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Deltâ
06 Apr 10 08:33
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Date Joined: 12 Mar 02
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Report barstool August 7, 2013 5:38 PM BST
It will be paid off at 65, so just 4 years to go. Not much left to pay off now. I retired last year and I could pay it off now, but choose to use the spare to finance a good car, holidays, racehorse and a general good time. Life is short, best to live it.

That said, I would not like to be starting out now, especially in the South with those house prices. I think those of my generation have been the lucky ones. Missed the wars, grew up in the 50's and 60's, jobs a plenty, cheap housing and more. Much worse to come from now on, for sure.
Report 11kv August 7, 2013 5:46 PM BST
Sad
Report Thin and Crispy August 7, 2013 5:53 PM BST
Bit of a silly discussion really.  The average mortgage in London would buy a street of houses in another part of the country.
Report barstool August 7, 2013 6:00 PM BST
You are right Thin and Crispy.

Plenty of choices under 30k in Blackburn or Preston. In the wrong areas of course.
Report scaredmoney August 7, 2013 6:06 PM BST
im the proud owner of a 3 foot by 4 foot cardboard box in the middle of Armley Gyrateory

hoping to upgrade to a shed this year
Report barstool August 7, 2013 6:13 PM BST
Your lucky scaredmoney, waiting list for a hole in the road in parts of Manchester.
Report breadnbutter August 7, 2013 6:15 PM BST
re:reasons for not paying off early  ...life insurance ? also when  interest rates are low  you can pay off the loan quicker on a repaymentHappy ...Building soc/bank keep your DEEDS because they own your hoose ,its all electronic now and Deeds now mean very little ,that apart dont agree with getting a bigger mortgage on interest only being a good thing ,thats the reason that peeps in there later years  who did just that at the peak are staring into the abyss  .If the market dont pick up by the time there  loan  is up whats there options ? many dont have savings so how do they pay off a 2/3 hundred K interest only loan  when they are in neg equity ?...prob the next miss selling scandal  imo .
Gov backed loan scheme is just to try and halt the fall and put some liquidity into the market ,thought the banks bailout was supposed to do that ? the scheme is not a silver bullet and small print still to be finalised but its not a free meal by a long shot the checks/requirements/procedure will be intense imo ,covers 15%  of a loan to the lender,customer must have 5% so effectively a 80% loan .(gov guarantee 15% really to cover repo costs Laugh)
This countries  constant reliance on the city  buying and selling money to produce something from nothing instead of a manufacturing and industry based economy will haunt this country for years,UK held together with public sector jobs as well and further cuts are likely ... cant see anything to get excited about for a while yet .10 billion on the Olympics was OTT.
loads of jobs at min wage but nothing that will give this country an edge and lead to a prosperous nation imo .
The financial sector has fecked us all .VAT at 20% is a killer ,food/fuel/electricity/gas  to high as well .
House prices are an enigma just now  imo as is the ftse its  unbelievably high  imo ,maybe because there is no where else for investors to go .National debt at crazy levels and unemployment still rising despite warped figures .
Benefits cuts were  needed but where are the real jobs ? Hmmm sorry but no house price rises for a long time IMVHO.
Report scaredmoney August 7, 2013 6:21 PM BST
very true about the interest only mortgages , bnb......gunna be a lot of people in a lot of sh1t Sad
Report 11kv August 7, 2013 6:24 PM BST
should have gone to repayment 10 yrs ago
Report know all August 7, 2013 7:42 PM BST
only trouble for them with no equity im talking about the experienced guy who don't do repayment they do interest only because they understand the maths
Report Shrewd_dude August 7, 2013 8:13 PM BST
Interest only mortgages with no repayment vehicle are a ticking time bomb for both the borrower and the banks.
Report know all August 7, 2013 8:23 PM BST
I think you should add those without decent equity
Report xmoneyx August 7, 2013 8:40 PM BST
endowment is the biggest con going,capital repayment every time

funny how when my 1st ever mortgage was sold to me,he said "capital repayment is boring"

5 years later standard life writing to me endowment shortfall
Report lmfao August 7, 2013 8:48 PM BST
paid off mortgage at age 40

5 yrs saving - all on stockmarket- bought new house mortgage free age 45

retired age 48
Report breadnbutter August 7, 2013 9:01 PM BST
you paid off mortgage at 40 bought new house mortgage free (cash buy) at 45 ?

   what was 5yr saving ?

   post ya bets TIA Laugh
Report sugarfoot August 7, 2013 9:06 PM BST
Thought there was some sort of financial reasons why it was clever to defer paying off a mortgage as soon as poss ... no worries.


there was when MIRAS existed
Report vorsmith. August 7, 2013 9:08 PM BST
paid off at 43 so bought a house to rent out
Report breadnbutter August 7, 2013 11:05 PM BST
21 the age to beat ........

op probably the T-man Whoops
Report Clarky9 August 7, 2013 11:11 PM BST
29. Very proud
Report Ramruma August 8, 2013 10:56 AM BST
About 2 years to go on mine, and I'm still not quite sure what to do about it. It is tempting to pay it all off now but that would leave me with no savings. Otoh, I'd see a huge increase in disposable income.
Report sageform August 8, 2013 11:12 AM BST
Paid off in 1980 at age 36. Now retired on a fairly low pension by most standards but with no rent or mortgage to pay it does mean that all of our income is available to pay other costs.
Report metro john August 8, 2013 11:15 AM BST
It is never yours!Wink
Report ZEALOT August 8, 2013 12:36 PM BST
A mate of a mate used to have a drink with us many years back , he had the personality of a corpse , and was an absolute tight tw@t . I found out that hed paid his house off by the time he was 30 - i felt like hunting him down and giving him the biggest hug hed ever had - the sad sad breathing corpse .

My neighbour had worked all his life - same factory for 51 years - he lived very ordinary when younger , according to my parents .  When he snuffed it just before his 67th birthday , his son received a huge lump sum AND PISSED IT AND GAMBLED IT AWAY . He had nothing left after 5 years .. LaughLaughLaughLaughLaughLaugh
Report ZEALOT August 8, 2013 12:38 PM BST
The average pay back on a 100k mortgage is 215k LaughLaughLaughLaughLaughLaughLaughLaughLaughLaughLaughLaughLaughLaughLaughLaughLaughLaughLaughLaughLaughLaughLaughLaughLaughLaugh
Report barstool August 8, 2013 2:17 PM BST
The only drawback I can see is that having paid off the mortgage  the wife pops her clogs, you lose your health, go into care and the council take it all back off you. In the next room is "Council Colin", never done a days work in his life laughing his socks off.
Report lmfao August 8, 2013 4:13 PM BST
1985 mortgage at 14.75%

£42k

projected repayments were to total £299k

Shocked
Report pegasus70 August 8, 2013 4:17 PM BST
ouch!!!!!ShockedScared
Report xmoneyx August 8, 2013 4:18 PM BST
barstool--if you saw ,how to get a council house on channel4 recently

You would top yourself

no wonder UK is in debt
Report barstool August 8, 2013 4:30 PM BST
Missed it xmoneyx. Thought you just went on a waiting list and it goes in turn.
Report startedOct2000stillgoingstrong August 8, 2013 4:36 PM BST
apparently a lot of you has interest only mortgages. What y'all gonna do  about the principal? I forsee a shortage of cardboard boxes.
Report ashleigh August 8, 2013 4:41 PM BST
part 2 of 3 how to get a council house on ch 4 tonight 9 pm.
last week tower hamletts 24,000 apply for 40 properties, this week manchester.
Report know all August 8, 2013 4:57 PM BST
by 2025 they will have doubled so for someone sat in a 100k house no mortgage and paid off he ends up with 200k
for someone in a 100k house now borrows 200k worth 300k 2025 worth 600k paid f all really interest only, who is the clever one
Report barstool August 8, 2013 5:00 PM BST
How many of those 24,000 born in England?
Report startedOct2000stillgoingstrong August 8, 2013 5:00 PM BST
que?
Report Thin and Crispy August 8, 2013 6:48 PM BST
Hooray I've paid the mortgage off.  Now all I need to do is get one of those equity release deals and I can pay the heating bill.
Report Sigge August 8, 2013 7:16 PM BST
Why should I pay off the mortgage? If I die heavily in debt, I WON! Laugh
Report blackpood August 8, 2013 7:37 PM BST
I owe £180,000 on an interest only mortgage which only has a couple of years to run. I am 59. I have one house paid off which I rent out. The other house with the mortgage I live in. I heard that int only mortgages are not given much now. I don't want to sell either house. They have a combined value of around £750,000. Is there any ideas what my options might be, taking my age into consideration. My wife by the way is 62.
Report 11kv August 8, 2013 7:40 PM BST
Hows your policy performing ?
Report blackpood August 8, 2013 7:46 PM BST
Don't have one because of health issues in my forties, made one far too expensive
Report 11kv August 8, 2013 7:54 PM BST
Think you need to speak to a financial advisor
At least you have the rental property to sell when push comes to shove......
Report Shrewd_dude August 8, 2013 8:11 PM BST
by 2025 they will have doubled so for someone sat in a 100k house no mortgage and paid off he ends up with 200k
for someone in a 100k house now borrows 200k worth 300k 2025 worth 600k paid f all really interest only, who is the clever one


No way will current house prices have doubled by 2025. The only thing propping up the market is historically low interest rates and funding for lending etc.
Report barstool August 8, 2013 8:22 PM BST
Take a look at what as happened in Ireland. Property prices have crashed through the floor. Hundreds of thousands with negative equity. Probably wont happen here while the BoE keeps printing money, but that is devaluing all that we own in any Sadcase.
Report know all August 8, 2013 8:26 PM BST
I owe £180,000 on an interest only mortgage which only has a couple of years to run. I am 59. I have one house paid off which I rent out. The other house with the mortgage I live in. I heard that int only mortgages are not given much now. I don't want to sell either house. They have a combined value of around £750,000. Is there any ideas what my options might be, taking my age into consideration. My wife by the way is 62.

See if they will extend it until you are 65 give you a few years grace, nice pot get a nice small place abroad for 70k have a great time and sit back thinking you played the banks and won with the interest only mortgages

on the news today record 800,000 babies born last year where are they going to live that's 20 million+ in 20 years only one way for prices to go, buy a buy to let 35k get 450 a month the rent pays the mortgage beats working and in 25 years time cash in bingo, they are letting in 1million Bulgarians on 2014 they have to rent
Report CJ August 8, 2013 8:31 PM BST
Paid off two weeks ago. Immense feeling, made even better by them waiving the £250 redemption fee because i had less than £1k left. Missus treated to a new dress 10 minutes later! I'm 42.
Report .Fidway. August 8, 2013 8:32 PM BST
Will be 54 when I pay mine off
Report CJ August 8, 2013 8:37 PM BST
Property prices linked to wage inflation. Can't see any huge price increases any time soon. In fact when interest rates go back up i worry that those who bought at the top of the market circa 2008 will struggle repaying mortgages. I can see another house price dive.
Report know all August 8, 2013 9:10 PM BST
lot of negative people around you cant make money being negative in house or horse gambling, speculate to accumulate
Report CJ August 8, 2013 9:15 PM BST
Sure you can, you never heard of short selling? The contrarian investors got very very rich selling short what the majority of investors were buying into in 2008.
Report Shrewd_dude August 8, 2013 9:27 PM BST
on the news today record 800,000 babies born last year where are they going to live

They will probably either be on the list for social housing or have to live with their parents until they are about 35. Houses are already overpriced and are being propped up by the government and BOE. Any wage inflation in the next ten years is likely to be eaten up by food, petrol and energy prices going up so how on earth will first time buyers be able to afford to pay double prices currently are? Even at current prices the bubble is only not bursting due to government intervention with the inevitably rising interest rates in a couple of years and little wage inflation can't see how prices will double. A 1% increase of the base rate at the moment and millions of home owners and the banks are in trouble.
Report homefortea August 8, 2013 9:30 PM BST
I hate any talk of House Prices but for what it is worth...

I paid mine off six years ago....

I dislike all this "buy for rent" talk etc...

Having said that if you live in certain areas there will be a vast increase in house prices over the next few years especially in the South of England but also in areas where there will be a "White Flight" away from the areas of mass immigration.

Spot one of those and you will be in clover...

My suggestions would be ...

Start in Southend for those priced out of that sh..ehole termed London,for those pro gamblers try Lincolnshire,for families try East Yorkshire (avoid Hull)and for those who fancy a career try the Isle Of Man....
Report scaredmoney August 9, 2013 9:37 AM BST
homefortea

arnt certain areas of Lincolnshire and East Yorkshire already areas of mass immigration though?
Report xmoneyx August 9, 2013 10:43 AM BST
news media W---aN---king off on new record high buy to let landlords,Tongue Out
Report know all August 9, 2013 11:46 AM BST
mail on line today
Average house prices in England and Wales hit an all time high in July surpassing their previous peak of 2008 driven by strong demand in London, according to a report published today.

The average home in the two countries now costs £232,969, which is up £5,796 on last year and £1,140 higher than the previous peak recorded in February 2008 at the height of the last housing boom, the report from LSL Property Services showed.


It added that the increase indicated long term recovery in property prices was becoming a reality thanks in part to easier lending conditions since the introduction last year of the Bank of England backed Funding for Lending scheme.



Upward trend: House prices have been on a continuous upward trend since last July
Upward trend: House prices have been on a continuous upward trend since last July

Mortgage lending was 17 per cent higher in May than a year earlier and was up by a fifth on the previous month, while the number of first-time buyers was at its highest level since 2007, the report found.

But LSL warned the rise in property prices continued to be driven by demand in the capital where house prices were rising faster than anywhere else in the country driven by demand from both domestic and foreign buyers.


Read more: http://www.dailymail.co.uk/money/mortgageshome/article-2387605/Average-house...
Follow us: @MailOnline on Twitter | DailyMail on Facebook
Report Virgin August 9, 2013 12:00 PM BST

Aug 8, 2013 -- 7:37PM, blackpood wrote:


I owe £180,000 on an interest only mortgage which only has a couple of years to run. I am 59. I have one house paid off which I rent out. The other house with the mortgage I live in. I heard that int only mortgages are not given much now. I don't want to sell either house. They have a combined value of around £750,000. Is there any ideas what my options might be, taking my age into consideration. My wife by the way is 62.


Surely the better option would have been to pay off/reduce the mortgage on the house you live in and reclaim the interest paid on the one you rent out as an expense Confused

Report Deltâ April 21, 2017 2:24 PM BST
sorted?
Report kincsem April 21, 2017 2:28 PM BST
42
Report bullraider April 21, 2017 2:37 PM BST
love mortgages
i just keep paying mine
like brenda
asset rich
cash poor
Report Platini April 21, 2017 2:38 PM BST
no mortgage
no pension


those are things our parents had and could take advantage of. we live in different times now Sad
Report 1st time poster April 21, 2017 2:39 PM BST
often wondered if people renting celebrate paying off someone elses mortgage, Devil
Report Deltâ April 21, 2017 2:39 PM BST
Hannah just texted ya dumped Platini, you cant offer stability!
Report Platini April 21, 2017 2:41 PM BST
Laugh
Report SlippyBlue April 21, 2017 2:42 PM BST
I've not had a mortgage for 15 years.
Report cool eddy April 21, 2017 2:42 PM BST
52
Report Barton Bank April 21, 2017 2:50 PM BST
25 I think.
Report pablo-fanque April 21, 2017 2:52 PM BST
Back High Lay Low   




Date Joined:   06 Aug 04 
Blogger: Back High Lay Low's blog
Add contact | Send message
  06 Apr 10 09:20 
Joined:   06 Aug 04      | Topic/replies: 4,622  | Blogger: Back High Lay Low's blog   



I own my car outright


9.5/10
Grin
Report railroader April 21, 2017 3:00 PM BST
45 thank God should of been earlier but holidays n gambling got in the way
Report McCoy Carp April 21, 2017 3:47 PM BST
Me and my fiancee's dream to buy a place in Lanzarote when we retire. Insurance for when the country inevitably comes under Islamic rule.
Report isleham April 21, 2017 3:50 PM BST
Paid off 1999 at age 47
Report Deltâ April 21, 2017 3:57 PM BST
^ wot about the marina one? Wink
Report Willie Shafter. April 21, 2017 4:11 PM BST
2 flats 1 house all paid for.
Report Deltâ April 21, 2017 4:16 PM BST
^ 33k tops all in, tyneside Grin
Report OVERSEAS April 21, 2017 4:26 PM BST
still a mortgage in UK but a few Overseas properties that we enjoy...
Report Willie Shafter. April 21, 2017 4:53 PM BST
flats paid £35k and £68k now worth £60k each..house paid £100k last feb...spent £50k on it..still worth £100k Laugh
Report SlippyBlue April 21, 2017 4:59 PM BST
Blimey Willie Shafter, cheap as chips. A 1 bedroom flat next door to me is on offer for £650K, no garden either.
Report topshot April 21, 2017 5:00 PM BST
Went into the bank on Wednesday for an appointment and said to the bank manager I want to pay off the existing amount on our mortgage (£43,000) she said fine, pressed a couple of buttons and said you will be mortgage free this time tomorrow.
In and out in ten minutes, and I felt top of the world..a great feeling and we will be celebrating tonight.
Report Deltâ April 21, 2017 5:01 PM BST
topshot


you missed ya age off


tar
Report topshot April 21, 2017 5:02 PM BST
Sorry Delta..55
Report Deltâ April 21, 2017 5:03 PM BST
nice, mines a pint

tar
Report Barton Bank April 21, 2017 5:04 PM BST
Well done, topshot.
Report Deltâ April 21, 2017 5:06 PM BST
was it a punt that enabled the 25, BB?
Report SlippyBlue April 21, 2017 5:07 PM BST
Good for you topshot.
Report topshot April 21, 2017 5:07 PM BST
Gave up the **** two years ago vastly reduced my alcohol intake, the blood pressure has come down nicely as has the cholesterol, doing a lot of walking as opposed to sitting in boozers...so hopefully get to enjoy it for a few years.
Report Deltâ April 21, 2017 5:09 PM BST
fágs is banded on here!
Report Barton Bank April 21, 2017 5:09 PM BST
More a collection of bets. But I won 19.5k on a placepot (laid out 90 quid) which enabled me to start betting in much larger stakes that was key. Now I think more closely I reckon I was 26. I didn't record the exact date so I don't know for sure.
Report holywell April 21, 2017 5:10 PM BST
Paid my mortgage off aged 56.

I gave my oldest son £15,000 to put down a deposit on a flat, he said I'll pay you back. I told him to work out his monthly outgoings and pay me what you can afford. He said I can pay you £60 / month, I'll have to live until I'm 85 to get my money back.Crazy
Report Deltâ April 21, 2017 5:10 PM BST
punting was getting me in a deeper hole at 26 Shocked Cry
Report topshot April 21, 2017 5:11 PM BST
We got interest of about £13 for the year on our savings, and pointed this out to a mate, he said buty premiem bonds or pay the mortgage off. As we were paying interest of over £100 a month plus insurance of £80 odd a month it really was a no brainer. Even the wife who is the canniest of canny Scots eventually seen the benefits!!
Report TheBaron April 21, 2017 5:15 PM BST
And the important question is now that you have paid off your mortgage what are you going to do with the money tied up in bricks?  Dying in debt is my aim, timing it is the tricky thing though.
Report topshot April 21, 2017 5:17 PM BST
Trying to convince the wife for us to work for five more years sell up and move to the sun Baron.
Report SlippyBlue April 21, 2017 5:20 PM BST
I lived in Spain for 10 years topshot selling property, you can pick up a 3 bed villa now for literally peanuts.
Report TheBaron April 21, 2017 5:23 PM BST
My parents never had much money but they died in their 80's better off than any time in their life but due to poor health they couldn't take advantage of it.  Gotta convert those bricks into cash and enjoy it while you can.
Report 1st time poster April 21, 2017 5:24 PM BST
most people get excited about paying off their mortgage,when they spend twice as much a month on shopping,mobiles ,going out etc
Report Willie Shafter. April 21, 2017 5:28 PM BST
well in todays climate no mortgage can save you £500 a mth.
Report topshot April 21, 2017 5:49 PM BST
Not sure where you were Slippy but we spent two weeks just south of Alicante, a small place called Gran Alicante which was just a Little Britain. We did have a couple of issues and the Brits rallied round and helped us which was much appreciated but not sure I would want to move abroad to be surrounded by Brits.
Report SlippyBlue April 21, 2017 6:03 PM BST
South of Alicante you must have been close to or in Torrevieja which is an absolutely hideous place. My villa is in Alicante, it's absolutely fine and handy for me as I'm not that far from Gatwick and only 20 euros in a taxi to get to my place. I'm going there first week of June, shouldn't be mad hot and cool in the evening which is fine. Last August it was 50C during the day which was truly unbearable.
Report isleham April 21, 2017 6:05 PM BST
Didn't need one nor for Exeter either!!
Report Rob_The_Bantam April 21, 2017 6:08 PM BST
Paid it off at 26.
Report topshot April 21, 2017 6:12 PM BST
It was about ten minutes south of the airport Slippy, but it wasn't tourists it was people living there, everyone seemed to know each other and were in the same clubs etc. Maybe it was just me...and the weather was rubbish as well but it was Easter.
Report TheBaron April 21, 2017 6:17 PM BST
Paid it off at 26.

Taking the wheels off your caravan and putting it on bricks doesn't count.
Report Virgin April 22, 2017 1:07 PM BST
Sh1t Cry I'll have to re-mortgage mine then Laugh
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