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Should I pay off part of mortgage?
spottedzebra
Posts: 2 Newbie
Hi Everyone,
I am new to the forum today and I need some advise please.
We will be receiving approx £30,000 in redundancy very soon.
We have a £50.000 mortgage supported by two endowments. One for £30K due in 2012 and the other for £20K due in 2018. Both endowments are currently on track.
I am wondering whether to use the £30K redundancy to repay a huge chunk of the mortgage early, thus hopefully saving myself a lot of interest and reduce my monthly payments. I can then look forward to the endowment money in a few years time.
Thanks
Pauline
I am new to the forum today and I need some advise please.
We will be receiving approx £30,000 in redundancy very soon.
We have a £50.000 mortgage supported by two endowments. One for £30K due in 2012 and the other for £20K due in 2018. Both endowments are currently on track.
I am wondering whether to use the £30K redundancy to repay a huge chunk of the mortgage early, thus hopefully saving myself a lot of interest and reduce my monthly payments. I can then look forward to the endowment money in a few years time.
Thanks
Pauline
0
Comments
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Will you need the money to live on if you are being made redundant ? have you found another job ? if you will need the money I would avoid repaying yet, but once you have found work then yes, you pobably should repay your mortgage.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks for your reply. There is another job in the pipeline which is almost certain, but will leave the repayment a couple of months anyway, just to see how the job goes.0
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