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Smashing the fuck out of the whole mortgage 20 years early is pretty good feeling though.
Yeah, looking forward to this... would've had a mortgage for only 8.5 years in my whole life, and never intend to have one again.
I'm old school and boring and in my feeble brain debt is bad. Paying it off sooner allows you to quickly build up cash reserves again for that midget dungeon or whatever you come up with next (we want to redo the kitchen now - 10k not 70k :P).
Old school too, I don't have the network to master the more complex arrangements, will keep things simple.
I would recommend a builder for you but I don't think his labour fits into your budget ;)
Velocio-
haha we have some builders ready to go, we just have to pull the trigger on the 'stuff'. We were saving money by removing the old kitchen ourselves but I now have one arm so smashing the old kitchen out might take a bit longer.
I'll be over to your place soon to cover your door in Eat the Rich stickers :P
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Old school too, I don't have the network to master the more complex arrangements, will keep things simple.
That's the thing, there's probably ways to make you earn 20% more over time some other way but what would make you happiest? I know I'd feel much better in my day to day life being mortgage free than knowing I've got money accumulating in some unknown way for an unknown day.
If you can be essentially mortgage free then I'd say it's a no brainier, paying rent/mortgage is the number one cash stress for most of the country, without it you've pretty much won the game.
Edit just reread what you posted, I'd do option 1. As long as you can have some cash savings left over, say 20k, or figure out the overpayments during the rest of the mortgage term to see if that works better?
hippy
Gewürzt
I bought well within my means and had the advantage of already lowest ever rates. So my repayments could basically be made if I just didn't go to the pub two nights a week. Smashing the fuck out of the whole mortgage 20 years early is pretty good feeling though. I know some people say there's good debt and all that, but I'm old school and boring and in my feeble brain debt is bad. Paying it off sooner allows you to quickly build up cash reserves again for that midget dungeon or whatever you come up with next (we want to redo the kitchen now - 10k not 70k :P).