Should I pay off my mortgage with my savings? What would you do??

jamesml

In which case, you are going to be worse off keeping the mortgage - you'll pay more in interest than you will receive back on your savings.

On that basis by itself the answer would be to pay off the mortgage, however there are too many questions to answer in terms of what your future plans are, whether this level of income is expected to continue, etc. Personally I'd probably be looking at more property. If the yields look after themselves you could potentially buy a couple of BTL's, maximise your income, providing you're happy to keep repaying your mortgage out of your monthly income.

jamesml

And anyway, pick a decent IFA and they won't just tell you to invest in stocks and shares (although that is potentially going to be part of an investment strategy).

Wh05apk

moneymark wrote: »

I'd love to get an offset but because of my self employment my advisor has told me no deals are available.

Are they saying you could not remortgage to any lender because of your income, as your other post indicates you have been offered other deals, if so there is no reason you could not get an offset?

Seabee42

Firstly clearing a mortgage is about financial freedom so sometimes that can outweigh a small interest gain or loss.

Clearly you are generating cash at the moment do you need a rainy day fund?

Do you have a plan for what to do with any further cash generated?

What are your financial goals?

I would suggest you speak to an independent financial advisor.

Personally I would clear the mortgage but I like the idea of freedom others would say invest the money you should be able to get better growth rate than cash investments. What do you want:)