I would love to be mortage free but...

poseidon1

Out of curiosity, where does financing your eventual retirement figure in any of your funding priorities?

In my case I expressly  turned my back on this national obsession of paying off mortgages ASAP, in favour of significant long term wealth creation via ISAs ( stocks and shares) and pensions.

Now retired, when my current interest only mortgage term came to end, immediately remortgaged in order to retain liquid capital  (the lender wanted for mortgage redemption) in favour of continued reinvestment for growth and further retirement income.

My question therefore, is your current strategy focused on additional consumer spending and creating additional 'dead' property equity, to the detriment of sufficient income to live off in retirement?

Sncjw

YBR said:

You don't give much detail, but generically I'd suggest:

1. Finish paying off CC debts - before they become the high interest item.

2. Put money to pay Cruise costs - there's a timescale on this

3. Save money for boiler replacement and some extra for discretionary cruise spending - this will allow you to enjoy excursions etc knowing you have the necessary cash.

4. Continue to save for kitchen/car etc. alongside putting some towards mortgage overpayments - being mortgage free feels great, but it's better to be still paying a mortgage longer, and not having to go into debt for your next car or to pay for some other unexpected cost.

Depending on timescales, you might be able to do 1 & 2 in parallel.

Hi 

Cc is 0 percent and will be paid off this or next month depending on how mcuh we spend pn our short break. We already have money set aside for short break but anything remaining will go to this. 

Cruise.spending will be built up through how holiday saving thay we already do each month. 

Boiler and mortage is the more concerning one. 

Kitchen and garden can wait until afyer mortage is paid off as dont want to get in debt to pay for them. 

Sncjw

kimwp said:

Why do you need to pay a down payment on a car in 2027?

Because this is when motab car runs out and need down-payment for next car. 

silvercar

If your return on investments and savings interest is greater than your mortgage interest rate, it makes more sense to keep your mortgage for longer.