Do I pay off the entire mortgage?

Mojisola

If you cleared your mortgage but kept putting a lump sum into savings each month, you could be mortgage free and build up a rainy day and/or a "lets have some fun" fund

katejo

I would leave a very small amount in the mortgage. I currently have a very good lifetime tracker which is still (as far as I know) portable to another property.

Zero_Sum

you're better off leaving a small balance, as if you pay off you'll not be able to get to credit cards for stoozing etc

Thrugelmir

katejo wrote: »

I currently have a very good lifetime tracker which is still (as far as I know) portable to another property.

Portability can only be determined at the time of application for the new mortgage.

Mrsss_2

Thank you for the replies. As my 5 year fix deal is ending in a few weeks I am assuming that it won't cost me anything to overpay. I was wondering about portability but if any additional money borrowed when we move will be on a new rate then there doesn't seem any point retaining the mortgage. I had read that the deeds are now electronic so that doesnt give a reason either. Think I will just pay it off and feel very grateful.

Yorkie1

The suggestion is always to have a certain amount of money set aside for an emergency fund - up to 6 months' income or outgoings.

If you have this, then the next suggestion is to double check whether you have retirement funding sorted out.

Then compare the savings rates against the mortgage rates.

And take into consideration all the above advice!