Paying off a Mortgage

[Harry]

Originally Posted by catherinesian

Pay it off unless you have (or might want to) have a loan for something. There's no point paying off a mortgage at, say 2% interest rate and then next year getting out a loan for something else (car, etc) at 5% or whatever they are these days.

I am jealous, we've got a huge mortgage, although once we have finished our house we will start seriously overpaying it.

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This is what we did... we paid off our mortgage a few years back but had a shortfall of £20k due to an rubbish endownment... so took another mortgage until I retired (or supposedly would retire)... £130 a month so nothing basically... I had a car (Micra) on finance paying £200.00 a month with the option of £4k final payment... looking at bigger car so had my eye on a Qashqai... same type of deal for a new car was £350 a month... looked into buying outright and got a fantastic deal with another company (£30k top of range for £21k) so popped it on the remaining mortgage in a flash and my monthly payments for both my mortage and the brand new top of the range Qshqai are under £300 p/m. Cheap as chips compared to a bog standard loan

[Stitchesmumanddad]

I am actively NOT reducing my mortgage. My equity in my house and other properties take me way over the IHT threshold and I only get a single IHT as not and never will be married. I need to offload money to my sons as much and fast as I can ( and live 7 more years ) and keep my mortgage debt up by paying off their mortgages instead of mine. Otherwise every penny I pay off just gives 40% in tax to the tax man.

[DonnaD]

Originally Posted by Perthite

Is anyone else wondering enviously how so many posters have been able to pay off their mortgages?!

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My husband is 59 next month and took out his first mortgage in 1988. Despite interst rates going up to 15% and a disastrous endowment mortgage on that first flat, it can't really be that surprising that we are mortgage free after 32 years?

I think you are underestimating how old some of us are 😊.

[123]

Originally Posted by Stitchesmumanddad

I am actively NOT reducing my mortgage. My equity in my house and other properties take me way over the IHT threshold and I only get a single IHT as not and never will be married. I need to offload money to my sons as much and fast as I can ( and live 7 more years ) and keep my mortgage debt up by paying off their mortgages instead of mine. Otherwise every penny I pay off just gives 40% in tax to the tax man.

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Very good post, highlighting that we don't know each others situations well enough to give blanket advice.

Most likely for 90% of people paying of a mortgage would be a great thing, but there are others (like you) for whom it would be bordering on disastrous.

Personally we paid ours of 8 years ago, a month before my 40th birthday, a great feeling.

[BevS97]

Originally Posted by Bolto6

I’ve been looking around Nottingham is £65 per 6 week course, Sheffield is £40 a month, or I can go to Sutton-In-Ashfield for £20 a month, which for a near 6 year old just beginning works for me... my only worry is she’s now expressing an interest in playing ice hockey. I know it all costs money, I used to do gymnastics, and my fees at retirement, in 2005, were £25 per week, but I offset them by coaching.

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Totally off the main topic. But go to either Nottingham or Sheffield. Both have an excellent reputation.

[Bolto6]

Originally Posted by BevS97

Totally off the main topic. But go to either Nottingham or Sheffield. Both have an excellent reputation.

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If she enjoys it and has potential then she will definitely go to either of those, but just for starting out we'll go to Sutton first, no point in splashing the cash just yet.