How to be mortgage free after 8 years

SkyBlue_2

Hi all, I am new here and have been reading the boards with interest.

I'd say it does make sense to make a mortgage overpayment each month...just as it makes sense to budget and find ways to pay less for things if you possibly can! (For example - I must investigate installing a water meter after my recent £61 per month notice from Severn Trent !!!)

However - I do worry about the frugal types who have posted here almost bragging that they don't go out, they don't treat themselves to much - and will therefore be mortgage free in the years to come.

I'd say to them - take stock. Yes, being prudent is sensible, but putting life on hold so you can swell the BS's coffers whilst you do without seems to me to be pretty foolish. No one is gauranteed a "Future" after all...life is for living, and that's what we go to work for....to allow us to do that.

If your life revolves around you looking proudly at your bricks and mortar every Saturday night whilst others are out in a nice restaurant, at the theatre, having fun generally etc....then I'd say...reassess your priorities. It's all very well saying you can live when the mortgage is paid off......you might well be sick, injured..or even dead before that day comes!

Life is for living folks...and whilst the security of being a home owner is lovely....do you some of your hard earned dosh on yourselves. You can't take your property with you to the grave...and good memories are priceless. My three young adult 'children' will inherit my house when I die.....but I also remember that they have the capacity to earn just I did. Perhaps we think too much about what we will be able to do for our children...and go without ourselves to be able to provide for them later on? I am not sure this is wise. They have had a much better, more indulged start in life than I and my contemporaries ever had. They'll get by. As young people they have seen far more of the world than I ever did at their age. I think it's responsible parenting to point out to them that luxuries have to be paid for. Mummy is not going to finance them and go without herself I am afraid!

Right now, I am struggling to pay all my monthly bills. I am recovering from a major operation, early retired (at 50) and not, because of my small work's pension entitled to any benefits. I am tightening my belt considerably. I have a small savings account which bales me out every month....it's not a huge sum of money, because I spent my earnings and enjoyed life along the way! Although things are tough financially right now I STILL however believe that my life has been rich....and I have no regrets whatsoever that I did not scrimp and save earlier so I'd be a wealthy middle aged woman now. My mortgage too the standard 25 yrs to pay off.....and I know, even though I have hit a fallen tree on life's road right now, that I'll get round it!

Life has a funny old way of working out...and money cannot always buy happiness or security or peace of mind....(Some of the most miserable people I know are wealthy....)

Just another perspective. I believe life is for living whilst you have it......

Flip77

Isn't this the same as 'The one Account'?

Basically it is not rocket science. If you have money you are better off than those who have little.

Just one thing....There are a lot of people in this world who work incredibly hard and have worked hard at school/uni. However due to the different 'paths' people take there is not always a lot of money in what they are doing. you were just fortunate to have taken a chartered accountants job.:beer:

misslopex

Sorry to hear about the job TFG! But I must say mucho respecto to you!

I would love to be able to make overpayments on my mortgage but at the moment I am having to pay of a car. I will be finished paying this off in August and will then have more excess income to put towards the mortgage.

I tried to take on a weekend job on top of my mon - Fri job but found this more negative than positive. The pay was great and the job was ok, but the long hours and no relaxation took its toll on my health and my personal life, so in the end it just wasnt worth it! Like TFG states in the original post, dont compromise on family time!

Good luck to everyone and I am pleased that this post is still running. Lets just hope it's still here in 8 years so we can all come back and find out how we've done!!!

Chef1980uk

I'm so envious and then i realise we all started with nothing at some point. I knew getting in to debt was wrong but i still chose to do it 5 years ago. I would love to be in a position where i could even contemplate what to do with left over money.

You've certainly opened my eyes to a place that goes beyond being debt free from my CC's and loans yet i can still employ your advice to these. Thanks alot.

Redbedhead

TFG - good luck with the job hunting - hope the right job has come up for you.

Redbedhead

Flip77 wrote: »

Isn't this the same as 'The one Account'?

Basically it is not rocket science. If you have money you are better off than those who have little.

Just one thing....There are a lot of people in this world who work incredibly hard and have worked hard at school/uni. However due to the different 'paths' people take there is not always a lot of money in what they are doing. you were just fortunate to have taken a chartered accountants job.:beer:

I don't really think it is anything to do with 'fortunate'. Lots of people could be considered 'fortunate' even if they don't have much money, i.e. if they bought a house in the mid 90's when prices were lower etc. That is about external factors working in your favour.

TFG wasn't fortunate to choose being an accountant, he probably made the decision believing that if he worked hard it would be a good career, which is the same with lots of other careers.

I think the point of this thread was summed up best by gocraig - it is the principle that matters and what you do to get what you want out of your life, rather than relying on 'luck' or being 'fortunate'

sammybee

ive been reading about u paying ur mortgage early, well done, i couldn't do this 2 ur scale but i'm sure knocking off a few years is better than none at all.can u do this with any morgage, weve got about 9 years left and pay about £260 with the prudential, its a straight repayment mortgage.

kassytbag

hi i am new to all of this but i do applaud you for paying your mortgage off so early - you worked hard to get your qualifications and have been sensible - i only wish i had read this years ago and not got into such a mess!

blondie7

I think its great if you have managed to pay off your mortgage early.
Personally I will pay mine of as and when I am making my own arrangements for this and hopefully will reduce it by 7 years but I also like to live have hols every year, go out, have sky, kids get what they want and I live a very comfortable life and happy.

TITEASCRAMP

Im new to this mse forum, but I to make overpymnts as and when I can. Hopefully mortgage free by 45. Just a littl hard work and not wasting money can pay off. Even if you are on low income.