We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage-free - what a blessing.
seven-day-weekend
Posts: 36,755 Forumite
Just wanted to share.
I read on this site every day about people struggling to get, or to pay, huge mortgages, and having to worry about them every day. Some people have their houses repossessed because they can't afford the mortgage. Even if you rent, the rents are high and you can be chucked out with two month's notice, and still have to pay rent in retirement.
It just makes me so thankful that we are mortgage-free and don't have these worries.
We were able to retire to Spain in our mid-50s, leaving a mortgage-free house in the UK, where our son lives with two friends. We had paid for this house in our mid-forties, purely by overpaying small sums for twenty years. We were able to buy a small house in Spain (with the proceeds of a modest inheritance), also without a mortgage.
No worries. No one can take them away or chuck us out. I feel so blessed.
I read on this site every day about people struggling to get, or to pay, huge mortgages, and having to worry about them every day. Some people have their houses repossessed because they can't afford the mortgage. Even if you rent, the rents are high and you can be chucked out with two month's notice, and still have to pay rent in retirement.
It just makes me so thankful that we are mortgage-free and don't have these worries.
We were able to retire to Spain in our mid-50s, leaving a mortgage-free house in the UK, where our son lives with two friends. We had paid for this house in our mid-forties, purely by overpaying small sums for twenty years. We were able to buy a small house in Spain (with the proceeds of a modest inheritance), also without a mortgage.
No worries. No one can take them away or chuck us out. I feel so blessed.
(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
0
Comments
-
Boaster
0 -
Glad you put the winking smiley there!
Not boasting at all. I know we are very privileleged to be in this position. That is what I am saying.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
Boast away - I'm sooooooo jealous....any hints and tips for the rest of us?:money:0
-
setmefree2 wrote: »Boast away - I'm sooooooo jealous....any hints and tips for the rest of us?:money:
Not really, other than overpay when you can. We always paid a bit more when we could and then when the interest rate hit 15% we continued to pay that amount even once it had come down again.
Oh....and don't overstretch yourself to start with - easier said than done these days I know! Try not to get a high LTV mortgage and certainly not Interest only. That way you will always have equity and always be paying off capital.
Good luck all you MFW's.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
Thanks for the advice SDW, I'm hoping to call myself a mortgage free wannabe soon, I'm trying to convince my better half that we needn't put it off until next year and that we can afford to start overpaying now. He'll come round, I'm sure of it 0
-
Thats a lovely story and goes to show that overpaying goes a long way quickly.I totally agree with you regarding LTV and overstretching themselves..it must be nice to see that no matter what happens now nobody can take your house from you.0
-
Thats a lovely story and goes to show that overpaying goes a long way quickly.I totally agree with you regarding LTV and overstretching themselves..it must be nice to see that no matter what happens now nobody can take your house from you.[/quote]
Apart from, I suppose, Social services if we have to go into care!
But then I suppose we wouldn't need it , would we...and anyway, maybe we could rent it out or something to raise the money.
Hmm...Tenants-in-common withg our son....?
Joking apart, yes, the security of this is lovely.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
It gives me hope when I see posts like this - we've only just started overpaying and it seems like forever before we will be mortgage freeSealed Pot Challenge # 0070
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards