‘Should we start by repaying our mortgage?’ Is a question we’re often asked. Many of those who come to us for advice have inherited or have realised it’s time to get their pensions and savings organised; and sometimes it’s mortgages-plural, if they have a second home or rental property. Being ‘mortgage free’ has great emotional as well as financial appeal. Your home is your own, whatever happens you’ll have a roof over your head etc. However, although you’ve lost an outgoing and gained an asset, it’s an illiquid asset, and you can’t get your hands on those funds again without selling up or borrowing again; which might not be so easy next time. So when interest rates were close to diddly squat, it could be a nuanced decision for many. Arguably, the big increase in mortgage costs brings it closer to a done deal when the next fixed rate that most are on finishes. But the fact remains, you can’t take a withdrawal from your home. It’s all or nothing. So still needs careful thought.
“How to get rich in 2025”
Who wants to be a millionaire? Well, if you’re one of the 35% of the UK population renting long-term or of the 20% officially living in poverty, the answer’s ‘yes, please’.
