That's the last of my redundancy money gone

TTony

chillidoggy said:

TTony said:

Scarily, after years of being debt (incl mortgage) free, we're actively considering taking on a larger mortgage than I've ever had before.

Still, interest rates are a lot lower than they were when I was last mortgaged, so I guess it shouldn't be too painful.  

There goes retirement though ...

Do you need a bigger house? Just curious, because we're heading for downsizing prior to, or just after retirement. 

Bigger house - not really @chillidoggy, as there's just the 2 of us in a reasonably spacious 5-bed detached atm.

But the garden will be about 10+ acres bigger, and acres is expensive.

Got to sell this one first though, so it'll be an interesting test of the housing market.

Iamnobody

TTony;1135159" said:

chillidoggy said:



TTony said:

Scarily, after years of being debt (incl mortgage) free, we're actively considering taking on a larger mortgage than I've ever had before.

Still, interest rates are a lot lower than they were when I was last mortgaged, so I guess it shouldn't be too painful.  

There goes retirement though ...




Do you need a bigger house? Just curious, because we're heading for downsizing prior to, or just after retirement. 


Bigger house - not really @chillidoggy, as there's just the 2 of us in a reasonably spacious 5-bed detached atm.

But the garden will be about 10+ acres bigger, and acres is expensive.

Got to sell this one first though, so it'll be an interesting test of the housing market.

Sounds like hard work to maintain. Unless you have @sambostar kept as a slave?

Our retirement plan is to move by the sea (no specific location) unfortunately it's probably 30 years away!

ArchtopDave

I've always run my finances based on Mr.McCawber's Dictum :  " Annual Income Twenty Pounds, annual expenditure Nineteen Pounds, Nineteen Shillings and Six Pence, result Happiness. Annual expenditure Twenty Pounds, annual expenditure Twenty Pounds and Six Pence, result Misery."

I had a relatively modest Mortgage at one time but paid it off years ago. I've had a Bank Account for 54 years. It's only been in the red twice. Once for a few days at the end of my first medical job, when the hospital didn't bother to tell me that my last monthly salary would be made by giving me a cheque on the last day of work instead of paying my salary direct to my bank, and another occasion, again for only a few days, when an insurance company took 3 months worth of direct debits all at once at the start of a policy ( again without warning me in advance). I've very occasionally used zero interest credit, but even done this on the basis that I had enough spare money to paid it off , if I needed.

EricTheWeary

Sporky;1134447" said:

EricTheWeary said:

When my redundancy money comes through it's paying off the balance of the mortgage. So I'll be the richest I've ever been for about two days then it will all be gone with no immediate discernible difference to my life. Yay... :o3





And then a month later you'll be up whatever the mortgage payment used to be.

I was very happy to pay off the mortgage. I still have payments on a watch - I could have afforded it outright but they offered 0% and my bank account gets 3% so it seemed silly not to.

I don't think debt is necessarily a bad thing, but clearing it is definitely a good thing.

p90fool;1134609" said:

EricTheWeary said:

When my redundancy money comes through it's paying off the balance of the mortgage. So I'll be the richest I've ever been for about two days then it will all be gone with no immediate discernible difference to my life. Yay... :o3





Having a pretty low mortgage myself means that I can do a part-time job I enjoy rather than a full-time job I hate.

I live simply but well, without the stress of resenting my boss.



Maybe not having a mortgage at all is a good time for a direction change?

If I end up unemployed the biggest worry would be the mortgage, so mortgage free takes away that concern. Not that there aren't other bills but as long as MrsTheWeary don't lose her job as well we can eat. Yay

p90fool

Other than needing somewhere to live (mortgage vs rent) I must confess I don't really understand the need for credit these days to be honest.

When I was growing up some of life's necessities and tools of your trade were cripplingly expensive, but now you can gig with a £150 guitar and get there in a perfectly reliable £300 car I sometimes wonder what on earth I'd need to borrow money for that wasn't totally frivolous.

thomasross20

CabbageCat said:

p90fool said:

Exactly. I don't see a mortgage as being "part of the rat race". You're just paying rent to yourself instead of throwing it away.

You aren't paying rent to yourself. You are paying off a debt. And it's not the debt that makes you part of the rat race it's being in work that makes you part of the rat race - it's the debt that means you can't stop working.

Agree. And you're a home-loaner until you pay it off, at which point you're a home-owner.