What do you do when mortgage free?

chappers

Innys wrote: »

I spend nearly two and a hlaf hours each day commuting and am wondering why I should continue with no mortgage to pay.

Thats £50 a day or £12k a year, I would definitely be knocking that on the head unless I really loved my job, and I ain't had one yet I did , working for my self as I do now is the closest I have been and even thats not all that great.

molit

Like all of the sensible suggestions here - my aim - a nice fast sports car, never had a really nice car, so after the mortgage, and a short perod of saving, I'll pop along to the garage and treat myself

Alion

We're trying to clear enough of our mortgage in the first five years that we can upsize and not have to pay much higher monthly repayments than we pay now.

IE we're paying off £75k so that we can upsize by about £100k into a family house and start a family.

The big aim at the end of that is to enable me to stay at home with any children we have rather than have to work.

IveSeenTheLight

It seems that there are so many options once you are mortgage free.
the fact that such a large monthly outgoing is wiped off your accounts obviously makes one hell of a difference in the decisions you make (more holidays, nicer car, saving for pensions, less stressful job etc etc etc etc the list goes on and on)

I personally could be mortgage free this year.
I'm not in a rush though as I have a couple of properties and am living / working abroad.
We do not have children yet, but the plan is to keep working hard, save as much as we can and when the little bundle of joys come along, then use our options to be mortgage free and have a bit of cash saved up.

No doubt if this happens, while I'll be mortgage free, I'll then have to start saving for university fees / funds and then for our pension.

While it will be great to have the security of our own paid for home, it seems we will need to keep the money saving hat on for a number of years

setmefree2

Ohhh Mortgage Free - can't wait. After becoming MF we might do one of following:-

1) Extension & refurbishment of current house
2) Save up for bigger house
3) Save up for a holiday house
4) Help kids through Uni
5) Save up deposits for kids to buy homes

ATB:money: