Is it worth it?....

I have lurked on this board for a long time, reading in awe what people manage to achieve. I know generally paying off your mortgage early is sooo worth it, however I have only 18 months left on mine. Originally it was all on interest only but about 6 years ago I put some on repayment as our endowment was going to be a shortfall. Now the endowment should cover the remaining interest only part with a few thousand left over, so although I want to do it Im not sure how great the saving would actually be. The interest only bit is only 14k now and the endowment even with the shortfall should reach at least 20k. Is it worth scrimping at this stage with such a relatively low mortgage and short term left? Any thoughts/ advise would be welcomed. I'm not really financially savvy although would love to be.:)

Replies

  • Secret_Saving_SquirrelSecret_Saving_Squirrel Forumite
    4.1K Posts
    Mortgage-free Glee!
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    You should workout how much interest you will be paying on that £14k over the 18 months and decide whether or not you want your financial institution to have it. I am in a similar position with a small amount left, it is about £500 of interest saved if I pay it early as opposed to just letting it run on but I am still paying it off as they have had enough of my money!

    Squirrel
    Paid off mortgage nine years early in 2013. Now picking and choosing our work to fit in with the rest of our lives!
    Still thrifty though, after all these years:D
  • gelegele Forumite
    124 Posts
    Sixth Anniversary 10 Posts Combo Breaker
    You're right. If I can pay reasonable amounts monthly I could still save about £1500 and there a lot I could do with that! I feel very annoyed with myself that I didn't do it much, much sooner as I'm sure lots of us do on this forum. I've wasted so much money. Oh well, I cant turn the clock back. I will be overpaying as much as possible to the bitter end!
  • Tilly_MFW_in_6_YRSTilly_MFW_in_6_YRS Forumite
    7.8K Posts
    Mortgage-free Glee!
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    Hi, every penny you OP saves you interest and means ultimately more money on your pocket.

    Looking at it a different way, if you were offered £100 cash in your hand, or the chance to give it to your mortgage provider, which would you take?

    How fab to be so close :T

    Good luck

    Tilly x
    2004 £387k 29 years - MF March 2033:eek:
    2011 £309k 10 years - MF March 2021.
    Achieved Goal: 28/08/15 :j
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