Paying off mortgage early

Lately, I have focused on paying off my mortgage early instead of investing. I figured I’d be more relaxed if that’s settled. I’m 41 and plan to settle there balance in 4 years time whilst keeping an emergency fund and all that.

Afterwards, I plan to start working part-time. 4 day week and focus more on rest and life.

A penny for your thoughts.

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Paying down the mortgage as quickly as possible became our priority when I was diagnosed too. Looking back that was a good decision for us.

Of course I wish I had taken out critical illness cover on that mortgage, and I expect you wish you had too, but never mind, live and learn. :grimacing:

I would talk to a financial advisor if you have not yet done so. Having said that, our minds were already made up about the mortgage before we got an IFA. Peace of mind was the driver for us on that one, just as you say.

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I was diagnosed at 14 and took the loan ten years later. I pay insurance on it but i have no idea what it covers exactly. As you said, my priority now is to get rid of it as soon as possible.

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Seriously, you need to thoroughly pursue the possibility that the insurance might pay off some or all of your loan before you do anything else. Particularly before you pay down the capital. Please, please check that first. Do you have a financial advisor? It might be you could do with some professional help here.

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We don’t have financial advisors here but I’ll definitely check that out, thanks!

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Sadly, i have to die for them to pay out.

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Yes, I was the same. Life cover only, alas.