Mortgage V No Mortgage?

[firsttimemum77]

Okay - this question seems like a no brainer to me but I could be wrong....

Personally I think that the sooner the mortgage is paid off the better - however my MIL who thinks she is the bees knees because she has 4 properties and 3 she lets out (2 have a mortgage on them) advised my DH that we should rent out our property (which has a small mortgage on it) and buy another with a bigger mortgage and (I don't know how it all works) pay some off the mortgage off the new property with the rent received from let property....

I say - we have a small mortgage and more savings then the amount of mortgage owed, lets pay the mortgage off, be mortgage free at 32! Then if we want to buy another house, we can sell up and move to another paid outright...

DH says MIL advised that its always good to have a mortgage - WHY? and she must be right because she is 'experienced'...

AIBU to think MIL is talking pants!
Prepared to be told I am...

It depends on what you want and your outlook on risk. Better to be leveraged with some debt as in the long run you'll get a better return if you invest wisely.

Rollacosta - that's exactly what I want, that special feeling! Just knowing we are so close to being mortgage free gives me that 'tingling' feeling! .

We are financially secure in the sense that we don't have much outgoing then income and a very nice nest egg - being mortgage free would be the icing on the cake!

Having just been told two thirds of my salary will go after the summer when one of my two jobs disappears, I am very keen to start paying off more of my mortgage. It really is the one thing which hangs over you when money is tight. I am going to use a lot of my redundancy money to pay off as much as possible, rather than keep paying until I am 60. I am mid forties.

You are younger though and the rates are very favourable.