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    • locka
    • By locka 7th Jul 17, 10:25 PM
    • 30Posts
    • 2Thanks
    locka
    Do I pay of my mortgage?
    • #1
    • 7th Jul 17, 10:25 PM
    Do I pay of my mortgage? 7th Jul 17 at 10:25 PM
    Hi guys I have 7years 7 months to go on mortgage which is currently at £10,10,389. I'm paying 1.75% in interest and was thinking of paying this off. My redemption price would be £9,922.34, I can pay that off and still be left with over £25,000, in the bank

    I do need to change my bank account as it's not paying that much. This is also on my list. I'm 42 years of age, and need to also make sure I save for my retirement.

    Does it make sense for me to pay it off. Someone did say it makes sense to keep a very small mortgage however I'm not sure weather I should pay it off or not, advise please
    Last edited by locka; 09-07-2017 at 12:21 PM.
Page 1
    • locka
    • By locka 10th Jul 17, 10:32 PM
    • 30 Posts
    • 2 Thanks
    locka
    • #2
    • 10th Jul 17, 10:32 PM
    • #2
    • 10th Jul 17, 10:32 PM
    I'm still not sure what's best anyone got any advice please
    • Debtslayer
    • By Debtslayer 10th Jul 17, 10:40 PM
    • 401 Posts
    • 558 Thanks
    Debtslayer
    • #3
    • 10th Jul 17, 10:40 PM
    • #3
    • 10th Jul 17, 10:40 PM
    I'm no expert but if it were me I'd pay it off so the house was mine, especially as you have 25k still left in savings after doing this
    Are you likely to want to move though and get another mortgage? If so then I wouldn't pay it off.
    How much are your mortgage payments each month? So how long would it take you to save this amount again?
    Current Mortgage 01.10.17 £113,513.88
    MFW Start Mortgage: £114,794.64
    Current MED: 2036 Target MED: 2026
    Overpayment Target for remainder of 2017: £2,000
    Mortgage overpayment savings: £473.20
    MFW No 124
    • TheShape
    • By TheShape 10th Jul 17, 10:47 PM
    • 1,044 Posts
    • 803 Thanks
    TheShape
    • #4
    • 10th Jul 17, 10:47 PM
    • #4
    • 10th Jul 17, 10:47 PM
    I'd recommend posting on the Savings and Investments forum and asking what else you could be doing with your money rather than paying down a relatively cheap debt.

    You'll get some good advice about what you could do with your £35k+ and some advice on saving for retirement/pensions both of which would probably be better to think about right now than paying off your mortgage.

    As part of your first post you should say how much you have in savings and where, whether you have a partner and/or children and what your current employment and pension situation is.
    • locka
    • By locka 11th Jul 17, 6:46 PM
    • 30 Posts
    • 2 Thanks
    locka
    • #5
    • 11th Jul 17, 6:46 PM
    • #5
    • 11th Jul 17, 6:46 PM
    My mortgage payments around £121 a month I'm single with no kids, though I live in hope of finding someone and having kids. I have no intention of buying another place or moving at the moment however if my relationship circumstances change then I might.

    I will need to spend some money on the house as to when I'm not sure yet but i hope that will not cause me an issue.
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