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To be mortgage free... or perhaps hold out a while?
jarthurs
Posts: 56 Forumite
As of this Friday I have the option of becoming mortgage free! I only have £14k left on the mortgage on the family home. I'm just about to complete a house sale which will mean I could pay off my mortgage.
We are however hoping to embark on a substantial extension which could potentially exceed the capital received from the sale of the other house. So I was wondering would it be better to keep paying the existing mortgage (it's only £72/month) as if we did need further money to complete the extension we might have a better chance of extending our existing mortgage. I'm self-employed and I suspect I'd never get a new mortgage in the current climate.
Any thoughts?
Regards,
Jason.:j
We are however hoping to embark on a substantial extension which could potentially exceed the capital received from the sale of the other house. So I was wondering would it be better to keep paying the existing mortgage (it's only £72/month) as if we did need further money to complete the extension we might have a better chance of extending our existing mortgage. I'm self-employed and I suspect I'd never get a new mortgage in the current climate.
Any thoughts?
Regards,
Jason.:j
0
Comments
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Sounds to me Jason like as you said, you'd be better off keeping your mortgage open if only for a few months, until your building work is completed, thus you could extend the mortgage easier than if you needed to re-apply etc...Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370
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