Paying off mortgage??

anonymousie

Hi

I have a relatively modest (55k) mortgage, interest only (with a set of blooming endowments t hat wont clear it in 12yrs times as they should have done- another story:mad: so we have been saving to pay off the capital and leave the endowments standing as a "bonus" at arounds the time the kids will need uni money etc).

At the moment I have a good "savings pot" sitting doing very little as we are always "thinking of moving or extending" etc etc but never manage it!

Anway extension has been thought of and the first step (getting plans) is actually happening. REalistically it'll be a year or so till it is done.

Any reason why we shouldn't pay of about half the outstanding mortgage- we will onviously need to borrow more again further down the line.

Be gentle- my finances are not well invested, and I must sort that, don't owe though either (apart from the mortgage).

Any better way of starting to sort it out apart from just sending a crisp cheque for many thousands to the building soc, clearly marked "for reduction of capital".

SPembo

One reason to consider not paying off could be your mortgage live assurance. Obviously, this would pay the full amount if one of you passed away or the remaining balance should you have paid some off. Just something to consider.