National Debt

[Deegee]

my brother in law is a broker in london so plays with money ,I had some spare cash from selling my old porsche ,I asked him how to invest and he told me you are better off paying it off your mortgage than putting it in bonds or isa's, so that's what I did.

I did exactly the same thing with spare money I was earning, everyone was spending the money they weren't paying on their mortgage on a better lifestyle and we paid off our mortgage. We'll be the ones laughing in a few years time when the interest rates are up a percent or two, we've already got the lowest monthly expenses of any of our friends and it'll only get better. It's a fact of life you'll always be charged more interest on loans than you can earn on savings.

[Perkles]

my brother in law is a broker in london so plays with money ,I had some spare cash from selling my old porsche ,I asked him how to invest and he told me you are better off paying it off your mortgage than putting it in bonds or isa's, so that's what I did.

I did exactly the same thing with spare money I was earning, everyone was spending the money they weren't paying on their mortgage on a better lifestyle and we paid off our mortgage. We'll be the ones laughing in a few years time when the interest rates are up a percent or two, we've already got the lowest monthly expenses of any of our friends and it'll only get better. It's a fact of life you'll always be charged more interest on loans than you can earn on savings.

thats reassuring to hear deegee,im going to pay off another lump next month its great to see your statement and the repayments tumble,I still wasnt sure I was doing the right thing to be honest

[duke63]

Don't take this the wrong way, deegee, because to me what you are doing is the right thing to do but its always likely that in a time of booming property prices the opposite view is the more profitable option.

There is never a right thing to do for all the people all of the time and none of us can predict the future.

We all already seeing governments looking at taxing owned property because they are finding it increasingly difficult to tax income enough to make ends meet.

[Kwacky]

I have no spare money. I guess it serves me right for marrying someone who earns bugger all

[Blade]

I have over paid my mortgage for years and agree its better to settle exsisting debts before saving. I stopped over paying a few years ago when interest rates fell so low as I'm on a boe base rate + 0.25% life time tracker the reverse became true and I could make more saving than over paying my mortgage. Less than 2 years left now but I reckon at some point we will move and start the process all over again

[Deegee]

Sadly I have never been a betting man Duke, in fact I could say with some certainty any horse I back would have fallen at the first. There are people in life who are lucky, they win raffle prizes, their enterprises work out and they buy and sell at the right time. I'm not one of them, my Uncle was, but unfortunately I didn't get those genes, hence I don't play the property game. I could almost guarantee I wouldn't have a pot to p*ss in afterwards if I did.

[Kwacky]

I paid a sum into my mortgage account and they moved it to a linked savings account because I was getting more for my money that way than I was benefitting from paying a sum towards the mortgage. Like Blade says the rates are very low at present. I'm in no great rush to pay my mortgage off. It's not a big monthly payment and we have no intention of moving. Our house might be small but we're happy in it and a bigger house menas bigger bills and more rooms to fill with junk

[duke63]

There are no certainties in life however we live it.

I have had friends who never made retirement age and i often wonder whether they wished they had enjoyed their earned money more when they could. Equally some of us may well live into our 80's though it would seem from my experiences that once men get to 70 years old, their health starts to go down hill quite quickly. But no one knows any of that for certain.

There is a balance to be had somewhere.

[Kwacky]

I think we need to change the way we appraoch our lives. I'll be encouraging my kids to live their lives until their late 20s. That's when you have the most fun IMO. You're still young and pretty much carefree. Worry about a house and mortgage and careers and kids when you're in your 30s. Then work solidly for 40 years. If you're around to enjoy retirement then so much the better.

There is far too much emphasis in this country to get on the property ladder and into the job market at an early age. That's wrong. With house prices the way they are no one can afford to buy at an early age.

[Perkles]

I do feel sorry for the younger generation trying to get on the property ladder

[D6]

Our Mortgage rate is also very low (0.5% i think). We can't get that deal anywhere now so have just left it tracking the BoE rate.

I would like to overpay, but I have fook all left each motnh. Bloody part time wife.