Pay off / pay some / invest money

splash

Due to some inheritance I've found myself in the very fortunate situation of being able to pay off my mortgage BUT I'm getting conflicting advice on what to do.

Part of me thinks that with the rising interest rates expected soon, I should pay off the mortgage and put the monthly payment into a savings account - but we're looking to move in the next 12 months so is it worth it?

Then there's the thought of just reducing it down to a minimal amount so I still have some residual cash to play with - or do I live with the repayment (16 yrs remaining) and invest the cash elsewhere?...any ideas?

Thanks
Splash

kingkano

Whats your mortgage interest rate? Are you on a deal with an Early Repayment Charge?

IT sounds a considerable amount of money. Could you keep it aside, then use it as deposit for the new house, thereby making yourself almost chainfree (not having to sell the house your in now to progress in the sale)?? This would be a nice position to be in later I should think....