To pay or not to pay

goppo

I'm on the verge of being mortgage free, got an offset mortgage with the outstanding mortgage completely offset by my savings. (ie paying no interest)
The question is, should I pay off all my mortgage or just carry on making the equity payments?
Look forward to your opinions

Jays

Welcome Mark

I'm pondering this one too, as we will be in the same situation later this summer. I am going to stick with paying the equity, I figure I am not paying interest so not loosing there, and can still access a loan at a low rate or raise a deposit for another property should we need to (as we have overpaid the mortgage), as well as having access to our savings if we need to. Once the mortgage is paid off, you will not be able to do all this as easily.

I'm sure others will be along to discuss this much further, and I will be interested to see what their advice is too.

Best wishes, and congratulations at nearly paying off your mortgage too.
Jays

alecpr

Sorry not much help, just wanted to add that I too am considering what to do when I reach this point, hopefully not in the not too distant future :-)

Thefunkygibbons

I would have thought that once you have a rainy day sum, you should look at investment opportunities, otherwise you are getting standard interest on your savings

You probably need to look at a portfolio approach
- ISAs
- Pension enhancement
- Stock market - perhaps an index trader
- Perhaps some premium bonds
- a buy to let if you can be bothered