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Original poster

would you stop overpaying the mortgage in order to get a holiday every year?

47 replies

FayeGovan · 17/06/2012 08:31

I know the thread title is a bit daft

my situation is this

we have been overpaying the mortgage to try to clear it, its now at £18000

I hate debt and would like the mortgage gone

BUT we live quite frugally, we don't earn much £26k between us, and we have only had one good (eg. abroad) holiday in 16 years with the kids

the kids are now teenagers and we have done the beach, walking, Butlins type of things in England for the other 15 years and frankly I'm fed up with it and we have tried everywhere we can think of

now I know kids don't need holidays/we don't either...but it would just be so nice to have even a week abroad, we live in Scotland where it seems to rain 51 weeks of the year and it would be nice now the kids are getting older to treat them and us to a week abroad once a year

question is, roughly how much would one week abroad for 4 of us be (not luxury on our income), or would \i be better to keep paying off the mortgage and face another soggy beach in England again?

OP posts:
RedHelenB · 17/06/2012 08:35

Go abroad - you haven't many holidays left with your children. How much are you wanting to spend?

PoppyWearer · 17/06/2012 08:37

Have a holiday.

Security is all very well and good, but your mortgage is tiny (really, it is, well done!) and you have very little time left with your DCs at home to make some memories together.

Original poster
FayeGovan · 17/06/2012 08:39

that's how I feel.........

I'd want to spend I think about £1k -£1.7k, including spending money, dont know if I'd fancy all inclusive as we'd like to be able to go out and about and not be tied to meal times

is that do able?

OP posts:
CherryBlossom27 · 17/06/2012 08:40

I'd say have a holiday, you have got a small amount left on the mortgage so I think you've earned a treat! Life is short, enjoy it now :)

VivaLeBeaver · 17/06/2012 08:40

Yes. I wouldn't go into debt for a holiday but I would stop a mortgage overpay to get enough money. You'll have good memories of the holiday for ever.

WhereMyMilk · 17/06/2012 08:41

Sounds doable. How about one of the lovely campsites in the south of france? They have lively chalets/ static caravans.

InMySpareTime · 17/06/2012 08:44

How much time is left on the mortgage? How much are you overpaying?
Does your mortgage allow payment holidays for previous overpayments, or would you have to make certain minimum payments?
How much would you save for the holiday "pot" ?
Would you spend the holiday fretting that the mortgage would need paying once you got back, and not really enjoy it?
You probably need to talk to your family, an estate agent, and your mortgage company to work out what's best for you and your situation.
I am in a similar situation, we overpay the mortgage, holiday in the UK etc. but 8 years behind you age wise (DCs 10 and 8).
I will be interested to see how this works out, as your situation is mine fast forwardedSmile.

Original poster
FayeGovan · 17/06/2012 08:46

I was also thinking of extending the time left on the mortgage a bit more, we have 6 years left to pay it, but I was thinking of extending that another 6 years so we could save maybe £150 a month on the mortgage payment

we're both late 40's

I think if we did that and saved £150 a month we'd get a holiday for that

all this time I've been scrimping away and making over payments to reduce amount and term of mortgage and its just hit me, ds1 could leave home/or more likely want to go away with his pals in a few years and if we want some decent family holidays left we'd better find a way to start saving for them now...just feels a bit rash spending on a holiday...

OP posts:
scummymummy · 17/06/2012 08:46

Definitely go on holiday.

Original poster
FayeGovan · 17/06/2012 08:50

Inmysparetime, I don't think I would fret, as long as we were meeting the mortgage payments I think I'd adjust

it would be hard getting my head around having another 6 years to pay on the mortgage as I've got an age and stage we want to be at when its done, but I think having a few nice holidays with the kids would be a good trade off

as I get older I'm getting fed up being sensible all the time and am starting to think lifes too short....

OP posts:
Fluffy1234 · 17/06/2012 08:59

I would also go for the holiday. In a few years time your DC probably won't want to go with you so it would be a lovely thing to do as a family.
I wouldn't swap my memories and experiences for anything.
Have a great time.

PorkyandBess · 17/06/2012 09:04

Have a splurge!

Your children won't look back fondly at your mortgage being overpaid, but they will certainly remember some fabulous holidays.

We blow my husband's bonus on a holiday every year. We could easily have paid off the mortgage with it, but that's not what life's all about!

AnnoyingOrange · 17/06/2012 09:06

You are right. Sometimes life is too short. And you only get one shot at it. I am naturally a cautious person, but it's all about finding a balance. It would not be unreasonable to have one decent holiday after all these years of scrimping

PooPooInMyToes · 17/06/2012 09:07

Yes! Go on holiday! Lifes too short! Its experiences that matter and what an amazing experience for your children to go abroad for the first time.

SaraBellumHertz · 17/06/2012 09:11

Definitely go on holiday.

reddaisy · 17/06/2012 09:16

Holiday! Life is far too short.

MummytoKatie · 17/06/2012 09:19

I'm a fellow mortgage-is-debt-get-it-gone-er and I'd advise you to have the holiday! Our mortgage to income ratio is slightly lower than yours (we owe roughly my annual salary (me and h earn similar amounts)) and we regret not having more expensive holidays before dd came along.

trixymalixy · 17/06/2012 09:23

I would normally say mortgage, but given how frugal you have been and the ratio of your mortgage to income, I'd say one holiday won't hurt. I don't think I'd extend the mortgage term though if you've managed up until now. Imagine how great it will be in 6 years time to be mortgage free!!

AThingInYourLife · 17/06/2012 09:34

Holiday

springlamb · 17/06/2012 09:37

I don't think I'd go for extending the mortgage term. As a fellow 'planner', I'd be looking forward to finishing off the mortgage in 6 years and starting to put more into retirement planning (and further/higher education funds for dc). However, I do think you could consider a holiday/holidays. If it's hard to justify it to yourself by doing it just 'cos you want to, see it as part of the dc education - showing them different places and different styles of living than UK ones.
One of the most valued holidays we've taken was a cheapie, self-drive to a campsite in Switzerland, which was also a hub for the travelling-round-Europe buses. The dc met so many people of different nationalities and different walks of life with different reasons for travelling, it was a really useful eye-opener for them (as well as all the lovely scenery and activities we enjoyed).

Santa70 · 17/06/2012 14:18

As previous posters have said, in a few years the DC will be off with their friends. It wont be cool to go on holiday with their holidays. Do it.

Santa70 · 17/06/2012 14:18

parents...not holidays!

Santa70 · 17/06/2012 14:19

And £2k would get you a week all inclusive somewhere...

ByTheSea · 17/06/2012 14:21

I don't overpay the mortgage and I do go on holiday. Enjoy your DC on holiday while you still can.

startlife · 17/06/2012 19:09

Holiday, definitely - we took my dd on a fab holiday in her late teens, I'm so glad we did as I realise it might be the last family holiday. We have wonderful memories which I will treasure.

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