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pay off or keep mortgage?

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stingrayj
stingrayj Posts: 84 Forumite
in Mortgages & endowments
I can afford to pay off the rest of my mortgage :) But is there any reason to keep one at all ?

We have v good financial history etc etc. Will prob need another in a year or so when we move to bigger house.

thanks!

Comments

  • kingstreet
    kingstreet Posts: 39,256 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Is the rate good enough that you might want to port it to a new mortgage on the next property?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • stingrayj
    stingrayj Posts: 84 Forumite
    no - 3.99%
  • shaneshaneshane
    shaneshaneshane Posts: 400 Forumite
    Part of the Furniture Combo Breaker
    Could you earn more money through your savings via interest rates after tax? If yes, keep the money, if no, pay it off. (Assuming no other higher apr debts)
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    stingrayj wrote: »
    no - 3.99%

    Probably best to pay it off. Unlikely you'll earn that rate of interest on your savings.
  • the_matrix
    the_matrix Posts: 526 Forumite
    100 Posts
    Pay it off and have the peace of mind that you are financially secure.
    SECRET OF SUCCESS IN LIFE:
    Patience, patience & patience.
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