Itsallaguess wrote:Femi wrote:
Fixed Rate Mortgages (very low rates) came to an end on my property portfolio - so I took money out of "Equity / Fund" investments and paid off the mortgages rather than re-mortgage or slide into much higher SVR. In the long run that may end up being a mistake - who knows - but I'm happy with the decision, it was mine
As someone who paid off their mortgage many years ago now, before I started to seriously ramp up my income-investment portfolio, I will always say that the personal well-being benefits of such a move simply cannot be quantified or calculated in terms of 'pure financial returns'...
My recommendation from this point forward would be to simply forget about even the chance of such a move being a 'mistake', and just enjoy the feeling of being free of what is often a considerable amount of debt every morning when you wake up...
I agree- being mortgage free is a very pleasant feeling, notwithstanding ours was not significant when we redeemed paying the balance a few years back lifted my spirits and made me far more relaxed, it was like ticking off one more thing on the retirement checklist, pensions in place, tick, state pension years, tick, mortgage cleared, tick.