Mortgage free, maybe? Now what?

subjecttocontract

I've never understood the need to be mortgage free. I had mortgages, sometimes quite a few, continuously between the ages of 21 & 65. But we are all different and some of the advice on this thread about pensions is good stuff.

In your shoes I'd consider remortgaging or taking out another mortgage and either buy bigger or buy a second property.

LHW99

https://forums.moneysavingexpert.com/discussion/comment/82098632#Comment_82098632

Have also had multiple mortgages over a similar period. However, sometimes, the cost of those mortgages rose significantly (thinking 1980's) when fixes weren't a thing. Also, drops in income made a previously affordable (interest only) mortgage just barely so, and made remortgaging impossible.

There can certainly be a psychological boost for some when that monthly outgoing ends, one way or another.

And while moving to a larger property / more expensive area may be desirable, these days second property ownership is becoming much less so for various reasons, particularly as you get older.

StewedApple

https://forums.moneysavingexpert.com/discussion/comment/82098470#Comment_82098470

Don't forget that you could also have a separate DC pension.

Your own private DC pension has none of the restrictions of your employer's scheme and may provide you with the wherewithal to retire earlier at say 57/58, draw-down the entire DC pension prior to your employer's pension becoming available at 67. Alternatively, it could provide an annuity and is inheritable (subject to IHT).

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82098736#Comment_82098736

The OP can presumably take their main DB pension early if they want to, at a reduced rate of course.