Mortgage running until retirement - any benefit?

elliottk

Hi All,
I have a mortgage with First Direct ending in 2026 but have the option to extend the term until retirement age or 65. Just wondering if there is any particular benefit with either one.

My mortgage is an offset mortgage and i'm currently offsetting a large amount so the interest is minimal. Most likely I will move house within 2 years and need to think about this also, do i clear the current mortgage as much as possible and reduce capital or hold the cash and use it as a large deposit on new house albeit clearing most of my savings.

Any thoughts?

Also, my offset accounts are close to the FSCS amount so i shouldn't be putting too much more savings in there.

Thanks,
Kevin

Thrugelmir

Do you intend working until retirement age? Will you still be in employment at retirement age i.e. not made redundant ?

Not having a mortgage to worry about is many peoples dream.