[Finance] How much left on your mortgage?

[Perkino]

Having spent some time mulling this over, it seems as though I can continue to pay large amounts off over the next few years and be mortgage free in 5 years or reduce this amount and increase my mortgage length but give ourselves enough money for an annual family holiday. Thoughts or experiences very welcome

 

[Garry Nelson's Left Foot]

Having spent some time mulling this over, it seems as though I can continue to pay large amounts off over the next few years and be mortgage free in 5 years or reduce this amount and increase my mortgage length but give ourselves enough money for an annual family holiday. Thoughts or experiences very welcome

If you have kids go with the longer mortgage and annual holidays. Five years isn't that long for you and the wife but for children it's a significant chunk of their lives. I reckon give them the memories and experiences now.

I have neither a mortgage nor a family though so I could well be talking absolute bollocks. But it's NSC so nothing new there!

 

[Da Man Clay]

Having spent some time mulling this over, it seems as though I can continue to pay large amounts off over the next few years and be mortgage free in 5 years or reduce this amount and increase my mortgage length but give ourselves enough money for an annual family holiday. Thoughts or experiences very welcome

Experiences are priceless and without being morbid you never know what’s going to happen health wise. Sounds like you’re in a pretty reasonable position and for the sake of an extra 3 or 4 years of mortgage I’d be taking the holidays and the memories that would create personally. I am slightly skewed I guess that my mum passed away suddenly at 44 - thankfully we did have plenty of the holidays and such together beforehand!

 

[BLOCK F]

Having spent some time mulling this over, it seems as though I can continue to pay large amounts off over the next few years and be mortgage free in 5 years or reduce this amount and increase my mortgage length but give ourselves enough money for an annual family holiday. Thoughts or experiences very welcome

You could compromise, continue to pay substantial amounts off the mortgage and have an annual family holiday, but perhaps a cheaper one than you would have taken had you not made your extra mortgage payments.
Each to his own, but we managed to do both and never went on expensive family holidays. The kids didn’t mind as long as we were all together and had a good time.

 

[WATFORD zero]

You could compromise, continue to pay substantial amounts off the mortgage and have an annual family holiday, but perhaps a cheaper one than you would have taken had you not made your extra mortgage payments.
Each to his own, but we managed to do both and never went on expensive family holidays. The kids didn’t mind as long as we were all together and had a good time.

I remember when our kids were about 8 to 10ish, we told them we would take them to Disneyland. They obviously had a chat about, and came back and asked whether we could go to the Isle of Wight instead (where we had spent a few long weekends).

We had a week on the IOW

 

[The Antikythera Mechanism]

House and two flats paid for. No loans, nothing owing on cards and seven figures in ISAs, Bonds, SIPPs and savings. Wasn’t always like that though, 30 years ago I was in negative equity with an empty bank account and a well used Egg card. No lottery wins or inheritances, just career moves where I’ve been in the right place at the right time and hard work.

 

[Gwylan]

It's interesting to hear of people's experiences of over-paying and finishing mortgage early: that was my intention too. However, I took out a 25-year mortgage and ended up paying it off in 28 years. I was made redundant six times between starting my mortgage and paying it off and had to remortgage a couple of times just to keep afloat. I'm glad it's done but it's not been easy

 

[Rogero]

Big useful tip . If you can afford it pay some more each month as it can drastically reduce your term .

 

[SK1NT]

this is a really good site to see the difference between you normal mortgage repayments and overpaying.

https://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/

 

[SK1NT]

Having spent some time mulling this over, it seems as though I can continue to pay large amounts off over the next few years and be mortgage free in 5 years or reduce this amount and increase my mortgage length but give ourselves enough money for an annual family holiday. Thoughts or experiences very welcome

I always over pay massively each month as having a mortgage over my head does make me anxious. As others have said being mortgage free must be lovely for the mental health. I was really excited to be mortgage free in a cpl of years and live my life how i wanted to without being tied into stressful jobs, obviously that is changing with this new mortgage however i think i will reduce my over payments. My partner and i are very frugal and haven't holidayed in years, however my eldest is now at an age where he asks about holidays and the like so will have to make sure we can do the odd nice thing. More than likely it will be the IOW however that can still be expensive.

 

[zefarelly]

Ditto, not by design, it was only meant to be a stopgap - a friend got me a mortgage deal very similar to yours at that time. Directly linked to BoE base rates so no opportunity for Lloyds C&G to use a higher base. I’ve been paying bugger all interest for 14 years.

Likewise until 18 months ago, dropped to 0.95% above bank when a deal ended around 2007/8 and we couldn't get a beter deal, got us through a single income baby period a little easier.

 

[Deleted member 2719]

Then Mrs Wz got pregnant twice in two years (no idea how?),

Yeah, sorry about that, if you hadn't kept goading me......." you just wouldn't let it lie."

 

[Weststander]

Likewise until 18 months ago, dropped to 0.95% above bank when a deal ended around 2007/8 and we couldn't get a beter deal, got us through a single income baby period a little easier.

My IFA friend back in 2007 said there were a dearth of decent fixed rate mortgages at that time, so he advised to take this C&G deal just for a year, then he'd me a decent fixed rate deal.

I just found the report of other products from all lenders around at that time, they range from 5.78% to 6.25%.

I never got back him a year on

BoE base rate + 0.36%, still with that product 15 years later, must've saved between £100,000 to £200,000 in cash. We later had education issues due to needs, we couldn't have sorted that out without C&G's generosity.

 

[jakarta]

Property 'values' in most of rural West Sussex are ludicrous, just for a laugh I looked at what RH20 prices are.

Apparently £750,000 for our 3 bedroom Cottage, I can only presume that it would have to be a DFL who would bite at that.

Not that we have any intention of going until we are carried out...

 

[Knocky's Nose]

Renting so don't have one.

Gotta to start all over again at the age of 50... this will be fun....

Hey... My business and whole financial life went tits up when I was 50. I have now started again, and I'm now 51 - with a big mortgage.

I'm overpaying, a lot, so should be mortgage free at 61.

Better late than never, but at 50 we're still young! We are where we are, and if you're strong enough you'll crack on. If you'd like to share "OMG I'm 50 and I've bloody lost everything" stories, PM me

You're only truly down and out when you throw your hands up in the air. Keep the buggers in your pockets

 

[Gwylan]

Property 'values' in most of rural West Sussex are ludicrous, just for a laugh I looked at what RH20 prices are.

Apparently £750,000 for our 3 bedroom Cottage, I can only presume that it would have to be a DFL who would bite at that.

Not that we have any intention of going until we are carried out...

In contrast, I'm clearing out my mother's gaff in County Durham to put it on the market later this. A two-bedroom, two-reception room terraced house up there? About £45k to £60k. One nation?

 

[Weststander]

In contrast, I'm clearing out my mother's gaff in County Durham to put it on the market later this. A two-bedroom, two-reception room terraced house up there? About £45k to £60k. One nation?

They have the benefit of buying homes at sensible values. Folk with secure jobs such the health sector or education have so much more disposal income.

Whilst Southerners spend their working lives financing their purchase of very expensive land.

Nothing for northerners to be envious of.

 

[Garage_Doors]

Been mortgage free for 10 years.

 

[The Maharajah of Sydney]

My dream is to be mortgage-free. I'm overpaying at the moment in order to get rid of it as fast as possible.

To those who have no mortgage, and this is a genuine question, does life change all that much when you clear it off - and if it does, in what ways have you noticed?

Paid off the mortgage on what was our 5th house at the age of 37, almost 25 years ago.
Bought 1st house when 21. Never reduced payments when interest rates fell plus made numerous large sum payments against the principal.
Whilst yes, it was a great feeling when the mortgage was cleared, the real buzz came about 4 or 5 years earlier when I could see quite clearly how the trajectory was going to pan out.
All the best with your endeavours in killing off your mortgage debt.

 

[Questions]

Mine finished when I was 49 but then had the blasted endowment shortfall to find…… all long clear now though…. I wouldn’t want a mortgage at 60 ffs.