60k - buy a motorhome or pay off some mortgage?

[WetBench]

I know it’s a lovely problem to have, but most people are aware that people coming into chunks of money do not usually do so through happy means, and most people would rather give the money back to not be in that position.

So I I have the opportunity to buy a motorhome for £60k, or pay off some of the mortgage and reduce it down from 60% to 50% and take out a loan for 25k to pay for the motorhome. We have been on several trial holidays hiring different models and have narrowed down the one we want and think we would use it for short holidays and longer 1/2weeks.

Although maybe that’s just crazy and we should pay off more mortgage or keep it for a rainy day, and that’s a stupid amount to spend on anything. We spent 2 years umming and ahing about buying a garden bench so this is way out of our usual comfort zone and price range. Our savings would be down to zero buying this.

But circumstances mean we want to get as much out of life as we can in the next few years and this seems to be the solution?

If it were me, I'd do the mortgage, but given your post at 14.34, I think you should get the motor home.

If you are over 55 the camping and caravan club do very good rates. Worth joining.
I think I'd want to keep 10k savings. Gives you a buffer until you can sell an asset.
But if you have the opportunity to do it and it will improve your quality of life, then I would.
And I am a serious mortgage overpayer!
That could also be an option. If you can spare £10 a week, look at overpaying. You could save a hell of a lot in interest and offset the guilt while having the cash to splash out on your motorhome while you can get the most benefit

You would have to use it an awful lot to make sense. If you only spend £1500 annually on a holiday, it just wouldn't be worth it. Spend the money on lovely travel and hotels instead.

Maybe OP doesn’t want to travel and stay in “lovely hotels”. Far too many people on this thread just pushing their own viewpoint on things. OP is aware that’s it’s not a solely economic decision so that’s fair enough. I’m sure every poster on this thread spends money on things that others would consider a waste.

Pay off mortgage and hire one instead.

No maintenance fees etc and if you get bored of one model you can try another plus a motor home would only be used on holiday so 95% of the time doing nothing

Whereas your home - 95% of the time you’re in it.

It’s a no brainier for me to do the mortgage first.

[quote WetBench]@thelegohooverer 6m with an electric/drop down bed. So bed made up and ready to go and slightly bigger seating area for day use than those with fixed transverse beds.[/quote]
TBH we havent found that we needed larger seating area, but obviously it depends on what you want.. the problem with drop down beds and a U shaped lounge end area is then lack of 'garage ' space .. We have found that we pack a lot into the space under the bed.. Boxes of stuff ( shoes , waterproofs, other useful stuff you never think you'll need until you are out there) , our fold up electric bikes , Cadac , table chairs and awning side panels ..... I am also thinking of getting an inflatable paddle board..

Its really good to get awning panels as it gives you that extra living space.. either that of a drive away awning.. You do need to think about where you will keep that kind of stuff.

we have found the electric fold up bikes invaluable.. then you can leave the van set up on site and go out on those .

Also if you have a pop up roof or solar panels like we do , you cannot have a box on the roof .. once you go into it , there's lots to think about ..!

In your circumstances motorhome all the way. Ideally nearly new so you don't have all the initial tax payments and depreciation but I understand that in the current climate this may not be possible. It may be a depreciating asset but it is generally slow depreciation and it will always retain some value, especially if you maintain it well. If you ended up selling it a few years down the line you will still get financial value and you will have had so much more from it meantime.

My friend's DM sold hers a few years ago. She had it for the last 5 years of her much loved DH's life. They used it a lot - especially given their circumstances and even when he was very poorly. It was their happy place. She still talks so very fondly of their motorhome and their holidays and it is a great source of comfort to her that they spent that time together. She still got decent money for it (although it was a wrench to sell it) and she is still paying off the mortgage. She has a settled life and both her girls have homes of their own nearby. She's not financially rich, but she's doing fine and her life is full of love and memories.

Motor home!!!
With abit to pay off some of your mortgage.

@Dogsandbabies

You are asking in the wrong forum OP. Mumsnet users are obsessed with overpaying their mortgage which invariably is not the shrewdest investment. It all depends on you interest rates. Mortgage rates are very low. I have never overpaid my mortgage, instead I invest my money elsewhere enabling me to make my money work for me harder (and if interest rates were to go up I could take the money out and repay my mortgage).

If you are planning on buying a motorbike regardless you are probably better off paying for that rather than your mortgage and then get a loan. That is madness!

Agreed! I would not overpay my mortgage with the super-low rates available now

That layout makes sense. We have a ladder to our bed and it’s my least favourite feature.

Most motor homes hold their value, so I'd look for a second hand one. Then I'd spend half on the motor home and half on reducing the mortgage.

Cheaper motorhome and 30k cash in the bank to cover whatever may lie ahead. Wouldn't tie it all in bricks or in a motor home

Also we have found that we mostly sit outside (or in the awning) when we are 'at home' , and have even in the rain !
(...except one trip where we had rain with a sideways gale on a Devon headland when we didnt even consider getting the awning out .. but even then we were fine in the seating area we had ..)

Motor home!

My sister has had motor homes for years and always gets a good price when they p/ex as she uses throws and cushions and covers the carpets with thin rugs etc. She also made her own version of a duvalay too.

Her vans always look brand new after 3 years use. They usually go away mid-week to avoid the crowds and have been all over the U.K. and overseas in them too.

Her newest one is an automatic and the shortest van she’s ever had but with a loo/shower combo too. They started off with a Hymer but have been gradually reducing the size as they now want to be able to park easily in normal car parks when out on day trips.

Mortgage all the way for me.

I’ve got about 5% of mine left and it’s a really reassuring feeling knowing that everything is (almost) organised if anything was to happen to me.

Mortgage for sure! Security in having a home trumps luxury holidays everytime. You might only be travelling around the UK but a 60k motorhome equates to luxury holidays imho.

Mortgage every time

Motorhomes are surely going to be more expensive than normal at the moment!

Hate to say it, but do you have insurance cover to pay off the mortgage if the worst happened?

We have a campervan and we're soon going to sell it and get a newer one. We borrowed some of the money towards it but not all. Basically we made sure that we never owed more on it than we'd get selling it. So it's a safe bet if life goes tits up.

It is a joy for us for daytrips. We have no loo but we use it to have a rest, picnic, warm drinks, even hot food in winter. It extends our outdoor adventuring season immesurably.

Mortgage for me, but that would clear mine with some left over

@NotTheMrMenAgain

Life's short and experience has taught me that you never know what's around the corner, but you can't live your life holding your breath, waiting for the next bad thing to happen or change to come.

My advice would be to buy the motorhome, enjoy the here and now and make the make the most of it!

Agree with this.

We got a lovely motorhome with an inheritance about five or six years ago and we have never regretted. We got absolutely loads of use out of it. Not so much in the last couple of years, as DH changed jobs, so we are going to have a think about whether to keep it next year once things may have settled down a bit. I don't know if it's been "worth" it financially, but for the stress-free travel and all the adventures we've had it in, it has been absolutely worth it!

I’m fairly sensible with money verging on stingy at times but these last couple of years I have relaxed a little , life is for living I would 100 percent go with the motor home altho I’d try spend a bit less and stick some in savings

We have a motorhome and we love it but motorhoming isn't for everyone. I suggest you try hiring first to see if you like it.

My work colleague had exactly this dilemma following an inheritance. He bought the motor home and says it’s the best decision he ever made !