Opinions on Paying Off Mortgage Vs Good Lifestyle.

[alreadypacked]

I know everyone has their own opinion on what's best, being mortgage free or having a good lifestyle. My situation was that two years ago, I decided to sell my old house, nice detached house c. £200K with small £40K mortgage, and could've paid it off in a few years and be mortgage free by early 40's. Then I decided to buy some land, build a house, get a £120K mortgage but have a house worth probably £450K now. But for me, I am more interested in enjoying life, that maybe owning a couple of nice cars, getting involved in an expensive motorsport hobby, having holidays etc rather than knuckling down and paying it off. I guess I could pay this one off in < 10 years but all of my pleasures would be out of the window. My thoughts are if I can have it settled by 50-ish then that would suit me, and maybe move abroard then.

What's everyones thoughts on this, and what drives you to get it paid off earlier (apart from the interest saving) ?

Read "Rich dad, poor dad" what are you going to live on when you are abroad?
Read some of the stories of people who have done what you are planning, didn't work out for most of them.

Because they made lots of assumptions:
Sterling would remain at the same exchange rate
Inflations would not increase higher than their pensions
Property would increase in value abroad at the same rate as the UK.
They would never want to come back to the UK.
Overseas property would be easy to sell, at a higher price than the bought it at and they could recover the cost of the ridiculous over-spend on decorating, pool, BBQ etc.

I think it's funny that people have these ideas on how they are going to spend the rest of their life, without any research.

[AtW]

Be smart - don't even have mortgage in the first place

[Clippy]

Be smart - don't even have mortgage in the first place

Yes, much better to pay off someones elses by renting instead.

[DimPrawn]

Anyone want my opinion?

[DimPrawn]

Well?

[landl]

Go on then

Anyone want my opinion?

I'd like to hear it.

[Mich the Tester]

I'd like to hear it.

Stone him!

[DimPrawn]

I'd like to hear it.

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[landl]

How bad could it be?

Stone him!

How bad could it be?

[jmo21]

For me its a balance, I really want to pay my mortgage off asap so I can either retire early or not have to worry about being in constant work all the time and mainly just know if any major tulip happens in my life thats one major outgoing I don't have to cover but I don't want to pile so much in that I can't enjoy and make the most of 'the now' in case I get run over by a bus tomorrow!

I could if I piled all my cash into my mortgage have it paid off in 4 years but I'm choosing to pay a substantial amount off each month/end of fixed term rate but leaving enough behind to put in savings so I can have my holidays and a nice car on the drive and no major money worries for general everyday things.

Are you me?!

Contracting is perfect for this too, I'm earning more money than if I was a permie, paying off 3 times my min mortgage payment just now, plus once the mortgage is gone, I can be more choosy about contract roles, and time off.

Unless the missus wants to buy a new house....then I'm ****ed!