job at risk question

meat_n2_reg

Hi ,
Not sure if this is posted in the right forum , need your input mods please move if needed

My job is at risk will know in June if ok or not , the question is I have saved hard for last 2 years and saved up 11 k .
I also have a small mortgage approx 7k left , I am thinking whether it will be better to pay the mortgage off with some of my savings leaving me 4k left , will be able to save 500 pm up to June giving me savings of 6k and no mortgage ...This will take the pressure off to to find a new job as been in my current job for a long time and think I will find it very hard to find another job ...

I know I am in a relatively good position , and really feel for younger people / families , however have been there and have the t-shirt

any thoughts ?

Cheers Steve

Fruitcake

I'm not in your position but protecting the roof over my head would be my main priority. Depending on how much your mortgage is costing you, it may be better to put the 7k in savings schemes (ISAs etc) that will pay you interest at a higher rate than you are paying on your mortgage.

If you are quick you can put ₤3600 in an ISA now and the same amount again after April the 5th. That way you will be able to pay off your mortgage if you still wanted to but you would have the capital available if you needed to use it for something else. Meanwhile it would be earning interest.

Having said that, the idea of being mortgage free is very tempting. Add that to savings, redundancy money if you are eligible, and any benefits you could claim, you would still be in a very sound financial position.

Good luck whatever you decide.