Simple question help

dave555

Hi

i am now in a position to pay off my 14 year remaining mortgage of 18900.
Not a lot i know but i have about 27000 in one of our ISA's.
Mortgage interest 2.2 over base. ISA 2.3 two year lock in.
what would my knowledgeably advisers say ?
Pay off or just keep saving and keep the comfort zone, overpay ?

Dave

LondonGal

I believe financially you'd be better off keeping the IS's, but if I were fortunate enough to be in your position I'd pay the mortgage for the sheer joy and security of knowing the house was mine.

For me some things go beyond just financial decisions, there's an 'emotional' or psychological element as well.

Main thing, well done for being in that position. :beer:

edinburgher

• Do you think your job is stable?
• Do you have any children?
• How long would ISA-mortgage remainder cover your expenses for if you lost your job tomorrow?
• Do you live in a single or multiple income household?
• Do you have any pension provision?

A few to think about :coffee:

westie660

I am 100% in the 'Pay off the mortgage' camp!

The numbers may well slightly favour using this cash for other purposes/savings/investments, but for peace, wellbeing and security, there is no better feeling than the knowledge that your home is completely yours!

Of course, do ensure that you have an emergency savings fund as back-up, but I really do think that financial decisions should be based on more than just the figures.

Hope that helps, Westie