Paid off the ice cream van !

[Ridgeway]

Paid off the finance on the camper last week, officially it's now ours and not the finance Co's

We saw getting into a camper as almost like a house purchase in some ways with them being so much more expensive than the tin tent we had before, roughly 4 x the price new vs new and there was no way we could have afforded to "buy" one when we started in our early 40's so it was either A) wait 25yrs until we retire and buy one then or B) take out a lease and enjoy it with the family as they grow up. We chose B and have enjoyed every KM of the journey so far, even those that involved a tractor and a tow rope

We'll have been "camping" for 30yrs this year and the last 10 of those in the van with some what more luxury vs the 2 man tent i set fire to on the Isle of Mull some years back. It's funny but now that we own it i tend to think things will start going wrong with it but as long as we can make do until the children aren't still camping with us then it should be more than enough and then we can downsize to a targeted PVC or something just a bit smaller.

Now off to get the permit de circulation/carte grise (V5) changed so we know we own it

 

[bobnick]

Great feeling paying off any loan/finance.
Remember going into our Nat West many years ago on one of our UK visit's. Asked to see the manager (didn't need to make appointments in them day's).
Told the manager we want to pay our mortgage off in full now, £61,000. He did everything to persuade us not to. Cost us 3 month's interest but we went ahead. Never ever regretted it. Not had a mortgage or loan of any description since. If i can't pay for it i can't buy it.
Our credit rating is shocking, am i bovvered.

 

[pampam]

Congratulations its a lovely feeling

 

[MisterB]

Great feeling paying off any loan/finance.
Remember going into our Nat West many years ago on one of our UK visit's. Asked to see the manager (didn't need to make appointments in them day's).
Told the manager we want to pay our mortgage off in full now, £61,000. He did everything to persuade us not to. Cost us 3 month's interest but we went ahead. Never ever regretted it. Not had a mortgage or loan of any description since. If i can't pay for it i can't buy it.
Our credit rating is shocking, am i bovvered.

I have a totally different experience.
When I retired 10 years ago, I also went into the bank manager's office to pay off my mortgage with my lump sum, I was also advised not to, I took their advice and invested in property. We built up a portfolio slowly and we now own (with a mortgage) 6 BTL properties. It enabled my wife to give up her job 4 years ago (12 years before she was able to collect state pension) and provides her with a higher income she was getting previously. We are buying a brand new motorhome in July, albeit with a small loan of around 10% of its cost, (we paid @40k cash for our current Moho - all paid for by our investments, which will be paying the loan back!) if we sold our rentals we would get back nearly 3 times our original investment and could pay off our mortgage if we sold just a couple of them, but the returns we get make that a poor decision financially.

We are lucky to have bought our BTL"s at the right time, we were lucky to have a bank manager who gave us good advice, we are lucky that my job allowed me to retire when I did, on a good pension with a good lump sum and we are lucky to be young enough to enjoy our lives. We are lucky enough to start inheritance planning at a time in life when others are wishfully thinking of retiring.
So my advice would be to look at ways a retirement lump sum can work for you long term rather than just pay off the best low cost loan you're ever prob likely to get.

And my comment isn't having a go at the OP, he is more than happy with his situation and I would love to buy an ice cream from his van while we chat about what a pain it can be having rental properties, because there are plenty of downsides to my path !!

 

[Slippymurphy]

Yep it’s good to get rid of the loans if possible, I was always told to keep a mortgage ,if affordable , for as long as possible as it’s almost free money. Goes against the grain though as for a lot of folk the first thing you’ll do if you can is “ pay off the mortgage”

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[Ridgeway]

Yep it’s good to get rid of the loans if possible, I was always told to keep a mortgage ,if affordable , for as long as possible as it’s almost free money. Goes against the grain though as for a lot of folk the first thing you’ll do if you can is “ pay off the mortgage”

Yep the mortgage is another story, that one is a lifer and will be passed on to the children

 

[bobnick]

I have a totally different experience.
When I retired 10 years ago, I also went into the bank manager's office to pay off my mortgage with my lump sum, I was also advised not to, I took their advice and invested in property. We built up a portfolio slowly and we now own (with a mortgage) 6 BTL properties. It enabled my wife to give up her job 4 years ago (12 years before she was able to collect state pension) and provides her with a higher income she was getting previously. We are buying a brand new motorhome in July, albeit with a small loan of around 10% of its cost, (we paid @40k cash for our current Moho - all paid for by our investments, which will be paying the loan back!) if we sold our rentals we would get back nearly 3 times our original investment and could pay off our mortgage if we sold just a couple of them, but the returns we get make that a poor decision financially.

We are lucky to have bought our BTL"s at the right time, we were lucky to have a bank manager who gave us good advice, we are lucky that my job allowed me to retire when I did, on a good pension with a good lump sum and we are lucky to be young enough to enjoy our lives. We are lucky enough to start inheritance planning at a time in life when others are wishfully thinking of retiring.
So my advice would be to look at ways a retirement lump sum can work for you long term rather than just pay off the best low cost loan you're ever prob likely to get.

And my comment isn't having a go at the OP, he is more than happy with his situation and I would love to buy an ice cream from his van while we chat about what a pain it can be having rental properties, because there are plenty of downsides to my path !!

In a similar vein. We also have several property's rented, some high value in the center of Manchester. However they were all bought outright.
Our E-Type, MoHo and all other high value vehicles have been bought outright also.
For some i agree it suit's, for us wont do finance.
Son has lot's of property's ALL with mortgage, although he has been quids in for a few years now with the rate dropping as it has.

 

[Geo]

Started off as a nice glowing achievement post,, well done by the way,
try and continue to bank what you were paying monthly. or it will disappear into the ethos
and you will wonder how you managed to pay for it,
Now its turned into a sickly bragging rights post

 

[bobnick]

Started off as a nice glowing achievement post,, well done by the way,
try and continue to bank what you were paying monthly. or it will disappear into the ethos
and you will wonder how you managed to pay for it,
Now its turned into a sickly bragging rights post

Always one eh?

 

[Littlewheels]

Great feeling paying off any loan/finance.
Remember going into our Nat West many years ago on one of our UK visit's. Asked to see the manager (didn't need to make appointments in them day's).
Told the manager we want to pay our mortgage off in full now, £61,000. He did everything to persuade us not to. Cost us 3 month's interest but we went ahead. Never ever regretted it. Not had a mortgage or loan of any description since. If i can't pay for it i can't buy it.
Our credit rating is shocking, am i bovvered.

Shocking credit rating is an oddity l always think,you need a debit card for purchases that you pay off monthly along with a Debit card with a limit mist people could only dream about and yet if you needed a new mattress on the knock as they said in days gone by you would be turned down ,sorry sir the commuter says no.

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[bobnick]

Shocking credit rating is an oddity l always think,you need a debit card for purchases that you pay off monthly along with a Debit card with a limit mist people could only dream about and yet if you needed a new mattress on the knock as they said in days gone by you would be turned down ,sorry sir the commuter says no.

I was told it was because i had no history of servicing a debt. We do have CCs and DCs. CCs paid off in full on a given day of the month.

 

[Spriddler]

When I paid off my mortgage early with a lump sum I was advised to leave 50 quid outstanding as it would be simpler if I needed to borrow again than starting a new loan from scratch. I didn't and haven't.
I guess I'm lucky in not having any interest in material possessions or trophy cars, nor any desire or need to acquire more assets or income.
I certainly couldn't be ar*ed to to deal with investment properties. Life's too short as it is.

 

[bobnick]

Property's are our investments and pensions as being overseas for so long our Gov pension is minimal. Management, at a fee takes care of all the ar*sing about.
Cars and bikes are my/our hobby's and interests. I don't look on them as trophy's.

 

[Gooney]

From my redundancy I went to the bank pleased as punch to settle my mortgage, I was offered quite a good end of bonus but decided to carry on paying for a further five years. When it came to end of term I ended up with a bonus that was less than I’d been offered 5 years previously. SUCKER printed on my forehead

 

[bobnick]

When we settled ours about 25 years ago the interest rates were in double figures so it "made sense" to us at the time. Nowadays mortgages are indeed as someone mentioned cheap money.

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[Spriddler]

Cars and bikes are my/our hobby's and interests. I don't look on them as trophy's.

I was thinking more of the trophy Chelsea tractors for the school run. I'm told that their options pack includes a can of spray-on mud.
I have some essential vintage Brit motorbikes for which life's too short as they demand a lot of ar*sing about.

 

[pelican]

I was thinking more of the trophy Chelsea tractors for the school run. I'm told that their options pack includes a can of spray-on mud.
I have some essential vintage Brit motorbikes for which life's too short as they demand a lot of ar*sing about.

Is it possible to buy spray on Bullshite for the C tractor

 

[mitzimad]

when we paid a lump of off our mortgage we left about a grand on it it still had 5 years to run but i just stopped paying it we had a bank rate tracker and as the bank rate was down to about 1 percent and i was getting 5 on a 123 account i just put the money in there two years after the official end date of my mortgage they contacted me to ask why i wasn't paying lol