Mortgage

We have semi retired our mortgage has a few years to run but we have paid the maximum overpayment for the last 4 years which was 10% of balance. Will do the same this year leaving a very small amount. Not worth paying it off early as there is a penalty.

Mel1967

Just wondering how many people still have a Mortgage?

We have 8 years to go on ours (not much longer) and can’t wait until it’s paid off 🎉

Then we can save that money for a few years and then retire 🥳

Mel1967 Just wondering how many people still have a Mortgage?

We don't, but I was 16 and he was 18 when we married. We're quite elderly, the mortgage ended nearing 40 yrs ago, of course.

Perhaps pay your mortgage off early? Interest is the drain, principal must be paid back, sooner typically should cost less - unless there is something I don't understand about some mortgages.

But the OP would need an income to pay the interest, and maybe she’s too young to qualify for such a mortgage.

We have a Retirment Interest Only Mortgage, taken out 3 years ago when we built an extension. The capital will be repaid either when we move and sell the house or when we die.

It is not very large, well short of 10% of the value of the house.

Be thankful you are in the position of having the means to pay off your mortgage, and someone to share the burden.

Ah, you’re the person who doesn’t want to work! Well you have a few years to go unless you sell and buy something cheaper that you don’t need a mortgage for.