Paying the mortgage off, right or wrong.
Discussion
We ve just had the annual statement thru and we owe £19000 and some pounds, so if we scrape every thing together savings and isas etc.
We ll be able to clear it and be mortgage free, (this is what I want to do)
Mrs400 would prefer to dip in to the savings to put so much down on a Ford Kuga and finance the rest.
Tell me Im right then I can ring the mortgage people Monday and start the ball rolling.
We ll be able to clear it and be mortgage free, (this is what I want to do)
Mrs400 would prefer to dip in to the savings to put so much down on a Ford Kuga and finance the rest.
Tell me Im right then I can ring the mortgage people Monday and start the ball rolling.
Ozzie Osmond said:
Different people will have different views, but IMO it rarely makes sense for normal people to "borrow to invest".
True. It also depends on the amount of interest they might pay on the finance of the Kuga.Either way, nice problem to have; I'm a long way from paying off my mortgage!
Even if the money is cheap on the mortgage i'd still want to pay it off and be debt free. No doubt you'll be able to save up for a new car more easily once you are not making monthly payments.
I think the other interesting point is that i have found it much easier to buy a car by taking out a loan, than the prospect of taking the cash out of savings and paying for it in full....
I think the other interesting point is that i have found it much easier to buy a car by taking out a loan, than the prospect of taking the cash out of savings and paying for it in full....
king good.Buy a Kuga through Drive the deal...
https://www.drivethedeal.com/buy-a-new-car/FORD/KU...
Save almost £5k on list price.
Take out Fords 0.9% PCP over 2 years.
A Diesel Titanium can be had for £19980 with a GFMV of £12100 (Monthlys of £340 no deposit)
I assume the mortgage is a higher rate so start hitting that but ensuring you have enough to pay the GMFV in 2 years time. Or just sell up private and take the probable £2k equity in the car (Making the overall monthly cost £256).
Financially if your mortgage is higher than 0.9% this is the right thing to do.
https://www.drivethedeal.com/buy-a-new-car/FORD/KU...
Save almost £5k on list price.
Take out Fords 0.9% PCP over 2 years.
A Diesel Titanium can be had for £19980 with a GFMV of £12100 (Monthlys of £340 no deposit)
I assume the mortgage is a higher rate so start hitting that but ensuring you have enough to pay the GMFV in 2 years time. Or just sell up private and take the probable £2k equity in the car (Making the overall monthly cost £256).
Financially if your mortgage is higher than 0.9% this is the right thing to do.
Edited by Willlll on Saturday 16th January 15:21
Completely, get it paid off. I paid mine off 4 years ago and around a year ago me and the OH bought our own place, again no mortgage. For us at least the greatest feeling is to sit in our house knowing that we own every last brick in it. Until such a point you don't really own your house, the bank does.
The other bonus is that had a had a mortgage my business would have undoubtedly sunk in its first year. The breathing space with my finances allowed me to push through this first hard year, allowing it to get to where it is now. There's a free pointer for you; if you've ever thought of self employment upon clearing your mortgage is a great time to take the plunge!
The other bonus is that had a had a mortgage my business would have undoubtedly sunk in its first year. The breathing space with my finances allowed me to push through this first hard year, allowing it to get to where it is now. There's a free pointer for you; if you've ever thought of self employment upon clearing your mortgage is a great time to take the plunge!
We in a similar situation, but our savings - locked award ISAs, Santander 1-2-3 accounts and premium bonds (7% return last year - way above 'predicted') are all returning more interest than our mortgage.
In 10-12 months time will be making a BIG car purchase (£50k), that amount will easily pay off the mortgage, but I want a Tesla too bad.....BUT for a Ford Kuga, forget it, pay the mortgage off
In 10-12 months time will be making a BIG car purchase (£50k), that amount will easily pay off the mortgage, but I want a Tesla too bad.....BUT for a Ford Kuga, forget it, pay the mortgage off
This might sound silly but eve if the figures didn't stack up, mentally in my head its still better to not have the £400 and odd goin out everymonth.
With regards to the car, im completely against it, chuck £10,000 down on a Ford and finance to the rest.
Is there a Ford that's not going to lose half its value in a VERY short time of ownership?
With regards to the car, im completely against it, chuck £10,000 down on a Ford and finance to the rest.
Is there a Ford that's not going to lose half its value in a VERY short time of ownership?
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