Pay it off ???? 30 November 2006 at 10:29AM in Mortgage-free wannabe 14 replies 1.9K views

ajurquhart

Hello,
first of all, i`m new, but what a great site.....
Anyway, we have 58K owing on a 250K house, i`ve got the cash to pay it off, should i ??

David_B_2

That's the million dollar question and people will argue all day to why you should and should not pay it.

I guess it depends on if you want to carry on paying the mortgage for the remaining term and how long this is. What about working out the interest you'll pay if you stayed and vice versa if you cleared it.

What else you could do with the money to get better returns?

If it was me and you're got savings and emergency funds elsewhere I'd be getting rid, but I'm afraid it's up to you.

I can tell you that if you gave ME the money instead then my mortgage would be gone within the month.

Good luck with your decision.

zag2me

Pay it off I would imagine it's one hell of a feeling!

nidje

If it were me I'd pay it off and enjoy the feeling of being mortgage free and debt free.
N x

Cannon_Fodder

Depends on where the cash is....

I wouldn't take it out of ISAs, as that's a valuable, indefinite tax allowance. You should be able to make more than the Mortgage interest, or as near as dammit, from a Cash ISA. Stocks & Shares ISA performance is dependant on the funds chosen, but also should be performing better than the Mortgage costs you.

Then, you should have a Regular Saver or two, for some ready cash in case of the unexpected.

After that, assuming no fees/charges for early redemption etc, I'd go for paying it, or as much as is left, off!!! You lucky people.

ruth39

I would pay it off. Most of the accounts mentioned above only let you pay in small amounts of money e.g. £3,000 in a cash ISA. Getting enough interest on your savings to outperform what you will save with your mortgage - and without risking your capital, would be difficult.

liz.._4

I would pay it off, I stuck everything I have into the mortgage and can see an end to it in the near future...great feeling!

savedup

Hi

I agree with others here, provided you have no other debts, and you have some cash in savings for emergencies ( min 3-6 months income ) - then get rid of the mortgage - I did this - and have never regretted it for a second.


Good Luck.

donstermonster

do not pay it off, Buy 58000 scratch cards

donstermonster

ok, i am joking

garywayne

I am also in the position to pay in full and was also wondering whether to or not. The reason I am here is that I thought you where clobbered by tax, or some government scam.
Does anyone here know the cheapest way to pay off the mortgage?