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Should I pay off my mortgage
MummyDog
Posts: 2 Newbie
I have a £25848 interest only mortgage due to finish on 31/05/13 with an interest rate of 5.49%. My original endowment has matured at £22800 (full value of original mortgage). I also have a repayment mortgage of £1399.18 due on 30/11/12 at an interest rate of 6.29%. Should I pay off my full mortgage, just the £22800 or put this money into savings.
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Comments
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Are there any early repayment charges associated with this?
The interest rates are high, I'd be tempted to clear the lot if you don't have to pay any stupidly big ERC, then sit back, have a big smile and a cup of tea, and be proud at what you've achieved today!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 -
Yes unfortunately 5%0
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Ouch. Don't have the necessary maths skills to help you out I'm afraid - someone older and wiser will need to number crunch for you...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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