should I pay off my mortgage or save?

flying_mythos

I have a chance to pay off the remainding £70k on my offset mortgage, do I do it and pay it all off or keep some debt incase I need to borrow? not getting any interest on savings as interest is too low, what do I do?

Robert_Sterling_3

There is a lot to be said for paying some off.
It feels great to be mortgage free and without the monthly payment you can treat yourself each month.

Eco_Miser

If you leave a nominal debt of £1, you should be able to re-borrow from the account if you need to. Check the T&C's of you account to confirm this.

flying_mythos

Thanks, I managed to get the mortgage without the bank checking my income, won't they contact me if I have a debt of £1 on a £70k mortgage? Nothing in T+c's about minimum amount, what will happen to any savings I have linked to the off set mortgage?

Eco_Miser

I thought an offset mortgage used savings to reduce the mortgage, usually fluctuating over each month. so if you've got £69999 savings you just owe £1. If this is not correct in your cae, I'm sorry, I can't help. If the T&C's aren't clear, you could ask your lender to confirm you could increase your debt if needed without a lot of messing about.

I've just got an ordinary mortgage, with just £1 owed and 6 years to run. If needed I could draw back whatever amount is my current net overpayment. The lender suggested I do this.

Glad

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WGG1848

Keep some back - you can't spend a brick