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Do I pay the mortage off now?

SEANYDAY
SEANYDAY Posts: 4 Newbie
in Mortgages & endowments
My Dad passed away in January. It is all going to probate at the moment. He has a flat which has about £6k left on the mortgage. The flat is being rented out still and I'm paying the mortage until it can be sold. Is it worth paying it off now or just waiting until I sell it? There is probably about £90k equity.
Thanks!:j

Comments

  • HappyMJ
    HappyMJ Posts: 21,115
    10,000 Posts Combo Breaker
    Forumite
    SEANYDAY wrote: »
    My Dad passed away in January. It is all going to probate at the moment. He has a flat which has about £6k left on the mortgage. The flat is being rented out still and I'm paying the mortage until it can be sold. Is it worth paying it off now or just waiting until I sell it? There is probably about £90k equity.
    Thanks!:j
    Just wait until it is sold if the bank is willing to wait. If there is enough cash in the estate such as from a life insurance payout then that cash could be used to pay off the mortgage. Don't use your own money though.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • Thrugelmir
    Thrugelmir Posts: 89,546
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Forumite
    SEANYDAY wrote: »
    The flat is being rented out still and I'm paying the mortage until it can be sold.

    The rent belongs to the Estate. Although your father is dead there is still the matter of tax to settle.

    Do not muddle your affairs with those of your late father.
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