Should I pay off part of mortgage?

spottedzebra

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

apk1

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.

spottedzebra

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.