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Should I pay off my mortgage?
JonnyTwoToes
Posts: 67 Forumite
I'm managing to save about £2k a month at the moment, which is building into a nice amount (saving it is ISAs and Premium bonds at the moment).
Ideally, it would be great to be mortgage free - I've got two houses with a mortgage on each. We rent one of the places out that covers the mortgage payment and we've only got a few years left so I'm happy to let that carry on until it's paid off.
My question is about the house that we live in. I managed to get a lifetime tracker of 0.3% above base (I know, very lucky) so we are only paying 0.8% at the moment.
It seems silly not to make the most of the interest rates and save rather than pay off the mortgage - anyone have another angle on it?
Cheers for any responses!
Ideally, it would be great to be mortgage free - I've got two houses with a mortgage on each. We rent one of the places out that covers the mortgage payment and we've only got a few years left so I'm happy to let that carry on until it's paid off.
My question is about the house that we live in. I managed to get a lifetime tracker of 0.3% above base (I know, very lucky) so we are only paying 0.8% at the moment.
It seems silly not to make the most of the interest rates and save rather than pay off the mortgage - anyone have another angle on it?
Cheers for any responses!
Original Mortgage £68456.47
Now £53521.10 - Mortgage to be cleared April 2014 (32 months and counting!)
Now £53521.10 - Mortgage to be cleared April 2014 (32 months and counting!)
0
Comments
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Save, until rates go up, then pay off the higher of the 2 mortgages if you are unable to save at a higher rate to your interest earned on your savings.
That said, I don't like owing money to banks, so my nature would be to pay off whatever I can as fast as possible until at least one mortgage was paid off...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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