Remortgage to go part-time?

[TinDogTavern]

I’m 56 with six years left on my mortgage. Currently about 20% LTV. Single, no dependents, modest salary.

Like a lot of post-menopausal women I’m bloody knackered. I’ve worked full time without a break for 35+ years. I’m knackered. I’ve recently gone down from five days to three, with the intention of using savings in the very short term and developing various side hustles to top up (three days pay is worth less than five days at NMW).

I’ve started thinking about remortgaging and extending the term as a sort of equity release so I can use the released cash as a means of staying part time now. Is this even a thing? Is it a terrible idea?

I have an OK pension and could probably afford to retire completely at 65 assuming I’d paid the mortgage off, and just get by until my state pension came through.

(Of morbid relevance; both parents still alive and in good health but elderly. I have always assumed an inheritance of zero as otherwise that way madness lies, but realistically if either were to die I would almost certainly be able to pay the mortgage off. I feel like I’m almost wishing ill on them by hedging my decisions around that possibility, which is really not helping my decision-making.)

I would do anything not to remortgage in your position tbh, and not sure it would be worth it just to add 3 years so that you could have it paid by 65 to be able to retire.
I know someone who is still having to work 3 days at age 69 because she still has a mortgage to pay. If yours is going to paid off by 62 now I’d try to overpay as much as possible and pay it off a bit earlier. What side hustle ps have you got in mind?

Can you go up to 3.5 days at work and put all of the extra days money into over paying mortgage?

At your age I’d put all my effort into paying it off as quickly as possible, not extending it. If you paid it off you’d be in a good position to retire a bit earlier if needed. Don’t use all your savings either, make sure you keep enough for your retirement/if things go wrong.

Agree with the above - I would throw everything at paying it off

I would look to clear it too. If it helps, I would look at it as the total number of hours you have to work to stop altogether and do as many of those as you can while you are younger. If it is bad in your fifties, it is so much tougher in your mid sixties.

Don’t laugh, but I’ve done my Door Supervisor’s license. The plan is to do security for “soft” family friendly events rather than being on the door of Spearmint Rhino at 3am.

Thanks for the replies. To be clear, I can’t live on 3 days work in my income bracket. I need a fourth day (confident I can make that up with side hustles) but that would be very tight with zero scope to overpay.

how would working security be less exhausting than an extra day at your current job? I’m just trying to understand the difference. It will be long hours, possibly late nights, standing on your feet all evening.
I get it, I’m menopausal and knackered, but I have no other choice but to plod on. I’ve nobody that I could inherit anything off and, unless I win the lotto, won’t be able to retire until 67 as no chance of building significant savings. I definitely won’t remortgage though, mine is due to be paid off when I’m 62, I may be able to drop hours then until retirement. 🤞🏻

At 56 your are still fairly young. As others have said go all in paying mortgage off, or another alternative maybe downsize from where you are now to somewhere cheaper to be mortgage free.

@TinDogTavern I would be working full time and chucking everything I had at the mortgage. As soon as it’s paid off I would go part time.

This calculator can illustrate how much over paying would a) reduce the term and b) reduce the amount of interest.

Honestly the relief once it’s paid off will make it worth it.

There is no extra day at my current job. Sorry, when I said I’d gone from five to three I should have said I’ve gone from a full time job to a part time different job.

I can manage three dats sedentary plus one more active - plus I think I’ll enjoy it. I don’t intend to do late or night shifts. I live in a big city and there’s tons of family friendly day time events that need licensed security.

Thanks all. These are really useful perspective. I think perhaps the reason I’m trying to wangle more free time now is because I am still relatively young and I think I’d be able to enjoy my down time more now than in ten years when I’ll probably just want to sit round in my pants all day watching reruns of The Chase.

Generally, advice is to always pay off your debt first

I strongly suggest

Pay off your mortgage
Continue to pay into a work pension
Save up an emergency fund

Then consider your options

I wouldn’t remortgage. I’m a similar age and have similar time left on mortgage.
I am married though and husband is 5 years older. We are throwing everything we can to pay off earlier. Then can consider retiring or cutting hours.
I work full time and am menopausal but I want to earn the. Best whilst I can.