Ending mortgage early

Lydo

I was hoping someone might be able to give me some advice, I'm in two minds whether to pay off my mortgage now or wait until the fixed term ends. I've already started making double payments until I can get a handle on what I should do.

I have a £90k mortgage at a fixed rate of 3.09% until 31 July 2018.

I've just inherited £100k (I realise I'm very lucky, whist being gutted).

Lloyd's wan't 4% if I leave my mortgage early which I think is off the balance from the start of the year and not the current balance.

I know this might seem obvious but I can't get my head round it.

seven-day-weekend

We just paid ours off early and paid £3k penalty as it would cost more than this to pay the interest for a year. (slightly more than yours at £100k, I too had an inheritance ). We actually only had the mortgage for three months.

So think how much it would cost you to pay it off compared with the interest you would pay until 2018.