dozy:
Well you’ve gone wrong then somewhere Connor , I’m 60 & my mortgage was paid of 20 yrs ago & I was one of the ones who got shafted with endowment mortgages , but whilst every man & his dog was paying by d/d I much to the annoyance of the nationwide continued to pay x amount extra on my payment book p.m , when our repayment mortgage we changed too finished we still had the endowment money we hadn’t cashed though it was nowhere near the money they had forecast ,
We upto COVID had 2x2 holidays abroad , newish cars , went were we wanted , meals etc
Yet managed to save loads , Isa, bonds , shares etc
And all this was done from what was referred on here a peanuts & buttons job
As for pensions were never going to be as well off as now , but government , my 3 pensions , mrs nhs + 2 previous pens & savings should make for a liveable pension
As for folks above saying kids won’t get anything out of house , I’ve helped mine & still do with cars ( buying / ins / tax / fuel ) & help by giving her lump sums towards house so she will be hopefully mortgage free by the time I’m gone
dozy, in some circumstances, if you have a lump sum equal to your mortgage balance (and can invest it to the tune of more than your mortgage interest), it makes sense not to pay off the mortgage. You also benefit from the rainy day fund that it provides. Of course there is risk involved in investing so the closer you are to retirement, the more sense it makes to pay off the mortgage.
If, say, you are out of work for a few months, you can delve into the pot to pay off your mortgage minimum payments.
Regards Conor, he is quick to put forward the benefits of being on agency. I suppose you could say the eventuality of ending up on SSP for a short time is one of the disadvantages. A reputable company would often times offer full pay for a period of time at least.
I don’t have much sympathy for Conor’s (financial) plight to be honest. At the end of the day he claims to have been creaming it off the top of his investments for years and can clearly afford to pay his mortgage minimum payments, so having some expectation of the welfare state assisting him in his ‘plight’ is somewhat far-fetched. Of course I fully sympathise with anyone experiencing ill health and I wish Conor a speedy recovery.