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Paying off a mortgage
Dynamo_Dex
Posts: 1 Newbie
I currently have 28000 left on my mortgage which should be paid off within 4 years. I have moret han that amount sitting in a range of savings accounts with quite poor interest. Is it worth paying off the mortgage in full now?
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Comments
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I personally would pay it off , congratratulations
. Kindness costs nothing
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I'd say pay it off - the saving's rates aren't great at the moment. Congratulations from me too - it's an amazing thing to do!Current debt and mortgage: £25, 820.35 Debt/Mortgage at start: £92,598 (27/09/2010)
DEBT FREE!0 -
What exactly is the interest rate for your mortgage? There may be better paying savings accounts than you currently have and paying higher interest than your mortgage.In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0
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You can either do the mathematics and find a savings account that pays more in interest than your mortgage rate, or pay it off nad enjoy the fact that the next census that comes around willl see you recording yourself as owning your own home without a mortgage. If I had realised that earlier, i would have pushed to get their for the one just gone !!!!RosieTiger - Highest £242,000 Feb 2004 :mad:
Lightbulb Dec 2008 £146,000 by March 2026:eek:
MFi3T2 and T3 No 28 - Dec 2009 Start Balance £117,000
Current Position-Fully off set by savings since March 20130
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