Pay off mortgage?

Redrobin_2

Hi everyone, this is my first post on the forum, so here goes.
I have about 3 years left to run on my mortgage and was considering paying it off, I owe about £10,000 and I could just about find this amount through savings but this would clean me right out.
My thoughts were to pay it off and then save the money i am currently spending on the mortgage into a cash isa.
My repayments at the moment are £315 per month, so it would take 31 months to replace the savings.
Opinions on the best thing to do would be much apreciated.

originalmiscellany

As long as there's not ERC (Early repayment charges) pay it off.
Then continue to save at the rate you're paying into a savings scheme so you won't feel any worse off, but you're not paying the banks a nasty interest rate, and you're building up a nice ISA which you can treat yourself to.

But my nature is to aim to get rid of the mortgage in my life as a priority - other people may think differently.

SeriouslySeekingtoSave

The only decent reason to not pay off your mortgage in my opinion is:

A. You are getting a better rate in a savings/ISA account (remember to minus tax if it is in a savings account)
B. You think you will actually need a large sum of money for something

But saying that I wouldn't advise totally wiping out your savings. Maybe £5k to halve the mortgage and then you still have the security of savings if you need them.