Agreed. And to be honest, I made all my extra payments etc from my consulting income. I couldn’t and wouldn’t argue that the kids should miss out so we could pay down on the mortgage.
Yes you. I associate holidays and toys with you for obvious reasons.
I’ll be 59 in a couple of months. Both my father and my mother’s father died when they were 63 (brain tumour and heart attack respectively) and, sadly for me, one of the few indicators of individual life expectancy is your close same-sex ancestors. Neither of mine had had 40+ years as a diabetic either (although my father was a heavy smoker and sometime heavy drinker and my grandad’s heart condition would have been much better treated these days). So I fancied having a few years, at least, doing things I like. Life beyond 70 can be great (see Dave !). But I’ve seen enough of it not being great (Mrs VB’s mother and grandma and maternal aunt all had Alzheimer’s in their very early 70’s) that I’m not banking on it.
My Dad died aged 44. I put my longevity down to the way I look after myself
2.14%, meh 5 year fixed on 1.89% (May 2017 set), I expect the rates to rise in the next 24 months. I can pay off 10% per annum if needed.
My advice (which I sometimes follow) is to pay it off as soon as possible. Boring, but long term good.
I have managed to pay off £30K in the last two years off the feckin’ mortgage, still £185K to go
Jeeesus Bob, I think we are saying the same thing. I’m off for a lie down…
I’m 50 and have no kids, so I paid off my mortgage when I was about 38. About 3 days before the first time I was made redundant as it turns out.
This gives me the freedom to be off ill for a year, or not be in great hurry to find the next job when the current one catches fire.
Having said that, my employment history has been so patchy that I probably haven’t made anything like sufficient provision for retirement.
I have about £90K worth of Hi-Fi, I get grief from Ms ICHM to sell most of it and pay off a large chunk, sensible advice which of course I completely ignore.
and about 60k of it is foo…
I think that at current rates, you need £800K in a retirement pot to live a full life. Sobering figure that.
I don’t count the foo, just the equipment! That doesn’t include cables, foo or stands.
Objectively though, it isn’t currently good advice.
52 in a few weeks time - mortgage tiny, wife who is 42 that earns significantly more than me - no kids by choice…I enjoy what I do because it has some variety, and I still seem to be able to do it all reasonably successfully.
Really? Overpayments plus offset will save us of the order of £21k in interest over the life of our mortgage based on current interest rates, and more if they increase.
Yes, the accountant is talking about his mortgage spreadsheet so we are now in premier league dull.
It depends on whether you think 2% is an acceptable investment. I happen to think not, but it’s a game of opinions.
Not many ways to get 2% riskless after tax return these days.
But if you’re not beating RPI (or whatever the measure is now), then it’s a fool’s game. Either accept some risk or go home.
Well unless you can find a non risky 5%+ return, then I’d pay the mortgage off asap.
A little pain now will be well rewarded later imo.
Which is what we are doing. As far as we are concerned, the aim is an unencumbered place to live rather than investment returns.
Fine, but don’t claim it’s good investment advice, as you did up the page.