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My feedback thread is here.
So I guess extending term to 58, overpaying if we can, and ‘allowing’ the idea of downsizing in 10 years time if necessary is not an unreasonable plan...
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If interest rates are still low I'll aim to get a 10 year fixed rate and then save during that so I can pay it off after the fixed rate ends, so hopefully when I'm 45.
I'll be aiming to retire in my mid 50s
Remember, it's easier to criticise than create!
My feedback thread is here.
I married a factory working girl from the council estates and wouldn't change a thing, she is everything to me and more that I deserve.
It was a 25 year mortgage, I never moved (still haven't), never extended it. It was an endowment policy and for a long time I was receiving letters predicting the endowment might not pay off the mortgage, so at one point I paid off a lump sum and at the end of the 25 years the endowment almost exactly covered what was left, I think the difference was less than £100.
It wasn't a big mortgage - flats in London were a lot cheaper in 1990 - but it does make quite a big difference to finances not having that payment every month.
I do feel for those poor buggers who can’t quite reach the bottom rung of the housing ladder. My own son is in the same position, but as he’s just leased a brand new Mercedes whilst moaning he can’t afford the deposit on a house, it’s fair to say my sympathy has waned somewhat.
IIRC I finished paying mine last year, when I would have been 55.
If I can stop buying pedals* then I'm thinking of retiring from "full" time work (I don't do anything like 8 hours a day now, but I'd quite like to shut the website etc. down and just do setups and pickup swaps for people I already know) at 60, and maybe do some voluntary work instead**
*I can always sell them if I need some money, of course
**sit around playing guitar, reading or listening to the radio all day.