what to do

Running_man

Hi
Am in a lucky position.Have now got the money to pay off loan AND mortgage.
Trouble is house needs money spending on it.On good wage but never seem to have much left at end of month-never go overdrawn.
Now do i pay everything off and save to do things or not pay mortgage off (on low rate) and use this for house after saving it.

sensible i know is pay everything off-but sometimes get fed up of fighting for money all the time to do anything

nellis10

A favourable position to be in
I'd pay it off and keep the payments you were paying into mortgage and Loan into a Savings account. that way you maintain your spending status quo, but now you are saving and not paying off a debt.

Monkeyballs

Agree with Nellis.

You'll no longer be paying interest but making it instead! If there are any "urgent" jobs which need to be done sit down and consider the time scales in which you would like to get them done and then do the maths to see what you have to do to save the required amount in that time...

Give yourself a little time to get some cash together and maybe some of those things you think need to be done will become less pressing

MB

theoretica

I think you need to think hard about the jobs that need doing. Are they the sort that will cost more the longer you leave them (leaks and rot getting worse) or the sort that are nice, but not actually urgent (horrid kitchen cupboards with doors that don't shut properly).

FireWyrm

Running_man wrote: »

Hi
Am in a lucky position.Have now got the money to pay off loan AND mortgage.
Trouble is house needs money spending on it.On good wage but never seem to have much left at end of month-never go overdrawn.
Now do i pay everything off and save to do things or not pay mortgage off (on low rate) and use this for house after saving it.

sensible i know is pay everything off-but sometimes get fed up of fighting for money all the time to do anything

Exactly how much have you got because I would be thinking extremely carefully about investing that money and paying off the mortgage with the income if I was you.

Swampy3k

If you can pay off the mortgage and loan I dare say there would be some sort of early repayment charge, if this is cheaper the cost of interest over the period of the finances then I'd definately do it, if not maybe look at fee free overpayments, as others have said it would release probably several hundreds of your income each month which you could then use to do up your house (depending on how severe it is, e.g. roof caving in.)

I know what I'd do!

Running_man

Thanks for your replies.
But I am pleased to say as of today I am debt free-No mortgage no loan no credit card :-)

dubs57

Congratulations!!That must be such a lovely feeling.Now you can really start to plan how you want things to be.

nellis10

Running_man wrote: »

Thanks for your replies.
But I am pleased to say as of today I am debt free-No mortgage no loan no credit card :-)

Yay!! Champers for you this evening!!:j