Mortgage free in six months?

billynw

Hi guys,
Great site here with loads of good advice.

But my wife & I are at bit of a confusing time with our mortgage, but we are very lucky.

We took our’s out in 2003 and got a mortgage for £63,000.
The payments were about £350 a month but after a year or 2 we upped are payments to £500 a month. Then not long after this we starting over paying by £500 a month so it was £1000 a month payments.

Are mortgage is up for renewal in April but the way we are going it will be paid off in December. I even felt like going in and paying it off last week with saving we have.

We want to move up the property ladder in a year or two but no rush at the moment, so will be saving up for the move once the mortgage paid off.

Would it be best to pay our Mortgage off ASAP or slow it down?

Some people have told me to slow it down as it will be harder to get another mortgage in a year or two?

But it would be nice to be mortgage free.

Any advice would be great fully appreciated

LilacPixie

well what rate of interest are you paying on your mortgage and what rate to yu gain from savings? If you mortgage rate is higher IMO pay it off.

Yes mortgages may be harder to get in a few years time but yu will have a large deposit to put down if you continue to save 1k a month plus selling your current home.

billynw

Many thanks for your help here LilacPixie.

Think thats what we will do, also it will be a very nice feeling to be Mortgage free at 34.

Thanks again.