Would you get rid of your mortgage?
Discussion
Don't fully pay it off, but certainly reduce it to the level where it is past caring about.
A "still active" mortgage is a good way of getting some cash quickly should you ever really need it simply because you bypass a lot of credit checks etc and the interest rate on a mortgage is usually considerably lower than any other loan. OK, so there is the down side that it is secured against your house.
I'd pay off as much as possible, and make sure the mortgage would be flexible at letting me have the money back out again should I find a bargain 2nd house, TVR or Ferrari I couldn't live without...
A "still active" mortgage is a good way of getting some cash quickly should you ever really need it simply because you bypass a lot of credit checks etc and the interest rate on a mortgage is usually considerably lower than any other loan. OK, so there is the down side that it is secured against your house.
I'd pay off as much as possible, and make sure the mortgage would be flexible at letting me have the money back out again should I find a bargain 2nd house, TVR or Ferrari I couldn't live without...
dnb said:
Don't fully pay it off, but certainly reduce it to the level where it is past caring about.
A "still active" mortgage is a good way of getting some cash quickly should you ever really need it simply because you bypass a lot of credit checks etc and the interest rate on a mortgage is usually considerably lower than any other loan. OK, so there is the down side that it is secured against your house.
I'd pay off as much as possible, and make sure the mortgage would be flexible at letting me have the money back out again should I find a bargain 2nd house, TVR or Ferrari I couldn't live without...
bingo. absolutely right. reduce the mortgage amount to a degree where no payment will be required (£1) and then if you ever need to you can redraw* the overpayment you made and use it to get out of your situation that's just become more sticky than when sticky the stick insect got stuck on a sticky bun....or when you want to buy an enzo...
*assuming your lender offers this facility
GET RID!!!! Any interest you pay till the end of the mortage is wasted money if u have the ability to pay it off now. May be worth checking out how much the fee is for paying it off early if any?! Then work out how much the total sum of interest would come to and if there is an optimum amount to pay off in one go. It may not necessarily be the full amount.
I don't know much about that kinda stuff, I'm 19, but thats what I would look at.
I don't know much about that kinda stuff, I'm 19, but thats what I would look at.
It's what I am doing at the moment. I have some peculiar aversion to being in debt, and therefore am putting every spare penny into the zcacogp family mortgage.
Sure, it means I drive a car which is radically inferior to many of the others on here (12-yr-old Golf), and we don't enjoy luxurious holidays in the sun, but it does mean I hope to be mortgage-free as early as possible.
(Mind you, last time we paid off the mortgage, Mrs zcacogp decided she would like a larger house, hence another mortgage, hence more delay for the plans for a nice F355 ... )
It's the old saying ... "I owe, I owe, so off to work I go ... "
Oli.
Sure, it means I drive a car which is radically inferior to many of the others on here (12-yr-old Golf), and we don't enjoy luxurious holidays in the sun, but it does mean I hope to be mortgage-free as early as possible.
(Mind you, last time we paid off the mortgage, Mrs zcacogp decided she would like a larger house, hence another mortgage, hence more delay for the plans for a nice F355 ... )
It's the old saying ... "I owe, I owe, so off to work I go ... "
Oli.
Gassing Station | The Pie & Piston Archive | Top of Page | What's New | My Stuff