pay off mortgage?

djemmo

I have an endowment mortgage which will end in 7 years, the endowment will realise about 60% of the amount owed.I am present paying the interest only, in March I will be in a position to pay off the mortgage in full. Is this my best option or is there a better way of doing it.

cheers
Dave

opinions4u

What other debts do you have, and what rate are you paying on them?

What is the rate you are paying on the mortgage, and are there any early repayment charges?

Could you get a higher return simply by banging the money in to a suitable savings account?

1. If you have more expensive debt, pay that off first.
2. If you have ERCs, do some maths before paying the charges.
3. If your mortgage rate is less than 2.5% and you are a standard rate taxpayer then you could probably bang the money in to an AA savings account and get a better return.

All options to consider. Hope that helps.