Should I pay off my mortgage discussion

woodstock212

Hi,
I will be made redundant next year, the question I have is..
Can I (legally) use my severance pay to clear my mortgage leaving me with very little savings (maybe £2000).
Thanks

GettingThingsDone

I don't see why not? It's your money...

gtd

SalsaDanca

Yes, it's your money and you can do what you like with it. However, if you use all your savings and redundancy money to pay off your mortgage, you still won't qualify for any benefits that are assessed on the amount of savings you have.

Regards,

Rob

jamesd

Will you be applying for benefits?

woodstock212

Jamesd re. benefits
What will I be entitled to.
Single dad, 1 kid at uni and 1 living with me

Dithering_Dad

try www.entitledto.co.uk to see what bens you're entitled to.

woodstock212

Live in N. Ireland, entitledto doesn't cover.

Dithering_Dad

Sorry, I didn't realise. I wonder if there is an equivalent though? If I were you I would post a question onto the benefits and DFW boards to ask them if they know of an equivalent website to www.entitledto.co.uk for Ireland. Worth a punt.

Jules

I live in N.I and use www.entitledto.co.uk all the time, it does work for us. On the home page click on the calculator tab at the top and then go through it from there, works great. Hope that helps.

Jules

thriftybabe

Not sure if I am putting this in the right place so please excuse me if i am wrong! We have just paid off the mortgage in our home (yeehaa!) but would like to know if the same principles would apply for a buy-to-let mortgage. We have just a property for buy-to-let and thinking that we will make lump sum payments to this and then buy it out right. Does anyone know if this is the best idea. Any comments would be grateful.