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Kyoto

How Will (Did?) It Change Your Life When Your Mortgage Is Paid Off?

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With a bit more saving and a mini crash, I'll hopefully be in a position to buy a place next year without a mortgage.

Nothing grand by any stretch but in the bracket where I could see myself living long term and possibly having a family there.

At that point, I'm thinking I might take my foot off the gas a bit. I'm not getting onto that spiral of bigger house, bigger car, etc so thats hopefully the end of the housing 'ladder' for me.

I might also downgrade the career and go with something a bit easier or less hours.

I am wondering what other changes home ownership might make to my life and outlook though..

I'm too young to retire, but what is a bear to do with his time who has paid off his house and does not have expensive (any?) tastes?

Do you expect that owning your home outright would change your perspective of life and how you live it?

Or, as is human nature, will we just find something else to aspire for when we get to the goal of owning a house?

Hope this doesn't come across as a self indulgent post. It is relevant in a more general context.... If the goal isn't as sweet as we imagine, then that's an argument for living for today more - and perhaps loosening the grip on those STR funds ;)

Edited by Kyoto

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It didn't change my life, but the day I received the deeds to my house was the day I felt that I actually owned it.

When I was paying off the mortgage, I never felt that the house was mine, which probably explains why I am so comfortable renting now, having spent twenty years effectively renting from the bank, I'm used to it :lol:.

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Done it twice and upgraded to a larger house in a better area each time.

First time was a bit of a shock and a huge bonus from work I was not expecting. Thought I would live life a bit but found myself looking to upgrade almost immediately.

The second time gave us the opportunity to move to an area with decent schools for the kids.

If I am lucky enough to get a third time, I think we will have one more move but with no mortgage and a smaller garden. I like gardening but not on a grand scale.

It is one the best feelings... No Mortgage :D and I want it again.

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It makes no difference, you still do not own it.You a still have to pay a fortune to the local council and ask their permission if you want to do anything with it.You are just maintaining your own prison cell.

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It makes no difference, you still do not own it.You a still have to pay a fortune to the local council and ask their permission if you want to do anything with it.You are just maintaining your own prison cell.

And they can always kick you out with a CPO if they so wish.

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Got rid of mine late last year. Trouble is that the bills now seem vast and I wonder how on earth I ever managed the mortgage in the first place. Not that I ever had a massive one.

I really do wonder how on earth most people can afford any mortgage unless they are on rather large salaries.

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Having owned a house (mortgage-free) in the past, (currently renting), I am looking forward to buying mortgage-free again in the next 12-18 months so that £850 of my monthly income is available for whatever I wish to spend it on (probably holidays). It does grieve me a little to pay £850 to someone else for the privilege of living in their house with the knowledge that I could be turfed out at 2 months notice, but I am not prepared to pay the current prices.

IF (big if) a crash occurs, I will buy again when prices have fallen by 15-20%.

Edited by DownsizingDiva

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It makes no difference, you still do not own it.You a still have to pay a fortune to the local council and ask their permission if you want to do anything with it.You are just maintaining your own prison cell.

Bit negative there, but you have a point about council tax. Its a pretty big fixed expense which does keep you a 'slave to the system' somewhat.

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Mixed feeling for me.

Sold a beautiful house with a 124k mortgage and downsized to a 1960's 3 bed semi with no mortgage.

I love the fact that I own my home, but I miss the lovely house a fair bit. I do only remember the good bits though, because heating it cost a fortune, council tax was 50% more and keeping the garden in shape was a pain.

I'm hoping for a drop in prices so that I can buy somewhere bigger and still have no mortgage. Current place is probably worth 180k, somewhere I'd like is about 270k. Should the difference become only 50k then I'll be buying.

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Been mortgage free since 05. Though sold up in 07. Chucked in job, went travelling - been to tons of places (more than once - some of them). Lived off the interest (didn't & haven't touched my capital). Between trips - worked as a temp (am only a secretary). Had a blast basically. However now with interest paying a pittance, am concentrating on my U.K. job (took a perm job) begrudgingly. Don't want to settle down but suppose I gotta one day. Having said that, if I don't buy a house (and won't until I get a deal on what I want), and do get made redundant, then I'll be off on my travels again :rolleyes: Life is for living ...

Edit: Over my dead body would I take a mortgage on again!

Edited by Muskoka

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Got rid of mine late last year. Trouble is that the bills now seem vast and I wonder how on earth I ever managed the mortgage in the first place. Not that I ever had a massive one.

I really do wonder how on earth most people can afford any mortgage unless they are on rather large salaries.

Agreed,

I always had big mortgages and made a few stupid mistakes over the years , buying and selling and moving , was always trying to get to the holy grail of no mortgage.

Lost well paid job in 2006 and str'd 2007, rented and then bought very samlll cheap place last year outright . But the bills do still come in all the time.

I wonder how I coped with mortgage and bills and the answer is I had a very well paid job not an average one like now. How do those on average money pay both ?

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I paid of my mortgage in 2008.

I owned a 2 bed flat in Clapham and by selling that I moved to the Isle of Wight and bought a 2 bed cottage for cash best thing I ever did

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Been mortgage free since 05. Though sold up in 07. Chucked in job, went travelling - been to tons of places (more than once - some of them). Lived off the interest (didn't & haven't touched my capital). Between trips - worked as a temp (am only a secretary). Had a blast basically. However now with interest paying a pittance, am concentrating on my U.K. job (took a perm job) begrudgingly. Don't want to settle down but suppose I gotta one day. Having said that, if I don't buy a house (and won't until I get a deal on what I want), and do get made redundant, then I'll be off on my travels again :rolleyes: Life is for living ...

Edit: Over my dead body would I take a mortgage on again!

ditto, except we kept one house (had 2), lived off interest & rent for the last 5 years :D

bet your an india junkie right ?

next move, obviously work is just too mundane right ?

http://www.motorhomefacts.com/forum-36.html

how about "fulltiming" - Im getting the horn more & more for this scenario !

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I'm aiming to buy within the next year and be mortgage free within 2years. After that, I'll be saving up money for my future and also for a second house (which again, I'll try and buy without borrowing too much). After that then I guess I can start my own business

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It didn't change my life, but the day I received the deeds to my house was the day I felt that I actually owned it.

Exactly what my girlfriend said when she got the deeds for her flat.

I would live the same life, stay pretty frugal. Lots of money would go into savings and investment for pension purposes. It would just make things that much easier, financially - in fact I have that insight now staying at home. The money I'm saving is pretty good so I'd want to get back to this stage again soon. I wouldn't have to think about doing a second job (thinking about teaching guitar) or progressing in my current job to as large a degree (certainly it would wipe the thought of going into management out of my head).

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Bit negative there, but you have a point about council tax. Its a pretty big fixed expense which does keep you a 'slave to the system' somewhat.

Especially if you live in a nice area, you could be looking to at least £200 a month. And council tax always seems to go up each year whereas wages don't.

What's a CPO?

Edited by guitarman001

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I love the fact that I own my home, but I miss the lovely house a fair bit. I do only remember the good bits though, because heating it cost a fortune, council tax was 50% more and keeping the garden in shape was a pain.

Heating and council tax.. I keep forgetting about the cost of heating.

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Especially if you live in a nice area, you could be looking to at least £200 a month. And council tax always seems to go up each year whereas wages don't.

What's a CPO?

[

/quote]

Compulsory Purchase Order

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Bought current, and first, home in December '95, paid mortgage off by December 2000.

The plan was to buy a second home, suitable for retirement, and let it until we were ready to downsize, unfortunately house prices started to climb from the month after we bought our home and I was unwilling to take out another large mortgage, if only I'd known!

The difference having no mortgage has made has been in our savings, we now have enough saved to buy a smaller home outright, I won't pay current prices though.

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It was a nice feeling when Mrs STA and I paid off the mortgage just over a year ago. It has taken a while to feel the benefit financially, but we are now managing to rebuild our savings. Otherwise life is as it always was except we have more security and less fearful of losing jobs and other financial upheavals in these uncertain times.

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I remember how happy my parents were when they finally paid their off in their late 50s, yet I'd managed to do it by age 30. I was very chuffed.

It gives you the feeling that no matter what, you've always got your house paid off and work pressures feel alot less.

Edited by exiges

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Now go to work in the knowledge that I'm doing them a favour.

Currently I view myself as semi retired and contemplating asking to do a 4 day week... If I get made redundant in the near future then I'm not fussed. In the meantime salt the cash away and have a few luxeries (bespoke suit being delivered tomorrow).

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I remember how happy my parents were when they finally paid their off in their late 50s, yet I'd managed to do it by age 30. I was very chuffed.

It gives you the feeling that no matter what, you've always got your house paid off and work pressures feel alot less.

Respec' bruv, respec'..

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It makes no difference, you still do not own it.You a still have to pay a fortune to the local council and ask their permission if you want to do anything with it.You are just maintaining your own prison cell.

As you do if you rent.

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Not sure, but speak to me in a few years.

Actually my mortgage should be in a much better position within the next 12 months,  I have amassed £50k savings and am about to get a good end of year bonus which is quite nice as I have only been in the job 6 months. My wife is also likely to be made redundant at or around maternity leave time, so will also get a very good payout (ie public sector maternity on top of redundancy), so I reckon we should be able to pay off £130k in one hit. 

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  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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