How to save/pay of mortgage/ pension ect ect

[MagnusOpum]

On 10/04/2022 at 01:27, Stacktastic said:

Just done the same - 2.08% for 10 years. Great move I think - cant see it getting much lower?? 
Im only a few years older & dont have that much - but it adds up. 
I estimate I have saved about 20k in the last year. 

I think I will overpay the mortgage if I get to a certain level of savings & investments. `
Would be nice to own the house at 52 especially if interest rates go up considerable. 
Imagine another period of 15% the average hope with car loans and stuff will be screwed!! 

I spend all day trying to work out what to do - literally & im still confused. 

We are in an everything bubble & as much as there are beaten down stocks - its a tough call to invest in to equities!! If i had a choice right now it would be GDX, Wheaton & a basket of emerging market ETF's, but even they could tank on a mega downturn as they are listed on the FTSE or US exchanges!! 

The only thing IU can personally see worth investing is Silver, Rum/Whiskey, watches, Lego sets, art and other tangibles. 
Commercial property might have some deals as a lot of people are working from home, but thats mega money. 

Your best bet is to focus your energy on another income stream or several? Vending machines, digital courses, side business. 
Seeting up a very profitable business thats recession proof is probably the best thing & convert it to metals. 
One that requires minimal time to run, is scalable & has little opperating or purchasing costs. 

Sitting on mountain of cash is not abad idea right now you have a plan to execute - I am & so is warren Buffet..  
Crypto, stocks, property you name it should theoretically be on fire sale within a decade if history is anything too go by. 

I dont like the idea of a pension btw. (unless your employed as they add to it, but its still fiat locked with governments)
Look at interactive brokers new ISA - learn how to invest in stocks and bide your time. 
That way your proficient at reading charts / balance statements and knowing whats what. 
 

This is exactly my frame of mind too - I've worked in finance and pensions long enough to know that tangible assets (things to own and enjoy that have intrinsic value and you're not sentimental about) are much better. 

Lego is a superb example and not to admit to being a total nerd but some of the sets and pieces I collected ten years ago now net a 200% return! Who's laughing now wifey 😂

 

[HerefordBullyun]

2 minutes ago, MagnusOpum said:

This is exactly my frame of mind too - I've worked in finance and pensions long enough to know that tangible assets (things to own and enjoy that have intrinsic value and you're not sentimental about) are much better. 

Lego is a superb example and not to admit to being a total nerd but some of the sets and pieces I collected ten years ago now net a 200% return! Who's laughing now wifey 😂

 

Better return than gold, just proves how manipulated the markets are.

[GoldDiggerDave]

1 hour ago, MagnusOpum said:

This is exactly my frame of mind too - I've worked in finance and pensions long enough to know that tangible assets (things to own and enjoy that have intrinsic value and you're not sentimental about) are much better. 

Lego is a superb example and not to admit to being a total nerd but some of the sets and pieces I collected ten years ago now net a 200% return! Who's laughing now wifey 😂

 

I do  fancy the Star Wars At-At is that a good buy?

Edited April 13, 2022 by GoldDiggerDave

[CANV]

Back the early 90’s my son was massively into Thomas the tank engine.  I bought the whole set for him.  And another whole set to keep box fresh for for a birthday somewhere in the future.. the proper original die cast ones.   It’s the only time I’ve ever bought some potential collectible stuff like that..

no idea if it’s gone up down left or right. 

[MagnusOpum]

1 hour ago, GoldDiggerDave said:

I do  fancy the Star Wars At-At is that a good buy?

Good question - highly collectible but expensive so it's a niche purchase. Really depends on run numbers as few people will buy it at £650+ but down the line it could push £1000 when people realise they missed out. If you'd enjoy owning, building and displaying it then it's really only the cost to factor in. Would you buy that or a kilo bar of silver? Both can hurt your toes, just in different ways...

[HerefordBullyun]

1 hour ago, GoldDiggerDave said:

I do  fancy the Star Wars At-At is that a good buy?

I had original one as a kid not lego but the original release from series must be worth a fortune now!

[Lyrinn]

On 09/04/2022 at 21:33, watchesandwhisky said:

I'm looking for ideas or tips on things I can do, and opinions on my plans. First a bit about my current situation.

Ok so now mortgage approved assuming the sale completes I will have a mortgage to pay at approx. £580 a month. 

I have practically zero pension provision (as in about 900 pounds!) and I am 39 in June. 

A place to live that is my own has to take priority over pension. So i used a sizable deposit and got a loan to value of 70%.

I have an emergency fund of 4 months full bills to include everything and the mortgage in cash.

I have secured a ten year fix mortgage at 2.59%

I plan to do overtime where possible - and use that money to long term overpay the mortgage...

With a ten year fix I'm thinking I may be better served putting all overpayments into a stocks and shares ISA on some low cost index trackers - ten years is plenty of time, and if the market takes a major dip when its close to re-fixing I don't have to cash out then - I can always get a new fix...

As for pensions I also need to do something, First I thought SIPP, but that is only tax free for the first 25% at 55 years old, then taxable. 

So I am thinking a stocks and shares Lifetime ISA, cannot get until 60 and can only pay into for the next 11 years but its completely tax free. 

I want to clear mortgage, but i also need to make pension provisions (I do get a workplace pension I am maxing out but as of now thats only adding £37 a week - from December i get a much better rate and it will add about £60 with no extra cost to me)

So instead of making overpayments to the mortgage provider I am thinking for every £50 i clear in overtime put £35 into a stocks and shares ISA, and the other £15 into a lifetime Isa to add to pension fund. 

Thanks for reading, what do you think of my plans?

For context to the below that I'll add in...

My mortgage is currently £430/month. Was a fixed 5-year mortgage, ends shortly. It'll be the 7th year I have had a mortgage (previously had a 2-year deal). It was a 28-year deal. I'm very early 30's. I have about a third left to pay off of what I took out, as I focused on always getting the 10% overpayment that my bank let's me have for Jan-to-Jan, each year, of the remaining amount. I relied on overtime (my last job came with an unlimited amount) and not going on holiday at all - lockdown was a bit like how I would holiday over the past decade, case in point. I basically viewed my 20's as being the sacrifice to enjoying my 30's and beyond. If the bank has it their way, I will only have a mortgage of circa £215/month from here on, as I have eaten such a huge chunk out of the interest they would have made from me to date. However, my plan is to be mortgage free in about 2-3 years (I will ask to change the term length, or go elsewhere if they refuse).

I am increasingly tempted to pay off my student loan (was plan 1), as I don't have any credit cards/other items on credit. Everything I have I own outright.

On 12/04/2022 at 20:33, watchesandwhisky said:

Hi Roy, I think i have it mostly worked out, i did this pre mortgage application so I could show them I knew what my expenses would be. Let me know if any of these stick out as off, I think I have overestimated on some to be on the safe side.

Per month

Water and sewerage - £31

shopping - £140

Car maintenance, fuel ect £100 (not a lot but a 2 year old honda so reliable and cheap to run)

holiday fund £50

sim contacts £14

mobile phone replacement money £10

internet £25

electricity £150 (its a 1 small bedroom, 1 open plan lounge/kitchen type flat - with electric boiler, flat is EPC - B )

clothes £20

Life insurance - £50

unexpected (prescriptions, medicine, whatever else ect ) - £50

council tax £108

ground rent/service charge £100

Mortgage repayment - £550

Total bills and everything £1400, say £1500 to give some leeway. 

My basic salary just about covers this, but overtime will be needed for savings or overpayments for sure! I guess a figure of £7500 would be good for a 6 month all in emergency fund. 

 

My food bill, each month, is equal to that of my mortgage. I budget for £15/day for myself. You need to basically decide what your "luxury" will be. For me, good food is my luxury.

Clothes looks a bit low. For example, a new pair of boots/trainers will blow that limit you have set. Even just buying some new socks will eat 1/3 to 1/2 of that amount.

I don't see entertainment in the above list. Even my boring self has a budget for this (say you watch a film, buy a game, or have a gym/club membership).

The unexpected seems low but, as anyone here will also mention, it's impossible to account for how much this should be. I would say it's lower than mine, but that I rarely end up needing to use it.

Maybe I'm being dumb, but I can't see home and contents insurance anywhere? Is it included in ground rent/service charge?

Have you got an inflation factor in there? Without being rude, are your pay rises keeping up with inflation? I would track that somewhere too. Your overtime might get sucked up holding back the pain of inflation.

The rest are what they are, some vary from what I have too (as I'm sure is the same for everyone).

(Where's your TSF membership allowance...?!)

 

Top tips (even if obvious - and makes it sound like we're housewives sharing housekeeping tips on how to suck eggs!):

Don't use the tumble dryer unless you really need to. Invest in 2-3 heavy duty clothes racks and hang all washing up, even inside (takes up to 2 days to dry, but its free). Big saving on elec bill.

Use a dish washer - ignore doing it by hand - but don't let it run the dry cycle. Use a cloth to dry or let it air dry.

Making your own meals is much cheaper than buying them - duh, but still (eating out is more what I refer to).

You need to consider what "free time" you have and how you use it. If you aren't working, what are you doing? You shouldn't do too much overtime, or you burn out quickly - so, yes, you need to sacrifice some salary for fun too. Then again, if you find that you need an extra £x.xx per month to fund your entertainment, how many hours is this and is it there to be had? If the overtime is not there to be had, where from your budget can you "borrow" this from?

Set a goal of how much you want to repay each month (this will help you see if it's realistic or not). There are spreadsheet examples you can use for this which will take into account the amount you overpay plus what interest is applied to your mortgage (will calculate how many months/overall interest you will shave off your mortgage). Some people use their overpayments to counteract the interest applied each month. I.e., if the bank adds £200 of interest that month, they overpay by £200. Some people have fixed amounts (always pay £200/month). Some have seriously bad OCD (like myself) and like to see the numbers always rounded to the nearest £100 after overpaying by a certain amount each month, so the value wildly varies. Always keep track of it though, you don't want to overpay and be charged by your bank for early repayment - some will also say that you have to overpay in a minimum fixed amount (say £500 in one go), so read the terms properly. One strategy is to build up a big overpayment for the end of the year and "drop the hammer". This allows you to have some float, but to also make the overpayment that works for you and your budget. This is more expensive than doing smaller bits throughout the year though, as interest is calculated on the number of days each month and your interest rate (Feb will be the lowest interest rate you pay each year, as an example).

Pick what works for you and change it as you go if needed. Remember, 10 years is a long time to project into the future (I wonder how many of the more "silver" of our silver apes on TSF will be dead by then, for example - sorry, chaps, but time waits for no man!), so having a game plan that is multifarious and adaptable is the way to go - remember, it's not always the strongest or smartest who survive, it's the ones who can best accommodate and adapt to change.

Hope this helps. Good luck to you, sir, having your own castle is certainly worth it!

[GoldDiggerDave]

Consider term time 25 years was the norm but I'm seeing more taking 35 years and this begs the question will you ever own it especially if you re mortgage at some point within the 35 years.  I got friends of the same age who bought around the same time as us we overpaid and paid off 8-9 early at 38 years old today they still have a 22 year mortgage and will be 67-68 years old before they have paid theirs off.  

Service charges and ground rent can be a real stitch up, so if you are buying an apartment or new build home you really need to look into this.  I've seen horror stories where service charges jump in price and you have no option but to accept them.   Ground rent/lease hold can be a total ripoff in some areas some doubling every 10 years without the option to buy the lease.  

[watchesandwhisky]

1 hour ago, Lyrinn said:

For context to the below that I'll add in...

My mortgage is currently £430/month. Was a fixed 5-year mortgage, ends shortly. It'll be the 7th year I have had a mortgage (previously had a 2-year deal). It was a 28-year deal. I'm very early 30's. I have about a third left to pay off of what I took out, as I focused on always getting the 10% overpayment that my bank let's me have for Jan-to-Jan, each year, of the remaining amount. I relied on overtime (my last job came with an unlimited amount) and not going on holiday at all - lockdown was a bit like how I would holiday over the past decade, case in point. I basically viewed my 20's as being the sacrifice to enjoying my 30's and beyond. If the bank has it their way, I will only have a mortgage of circa £215/month from here on, as I have eaten such a huge chunk out of the interest they would have made from me to date. However, my plan is to be mortgage free in about 2-3 years (I will ask to change the term length, or go elsewhere if they refuse).

I am kind of the opposite, I dossed around during my 20s (and most of my 30s) and have to now pay the price of not being willing to accept a long standing self employed "business" never really was that. I'm nearly 39 and I'm just staring. Better late than never though. 

 

1 hour ago, Lyrinn said:

My food bill, each month, is equal to that of my mortgage. I budget for £15/day for myself. You need to basically decide what your "luxury" will be. For me, good food is my luxury.

I think its tight but doable, Whisky is my luxury I guess, I cant drink often any more but I have enough supply and variety of quality aged single malt to last me for many many years - as in at least over 25 years supply  

1 hour ago, Lyrinn said:

Clothes looks a bit low. For example, a new pair of boots/trainers will blow that limit you have set. Even just buying some new socks will eat 1/3 to 1/2 of that amount.

I don't see entertainment in the above list. Even my boring self has a budget for this (say you watch a film, buy a game, or have a gym/club membership).

Clothes is low I guess, but most of my time is spent in work uniform that is provided free - so my non work cloths get very little use and I am not fussed about fashion or trends. Shoes is my biggest cost as I wear through tread quickly - So probably do need to up this. 

 

1 hour ago, Lyrinn said:

Maybe I'm being dumb, but I can't see home and contents insurance anywhere? Is it included in ground rent/service charge?

Buildings insurance is in service charge for some things, but i also need home insurance for burst pipes ect - when i did a quote it was cheap so didnt include it - but it is a cost. 

1 hour ago, Lyrinn said:

Have you got an inflation factor in there? Without being rude, are your pay rises keeping up with inflation? I would track that somewhere too. Your overtime might get sucked up holding back the pain of inflation.

I work for the Royal mail, and being a unionised company I feel I am protected better than most - our union is the CWU and they are currently doing BT pay rise and have flat out rejected a £1500 year increase for them - stating a 10% increase is needed before industrial action is taken - the royal mail should be the same, they have just had a bumper year and payed out shareholder a ton in dividends - I Believe they will want the same for us. 

For fun we just go for walks in nice weather really, get some sun! but I also have a top spec gaming pc that will be good for years and a nice tv and entertainment system all paid upfront, plus a sizable physical media collection. So I feel im ok for entertainment, luckily we dont go out much and when we do its cheap. 

Cheers for the imput and thoughts, there sure is a lot to think about! 

 

[watchesandwhisky]

37 minutes ago, GoldDiggerDave said:

Consider term time 25 years was the norm but I'm seeing more taking 35 years and this begs the question will you ever own it especially if you re mortgage at some point within the 35 years.  I got friends of the same age who bought around the same time as us we overpaid and paid off 8-9 early at 38 years old today they still have a 22 year mortgage and will be 67-68 years old before they have paid theirs off.  

Service charges and ground rent can be a real stitch up, so if you are buying an apartment or new build home you really need to look into this.  I've seen horror stories where service charges jump in price and you have no option but to accept them.   Ground rent/lease hold can be a total ripoff in some areas some doubling every 10 years without the option to buy the lease.  

Its a tough one, but what else can I do? Rent for the rest of my life? even if I am paying a mortgage of into my 70s it has to be preferable to renting, at least I will have an asset to fund our old age care for a few years (oh what a joyfull though lol...)

It does have ground rent of £100 a year, but i have looked into it, it goes upto £200 in 2029 and then £300 in 2054 - So its there but sensible and not terrible like these ones that started at £250 and double every ten years. 

Service charge will almost certainly increase, but the management company does at least seem to tend the gardens, clean the communal hallways ect - I would love a freehold detached property but the reality is I cant even cant even dream of that, a lease hold flat is all I can stretch too. I am awaiting LPE1 form that show plans like reserve fund, when the service charge may be reviewed, any potential major works planned ect - will have a good read before I sign a contract.

I Think its the lesser of two evils, service charges suck, but should suck less than being stuck in a rental trap I cant escape.

I'm sure reality will hit home but at this point I am excited to be moving into the next chapter in my life even if a lot later than I should be.

Edited April 15, 2022 by watchesandwhisky

[GoldDiggerDave]

@watchesandwhiskygood luck to you mate sooner or later you’ll have to take them leap.  Sometimes over planning especially long term is as bad as having no plans at all.  Look at 18-24 month plan and if it’s working for you in the shorter term odds are it will also work longer term. 

[watchesandwhisky]

Cheers @GoldDiggerDave , yeah I think you are right there - We have to do something and it feels like now or never. Will take each day as it comes and work hard to get it cleared! 

For now I am putting all overtime earnt into a stocks and shares ISA, and putting a tenner here and there into a Lifetime ISA for when Im 60. I am hoping that will be a lump sum to help us clear a different mortgage in the future. 

the royal mail pension should grow at the rate of roughly 4.5k a year for 30 quid out my gross pay packet so thats pretty reasonable. It wont be enough but at least we are building equity in a property too. (and without children will be able to use it to fund later life potentially )

Edited April 15, 2022 by watchesandwhisky

[Minimalist]

On 15/04/2022 at 09:05, GoldDiggerDave said:

Consider term time 25 years was the norm but I'm seeing more taking 35 years and this begs the question will you ever own it especially if you re mortgage at some point within the 35 years.  I got friends of the same age who bought around the same time as us we overpaid and paid off 8-9 early at 38 years old today they still have a 22 year mortgage and will be 67-68 years old before they have paid theirs off.  

You forgot the 40-year mortgages. https://www.bbc.co.uk/news/business-59375333

[watchesandwhisky]

Coming back to this topic, my estimates weren't a million miles away, water and sewage cheaper, electricity a lot cheaper even at a new high fix! (90 a month) shopping underestimated thats about £200.

Things have been going well and I have made £3500 in overpayments so far. 

My pension is sitting at £1400 now, at nearly 40 this is pretty scary... up until now I have been on basic workplace pension (i put in 5% + 1% AVC, company puts in 3% (i have changed it from the default "10 year life Strat" too 100% equity.. 

as of the 6th of December I have been there a year, and I will get 10% from the company, with the option to raise my additional voluntary contributions , im going to put my 6% upto 10% meaning I get 20% of my basic wage going into a pension. 

My mortgage fix of ten years at 2.59% is now looking like a solid move, But I am aware that will pass sooner than it might seem, and unless I make overpayments there will still be significant debt owing at the next fix that is highly likely to be a lot less favourable. I currently own approx 30% of my property.

I am torn, should I up my AVC on pensions, to maybe a total of 15/20% payment from me to go with 10% from employer -  to try and catch up somewhat to where I should be. Or just raise my contributions to 10% and anything spare overpay mortgage? 

I am aware my pension needs time to grow, and what I put in now can have 28 years of compound growth still, but that dwindles by each year that passes, however at the same time that new mortgage fix moves a year closer...

Edited October 21, 2022 by watchesandwhisky

[Stacktastic]

1 hour ago, watchesandwhisky said:

Coming back to this topic, my estimates weren't a million miles away, water and sewage cheaper, electricity a lot cheaper even at a new high fix! (90 a month) shopping underestimated thats about £200.

Things have been going well and I have made £3500 in overpayments so far. 

My pension is sitting at £1400 now, at nearly 40 this is pretty scary... up until now I have been on basic workplace pension (i put in 5% + 1% AVC, company puts in 3% (i have changed it from the default "10 year life Strat" too 100% equity.. 

as of the 6th of December I have been there a year, and I will get 10% from the company, with the option to raise my additional voluntary contributions , im going to put my 6% upto 10% meaning I get 20% of my basic wage going into a pension. 

My mortgage fix of ten years at 2.59% is now looking like a solid move, But I am aware that will pass sooner than it might seem, and unless I make overpayments there will still be significant debt owing at the next fix that is highly likely to be a lot less favourable. I currently own approx 30% of my property.

I am torn, should I up my AVC on pensions, to maybe a total of 15/20% payment from me to go with 10% from employer -  to try and catch up somewhat to where I should be. Or just raise my contributions to 10% and anything spare overpay mortgage? 

I am aware my pension needs time to grow, and what I put in now can have 28 years of compound growth still, but that dwindles by each year that passes, however at the same time that new mortgage fix moves a year closer...

Best thing would be a side hustle & compound it in an investment over the next 20 years - ideally one you dont have to put much time into. 

[watchesandwhisky]

I do online surveys in my spare time when available on a site called prolific, hit a record of £18 yesterday and took about 2 hours. A bit time consuming but worth it as a sideline. 

My plan was along the lines of your sugestion, put it into a lifetime ISA for a tax free withdraw in 21 years time, get a nice 25% bonus too add to it too. 

[FlorinCollector]

You have come a long way in such a short time mate. Well done. Don't have all the answers but anything over the match I don't see the point. In the future your money will be worth even less and most likely in a higher tax environment. I am 26, I got to £10k in my pension. I now do not contribute anything to it. 

I think paying off the home is a big one that makes the most sense. Then you can continue to build wealth with no debt and no stress of a higher rate environment for a long period of time. Nobody knows how bad it can get. 

 

[watchesandwhisky]

20 minutes ago, FlorinCollector said:

You have come a long way in such a short time mate. Well done. Don't have all the answers but anything over the match I don't see the point. In the future your money will be worth even less and most likely in a higher tax environment. I am 26, I got to £10k in my pension. I now do not contribute anything to it. 

I think paying off the home is a big one that makes the most sense. Then you can continue to build wealth with no debt and no stress of a higher rate environment for a long period of time. Nobody knows how bad it can get. 

 

Thanks mate! Its mad to think I had nothing last November accept 25k in bitcoin, selling at about 57k per coin was as of now the best financial decisions I have ever made.. Landing the job made me realise how much work I have to put in to bring home that wage and that made me realise I needed to sell my bitcoin - at the time I felt it was my only chance of getting on the property ladder. 

Matching the 10% from the company would seem to be the best option,  with hard work then I can still clear the mortgage in the 10 year time frame. 

[GoldDiggerDave]

6 hours ago, watchesandwhisky said:

I do online surveys in my spare time when available on a site called prolific, hit a record of £18 yesterday and took about 2 hours. A bit time consuming but worth it as a sideline. 

My plan was along the lines of your sugestion, put it into a lifetime ISA for a tax free withdraw in 21 years time, get a nice 25% bonus too add to it too. 

Just look at all the details with those lifetime ISA's the 25% is not for the total term time so do your sums.   If you need the cash for any reason check to see how much you lose. 

Normal cash ISA's are paying ok ish returns only fixed for 2 years, and with the likely rates set to increase on the 3rd November we could see over 5% returns, for me at 9% returns on my savings I don't need to work.   I have one ISA maturing this month for around 26-27k I'm just holding off fixing that one for a month or two just incase I can get over 5.5% ish on that one 3k return for fixing that one for 2 years  is not too bad it will cover the council tax for about the same period so I look at that as free council tax for 2 years. 

I have another isa that is fixed until early 2023 and if the interest rates go the right way I should be sitting pretty, about time savers got some half decent returns. 

 

[SiCole]

Personally if I was you I would look into doing additional things in your spare time to make extra money. 

I used to purchase things, refurbish them and then sell them for a premium. I ended up making more doing that than I did in my PAYE job so I went full time into that. Once that business was successful and on good financial standings i invested part of the profits into property with residential buy to lets and flipping. Now I've moved more towards commercial industrial units (like a lot of pension companies do).

[watchesandwhisky]

The lifetime ISA pays 25% extra on top of deposit within a couple of months, the early withdraw fee is 25% (but ends up being more than the initial deposit due to being 25% of the total with bonus). 100% tax free lump sum at 60 but can only pay into it until I am 50. 

I can certainly try to do extras in free time, but I already do a ton of overtime at work and usually work 55 hours a week roughly.  So free time is already limited.

[Petra]

3 hours ago, watchesandwhisky said:

The lifetime ISA pays 25% extra on top of deposit within a couple of months, the early withdraw fee is 25% (but ends up being more than the initial deposit due to being 25% of the total with bonus). 100% tax free lump sum at 60 but can only pay into it until I am 50. 

I can certainly try to do extras in free time, but I already do a ton of overtime at work and usually work 55 hours a week roughly.  So free time is already limited.

You know what they say, ‘working too hard to make money’! Maybe if you could find something else, then eventually it would pay to cut down your 55 hours as that surely isn’t sustainable?

[CANV]

If you have 2.59 ten year fix I would not overpay a bean.  Inflation is 10 per cent. You are reducing your best performing asset ..

put more into your pension it’s tax efficient or stocks n shares ISA. 
don’t own cash.   

[FlorinCollector]

5 hours ago, CANV said:

If you have 2.59 ten year fix I would not overpay a bean.  Inflation is 10 per cent. You are reducing your best performing asset ..

put more into your pension it’s tax efficient or stocks n shares ISA. 
don’t own cash.   

I feel this advice is going to age poorly. Don’t own cash currently. Really?

[GoldDiggerDave]

7 hours ago, CANV said:

If you have 2.59 ten year fix I would not overpay a bean.  Inflation is 10 per cent. You are reducing your best performing asset ..

put more into your pension it’s tax efficient or stocks n shares ISA. 
don’t own cash.   

Mate if you are in your 30’s you will never see a return on what you have paid in to your pension all your life, you will have to live to 84 just to break even if you are lucky.  
 

I paid my mortgage off before I was 38, the best decision I ever made, I’m 46 now and not really worked for the last 3 years, and have savings around 17 years out goings allowing for inflation and interest rates are in the up🤗 
 

The dream of a pension keeps you turning up to work every Monday morning,