Mortgage

[sq225917]

We have about £127k to go but live a frugal life, we'll have that fecker paid off in 10 years.

[chris@panteg]

Yep , pay that mortgage off as quickly as you are able to ! That's my advice .

[StanleyB]

I paid mine off last June after realizing that the endowment mortgage interest repayment was far more than the interest on the money sitting in the bank. I might be broke again, but at least I no longer have to worry about how to pay the landlord or mortgage company. The last time I was in that situation was when I was living at home with my mum.

[Covenant]

after all the ho hah over endowments ours just matured and it was worth hanging on for the terminal bonus . did exactly waht it said on the tin and more

That's cheered me up a bit Phil. I have been sticking £90 a month in it for the last 21 years and it's not worth much more than I have put in so the terminal bonus is a major factor. It's all so uncertain-the way they calculate the bonus is a total mystery.

[Macca]

Crikey! Doesn't seem like a year since I posted this thread. Just had the statement through, down to just over £11K. I could pay about half that off now and not leave myself too short but that would diminish my hi-fi slush fund a bit too much Interest rate is only 2.5% so it wouldn't save me much as I'm paying less than £300 a year to service the debt. Thinking about it, though.

[chris@panteg]

Haven't spent much on hifi in the past year except for the T10 sut, concentrated on getting my mortgage down! Think I've down well.

You're in a good position, maybe just chip away at it over the next year or so?

[Macca]

I was just totting up what I had spent on hi-fi last year and it is over 2 grand...although most of that was worth it - I think. On that basis If I quit buying hi fi and smoking and drinking I could pay it all off in two years...never going to happen though

[chris@panteg]

I was just totting up what I had spent on hi-fi last year and it is over 2 grand...although most of that was worth it - I think. On that basis If I quit buying hi fi and smoking and drinking I could pay it all off in two years...never going to happen though

You have to have some comforts in life

I don't smoke but enjoy a pint or three , in the last year I have paid 10 grand off my mortgage ,just think of all the kit I could have bought Think I've shown great restraint or maybe common sense even

I think my expectations are lower regarding the hifi ,think a relatively modest system is all I really need .

[Joe]

Coming up to a year since we paid off our mortgage. Unfortunately house repairs still need to be paid for!

[Macca]

I don't smoke but enjoy a pint or three , in the last year I have paid 10 grand off my mortgage ,just think of all the kit I could have bought Think I've shown great restraint or maybe common sense even

I think my expectations are lower regarding the hifi ,think a relatively modest system is all I really need .

Extreme common sense even. Not difficult to lose your job these days and the older you get the less likely it is you can get something else. So a good idea to have the 'roof over your head' side of things boxed off. I just don't have the self discipline.

Joe - my house could use quite a few repairs but I am hoping that I will fall down before it does.