If you where Mortgage free

[Deleted member 294929]

If you where Morgage free, and what would you do to make money for your later years.

As long as I keep my health I have 13 + years left before I want to retire. I'm 57 now.

Is anyone in a similar position? Who wants or needs to make this freedom and time count?

 

[Mottie]

We paid our mortgage up in 2007 when I was 50. Just took it easy since then. Helped our daughter with a decent deposit for her house, put a similar amount away for our son should he ever decide to buy a house instead of renting. Generally took it easy. Personally I found it a relief not to have to worry about paying for a roof over our head anymore - didn’t need to worry about losing my job, didn’t worry about starting my own business again and employing people and renting premises. Basically, didn’t have to worry about financial stability as we could afford to tuck a bit more away when you don’t have a mortgage to pay, more so when I started taking my private pension in 2017. Just started getting my state one now. Finished completely with my own workshop at Christmas and now just clearing it out. Going to give it a bit of a tidy up and clear out before either renting it out or selling it. Not in a great rush to do either though as I’ll miss the old place. We've had it since 1984.

You plan to work on until you are 70, Bod? 'kin 'el!

 

[Deleted member 221031]

I paid mine off at 40 and saved the money, apart what I’ve spent on our new house.

Property is always a good investment

 

[Deleted member 294929]

We paid our mortgage up in 2007. Just took it easy since then. Helped our daughter with a deposit for her house, put a similar amount away for our son should he ever decide to buy a house instead of renting. Generally took it easy. Personally I found it a relief not to have to worry about paying for a roof over our head anymore - didn’t need to worry about losing my job, didn’t worry about starting my own business again and employing people and renting premises. Basically, didn’t have to worry about financial stability as we could afford to tuck a bit more away when you don’t have a mortgage to pay, more so when I started taking my private pension in 2017. Just started getting my state one now.

You plan to work on until you are 70?

I'm not in your position I need to nake this time count and stop being a fanny. I know I've had my health issues but I can't let that hold me back. I'm healthy now so feel I can go on until I'm 70.
I've cut out alot of the hard graft now and being very choosy on what jobs I want to do. I feel like I'm semi retired but I'm a long way off it.

 

[Deleted member 294929]

I paid mine off at 40 and saved the money, apart what I’ve spent on our new house.

Property is always a good investment

That's my thinking, but I'd have to get another mortgage and know how to play with the money I have got.

 

[Deleted member 221031]

That's my thinking, but I'd have to get another mortgage and know how to play with the money I have got.

Ask gas112 he’s got a good head for money.

 

[Deleted member 294929]

Ask gas112 he’s got a good head for money.

I think he said in a post that he's got a property or so, in that way he avoids going over the VAT freshold by slitting his time!
Have I git that right?

 

[gas112]

Paid mortgage off at 39 been mortgage free since , semi retired at 55 do about a day and a half a week if that in total . So dont get anywhere near the vat threshold now .
Long term property is usually always good investment but unlike the young i have seen property crash a couple of times and was financially secure to buy at the lows .
If you want to invest in shares dont buy on a whim practice first pick a few and research them thoroughly then watch how they move to give you a better idea . Before jumping in Whetherspoons was a good one last year roughly doubling in price . After covid lockdown loses the only way was up
Made quite a bit on shares in the past wont say the figure but it was a lot

 

[Murdochcat]

We are mortgage and kids free …. Not having another mortgage

But for younger people getting on the ladder and paying off your mortgage AND saving for a decent pension has to be their top priorities

 

[carmanmemoranda]

I paid mine off at 40 and saved the money, apart what I’ve spent on our new house.

Property is always a good investment

Not many deny that, but some try to

 

[gas112]

it amazed me whilst speaking to several local authority workers about 8 years ago how many were not in the pension scheme after working there for at least 7 years one had been there 25 .
Asking me if i thought it was a good idea .
Right lads your all tradesmen on good money . So you pay 160 a month (so one saturday job) council pays at least 320 so your missing out on 480 going into your pot so 5760 a year that also grows . Some did join some didnt but few years back i think council made it compulsory

 

[carmanmemoranda]

Paid mortgages off early.

Been part time for last 7 years. Some weeks no work, some weeks 60 or so hours, but i only do what I want to do, when I want to do it.

Travel, explore and help the kids is what keeps me busy and always spending

 

[Murdochcat]

it amazed me whilst speaking to several local authority workers about 8 years ago how many were not in the pension scheme after working there for at least 7 years one had been there 25 .
Asking me if i thought it was a good idea .
Right lads your all tradesmen on good money . So you pay 160 a month (so one saturday job) council pays at least 320 so your missing out on 480 going into your pot so 5760 a year that also grows . Some did join some didnt but few years back i think council made it compulsory

Not signing up to a civil service scheme is pure madness.

These days auto enrolment sorts this out. A very good thing that happened in the last decade

 

[johnny2007]

What's a mortgage?

 

[Mottie]

Property is always a good investment

Not always. When we sold our old house in 1990, we sold it for £71,000. Three years later it was repossessed and sold at auction for just over £40,000.

Our house cost £105,000 in 1990, down from £130,000 6 months earlier. Two years later, next door but one, exact same house as ours, sold for £72,000. I think they went even lower. I remember saying to Mrs Mottie that we shouldn’t start worrying until it is worth less than our mortgage which was £50,000 at the time.

When we moved our parents back from Hastings, we found them a repossessed bungalow that they bought for over £100,000 less than it was advertised for previously. Only trouble was, for a year or so they had letters and bailiffs calling on them looking for the previous owners. The bills and demands that came through the door were unbelievable.