Should I pay off my martgage

remlapwc

I have £8000 left to pay off on my mortgage It costs me £220 amonth, my savings are now only earning £45 a month against £80 this time last year. Would it be more economical to now pay off my mortgage, a £50 deeds depatch fee would be charged.

Anon

If you have the money available then I would pay it off - depending on the lender, you may be able to leave the deeds with them in Deedstore (so that you don't have the hassle of looking after them yourself).

Calculate what % you are receiving on your savings and how much £ you make in interest each month, after tax, and compare that to the mortgage rate. If the mortgage rate is significantly lower than the interest, you are in profit - if not, not worth saving.

That said, if I had the money, would still pay off the mortgage as all ncome then s yours to spend each month.

Anon

MrMicawber_2

£200 on a £8000 mortgage is enormous. What is your interest rate and what term are you paying over.

Before you pay it off just check you are not tied in to any penalties. If you are include them in your calcs to see if it's worthwhile.