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16 Aug 22, 10:12 PM |
#11
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VIP Dibber
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We still have a mortgage because our rate is so low we are better off with it.
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16 Aug 22, 10:13 PM |
#12
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Imagineer
Join Date: Nov 07
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Me to - I am debt adverse and dont like to owe anyone a bean; I make my money work for me not the other at around. No way would paying interest on anything be in my favour (according to my financial advisor - I am otherwise crap with money)
Edited at 10:24 PM. |
16 Aug 22, 10:32 PM |
#13
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Excited about Disney
Join Date: Feb 05
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We paid ours off many years ago now but i remember it was one of the happiest days of our lives, interest rates weren't as stable or as low as they are now of course
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16 Aug 22, 10:39 PM |
#14
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Imagineer
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Pay it off, it a no brainier…
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16 Aug 22, 11:16 PM |
#15
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Excited about Disney
Join Date: Jan 13
Location: Herts /Essex border
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A mortgage is a very cheap loan. If you are going to need to borrow money for home repairs then consider keeping the mortgage instead of paying a higher premium for a home repair loan
We paid off our mortgage years ago, yes it is a nice feeling to do so, but then we subsequently took a mortgage back out to fund the purchase of investment properties. The mortgage we have is an offset mortgage with Barclays…. So whilst we could pay off the mortgage we keep it in place to give us maximum flexibility with purchasing, but as it is offset we don’t pay interest as our savings exceed the mortgage borrowed. Hope that makes sense. Edited at 11:17 PM. |
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16 Aug 22, 11:24 PM |
#16
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Imagineer
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A mortgage is generally the cheapest way to borrow. If you are thinking of paying off the mortgage and then borrowing money for a refurb, I think you would end up paying more in interest.
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17 Aug 22, 04:25 AM |
#17
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VIP Dibber
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We paid off our mortgage in 2013, and it was a good day and I have been glad that we did ever since. We were five years into, I think, maybe a twenty year mortgage.
But if you are due to finish anyway in two years and it will leave you without the funds to do essential work, then no, I cannot see any point in that.
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17 Aug 22, 06:39 AM |
#18
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Guest
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It’s a lovley feeling not having a mortgage, but I also wouldn’t want to not have an emergency fund, so unless you have one separate from your savings, I wouldn’t use all my savings to pay the mortgage off.
You don’t know what’s around the corner. |
17 Aug 22, 08:43 AM |
#19
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Imagineer
Join Date: May 10
Location: notts
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with only 2 years left to run, assuming the interest rate is low, i'd just keep paying it and use the extra money to save up for the work you need doing
any sort of loan to pay for it is gonna be a much higher interest rate we paid ours off with 11 years to run still, and its a great feeling not having it hanging over our heads, and now the money we paid into it (we were overpaying by 30%) all goes straight into savings. last year we had the bathroom done, next year probably the kitchen. no loans needed! |
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17 Aug 22, 12:48 PM |
#20
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Imagineer
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If you are going to have to borrow to do home repairs, I think you would be better off keeping your mortgage and using savings for the work
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