck!

Edited to add that we are now paying additional to pensions and getting that tax relief

Sausageroll14

I've just fixed for 3 years so while I would like it gone tomorrow.....it's giving me enough time to get saving to be able clear it hopefully within 3 years or very very soon after!!!!!! 

Jemma01

I'd like to be debt free so that if I ever lose my job again I'm not afraid of homelessness. I lost my job just a 8 days before exchange! I can't express the stress of taking such a big loan without a job. It took 2.5 months to find a job, some people I know struggled for longer.

I want to use that money for traveling and other things like my pension (it's very low), I'd rather do that than pay the interest to someone else! 

I'm determined to pay off as much as possible, as quickly as possible, no holidays for me this year.

eat_that_frog

Since buying this house nearly 6 years ago, when we took on a £250k mortgage, we've lived through Covid, cost of living crisis, interest rate increases, and 1 redundancy scare. Each time, we've always said to ourselves that when the mortgage is gone (aiming for end of this year), at least we know that if everything does go t*ts up, we have the roof over our heads.

Ultimately, we want the peace of mind that comes with being mortgage free.

kempiejon

I rented my homes for decades, not wanting the liability of a mortgage and enjoying more flexibility about where and what I lived in, where I worked and travelled. Never bought the obsession of property ownership. The contrarian idea here is keep the mortgage, use other people's money to pay for your property and have inflation eat the debt while piling my money into productive assets. Not really wanted on this board but I'll settle down, buy a property but using other peoples money for a house while my assets grow faster and at a higher rate than the cost of borrowing looks to me like financially the smartest move.
I hear the view about safety, stability and peace of mind, suits some people but I'm not that.... what is the right phrase, cautions, insecure, a worrier I guess I'm a risk taker and I've always afforded somewhere to live in and out of work.

CrazyBee787

kempiejon said:

I rented my homes for decades, not wanting the liability of a mortgage and enjoying more flexibility about where and what I lived in, where I worked and travelled. Never bought the obsession of property ownership. The contrarian idea here is keep the mortgage, use other people's money to pay for your property and have inflation eat the debt while piling my money into productive assets. Not really wanted on this board but I'll settle down, buy a property but using other peoples money for a house while my assets grow faster and at a higher rate than the cost of borrowing looks to me like financially the smartest move.
I hear the view about safety, stability and peace of mind, suits some people but I'm not that.... what is the right phrase, cautions, insecure, a worrier I guess I'm a risk taker and I've always afforded somewhere to live in and out of work.

One problem with your theory, is that you are paying someone elses mortagage whilst renting, but each to their own!

kempiejon

CrazyBee787 said:

kempiejon said:

I rented my homes for decades, not wanting the liability of a mortgage and enjoying more flexibility about where and what I lived in, where I worked and travelled. Never bought the obsession of property ownership. The contrarian idea here is keep the mortgage, use other people's money to pay for your property and have inflation eat the debt while piling my money into productive assets. Not really wanted on this board but I'll settle down, buy a property but using other peoples money for a house while my assets grow faster and at a higher rate than the cost of borrowing looks to me like financially the smartest move.
I hear the view about safety, stability and peace of mind, suits some people but I'm not that.... what is the right phrase, cautions, insecure, a worrier I guess I'm a risk taker and I've always afforded somewhere to live in and out of work.

One problem with your theory, is that you are paying someone elses mortagage whilst renting, but each to their own!

I don't see a problem. I realise this is a focused board but you are not necessarily paying someone's mortgage, you pay your landowner to use their property for your home, they have the cost of maintaining that place. You might be helping them cover the rent on the money they used from the bank/building society to acquire the property or they might not have a mortgage, or might be an institution. Inflation does help with debt.
Housing has a cost, one generally has to pay it, there are different ways.

CrazyBee787

kempiejon said:

CrazyBee787 said:

kempiejon said:

I rented my homes for decades, not wanting the liability of a mortgage and enjoying more flexibility about where and what I lived in, where I worked and travelled. Never bought the obsession of property ownership. The contrarian idea here is keep the mortgage, use other people's money to pay for your property and have inflation eat the debt while piling my money into productive assets. Not really wanted on this board but I'll settle down, buy a property but using other peoples money for a house while my assets grow faster and at a higher rate than the cost of borrowing looks to me like financially the smartest move.
I hear the view about safety, stability and peace of mind, suits some people but I'm not that.... what is the right phrase, cautions, insecure, a worrier I guess I'm a risk taker and I've always afforded somewhere to live in and out of work.

One problem with your theory, is that you are paying someone elses mortagage whilst renting, but each to their own!

I don't see a problem. I realise this is a focused board but you are not necessarily paying someone's mortgage, you pay your landowner to use their property for your home, they have the cost of maintaining that place. You might be helping them cover the rent on the money they used from the bank/building society to acquire the property or they might not have a mortgage, or might be an institution. Inflation does help with debt.
Housing has a cost, one generally has to pay it, there are different ways.

Your entries baffle me, perhaps I am missing a point, but I can't see a positive to what you have said to not actually buying your own home and not having your own place and not paying and overpaying a mortage, perhaps you are being deliberately secretive to appear more apt? or you just wanted to give a different opinion, I would recommend being completely clear with your arguement, at the moment it looks unclear? From what you have said I can't think of a way to do things differently and it being the intelligent option? 

kempiejon

CrazyBee787 said:

kempiejon said:

CrazyBee787 said:

kempiejon said:

I rented my homes for decades, not wanting the liability of a mortgage and enjoying more flexibility about where and what I lived in, where I worked and travelled. Never bought the obsession of property ownership. The contrarian idea here is keep the mortgage, use other people's money to pay for your property and have inflation eat the debt while piling my money into productive assets. Not really wanted on this board but I'll settle down, buy a property but using other peoples money for a house while my assets grow faster and at a higher rate than the cost of borrowing looks to me like financially the smartest move.
I hear the view about safety, stability and peace of mind, suits some people but I'm not that.... what is the right phrase, cautions, insecure, a worrier I guess I'm a risk taker and I've always afforded somewhere to live in and out of work.

One problem with your theory, is that you are paying someone elses mortagage whilst renting, but each to their own!

I don't see a problem. I realise this is a focused board but you are not necessarily paying someone's mortgage, you pay your landowner to use their property for your home, they have the cost of maintaining that place. You might be helping them cover the rent on the money they used from the bank/building society to acquire the property or they might not have a mortgage, or might be an institution. Inflation does help with debt.
Housing has a cost, one generally has to pay it, there are different ways.

Your entries baffle me, perhaps I am missing a point, but I can't see a positive to what you have said to not actually buying your own home and not having your own place and not paying and overpaying a mortage, perhaps you are being deliberately secretive to appear more apt? or you just wanted to give a different opinion, I would recommend being completely clear with your arguement, at the moment it looks unclear? From what you have said I can't think of a way to do things differently and it being the intelligent option? 

Sorry. Thanks for the recommendation let me see if I can do better. I'm not try to appear to be anything. I do have a different point of view and as this is very specific board I can see my ideas are the anathema of the prevailing view, perhaps that is why you can't see mine?
There are positives to not owning a home, you really can't see any?
How about not being in debt, not have property maintenance, having to occupy the same place while you own it.
I can see it's awkward me chiming in on this board with my fairly specific ideas of not having a mortgage, or with a mortgage not wanting to clear it as soon as possible while money can be working elsewhere.