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

What do do when you're mortgage free?

12346»

Comments

  • cjdew
    cjdew Posts: 116 Forumite
    Tenth Anniversary 100 Posts Combo Breaker
    El_Torro wrote: »
    Start investing (in pension and S&S ISAs). Arguably you should have done that before paying off the mortgage.

    Can you explain why you suggest doing this before/or rather paying off a mortgage? Genuine question-this is a minefield and I am intrigued that's all! Thanks
  • El_Torro
    El_Torro Posts: 2,190 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Charjohndew wrote: »
    Can you explain why you suggest doing this before/or rather paying off a mortgage? Genuine question-this is a minefield and I am intrigued that's all! Thanks

    There are many threads on this forum discussing this very point. Basically if you invest rather than overpaying your mortgage the likelihood is that your investments will grow faster than the extra interest you end up paying on your mortgage.

    People who focus on becoming mortgage free generally know this, but they want the security that comes with not having a mortgage.

    Both are valid arguments. Personally I fall in the camp of having more money later in life, even if that means taking longer to pay off my mortgage debt.
  • Steve123456789
    Steve123456789 Posts: 100 Forumite
    Fifth Anniversary 10 Posts
    El_Torro wrote: »
    There are many threads on this forum discussing this very point. Basically if you invest rather than overpaying your mortgage the likelihood is that your investments will grow faster than the extra interest you end up paying on your mortgage.

    People who focus on becoming mortgage free generally know this, but they want the security that comes with not having a mortgage.

    Both are valid arguments. Personally I fall in the camp of having more money later in life, even if that means taking longer to pay off my mortgage debt.


    Someone up there didn't understand this.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 353.6K Banking & Borrowing
  • 254.2K Reduce Debt & Boost Income
  • 455.1K Spending & Discounts
  • 246.7K Work, Benefits & Business
  • 603.1K Mortgages, Homes & Bills
  • 178.1K Life & Family
  • 260.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture