Paying off mortgage vs Saving

2010

Bufger wrote: »

If the interest on your debt is lower than the interest you can make on the same sum in a savings account then you're better off not paying the debt until circumstances change (unless you just want the peace of mind).

Or unless you want to pay triple for the property over the mortgage period.

planteria

Bufger is correct, of course.

but i will pay off my mortgage early anyway.

Bufger

Thats the decision I would also probably make purely for the mental relief that everything you have you own outright.

nrsql

I wouldn't pay off the mortgage unless it gave you appreciable savings. You might not be able to get another mortgage quickly if you wanted one later.

Maybe look to see if you can pay off capital without charges and have the facility to withdraw that money later. If that's the case then pay off as much as you can.
I did that some time ago and left £100. Taken a lot out again now though to buy another property (1.39% interest ).

davidqu

That's the mortgage cleared, got the confirmation letter this morning!

Was tough parting with so much money but defo think I made the correct decision.

Archi_Bald

I bet you are wearing a massive smile on your face now. You own your home now, not the mortgage company. One of the best days in anyone's life. Well done!

Thrugelmir

davidqu wrote: »

Was tough parting with so much money but defo think I made the correct decision.

No need to look back. Far easier to plan the future. :beer:

davidqu

Yeh it's a great feeling thanks, enjoyed celebrating last night ��

Just one last question though if anybody can be of any help.

Might sound stupid but here goes

There's a line in the letter I'm not sure about though

It is your responsibility to arrange for the discharge to be sent to us for signing and then to register the discharge. You can ask your solicitor to do this for you or alternatively you could consider preparing a discharge yourself.

I'm obviously not wanting to pay a solicitor if I don't have too, anybody know what's involved in this as I don't have a clue.

Many thanks