Contractors with a mortgage!? What are you people on, £125 a day or are you really permies trying to pass yourself off as a contractor?
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Retired — and still paying off the mortgage
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Always had an interest only mortgage and overpaid when we could. Paid off mortgage by 37 - never plan to have a mortgage ever again. So liberating clearing the mortgage and knowing the house is ours and we owe no one. House value about £750-800k so if we ever need cash we can always sell up and down size. Just can't imagine having a mortgage until I'm 69 ..... poor sods, really feel for this generation.I am what I drink, and I'm a bitter manComment
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Just perfect, all paid off for the government to come and take the full resale value for their long term nursing careThe Chunt of Chunts.Comment
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Originally posted by ChimpMaster View PostI prefer to have my debts paid off.Comment
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Originally posted by ChimpMaster View PostAnd in my middle age I don't want to worry about finding £thousands each month to pay the mortgage or the bills.
My mortgage is £130 per month. My total expenditure is £5000+.
People think paying off the mortgage gives them safety and freedom.
For many people it is just early 20th Century self delusion.
(For me, trying to reduce 2.5% mortgage interest would mean I would have to suck out cash from the company/drawdown pot at an extra 20% supertax penalty.)"Don't part with your illusions; when they are gone you may still exist, but you have ceased to live" Mark TwainComment
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Originally posted by Whorty View PostAlways had an interest only mortgage and overpaid when we could. Paid off mortgage by 37 - never plan to have a mortgage ever again. So liberating clearing the mortgage and knowing the house is ours and we owe no one. House value about £750-800k so if we ever need cash we can always sell up and down size. Just can't imagine having a mortgage until I'm 69 ..... poor sods, really feel for this generation.
For example, in 1997 the house I live in could have been bought for almost a quarter of what it is worth now. In 2004 it was half the price. So the mortgage would have been piddly compared to what someone now would have to get, and could have been paid off much more easily.Comment
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Originally posted by Cirrus View PostThis is the whole point. I try to explain it to my missus but being a girl she doesn't get financial services.
My mortgage is £130 per month. My total expenditure is £5000+.
People think paying off the mortgage gives them safety and freedom.
For many people it is just early 20th Century self delusion.
(For me, trying to reduce 2.5% mortgage interest would mean I would have to suck out cash from the company/drawdown pot at an extra 20% supertax penalty.)
Your mortgage balance of £65k or thereabouts isn't a lot in this day and age, and certainly I would be comfortable leaving that kind of balance and doing it your way.
Paying off the mortgage - or at least paying it down to a low level - of course buys you freedom. Most people have to work to pay rent/mortgage without fail every month, else they will be kicked out of home. Not having that burden means you have greater choice in what to do with your time and with your life.Comment
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Originally posted by scooterscot View Postand we're smiling about it.
Should move to Germany or France spend half that amount get twice the size or retire sooner and enjoy life.
Why are Brits so keen to work until the grave?
And we're not talking a £1m house in the South East. I think they sold for about £170K. I'm not sure what else they could have done but move abroad.Will work inside IR35. Or for food.Comment
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Originally posted by BrilloPad View PostI think its in divorce payments.....
The Chunt of Chunts.Comment
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