The end is in sight!

gemstars

Hi all,

I bought a £80,000 property with a £68,000 mortgage in 2010.

I now owe £15,000 of that mortgage and can lay my hands on £10,000 now so should be able to be mortgage free in the next 6 months.

The idea of not having this debt hanging around my neck makes me really want to pay it off, however, before I make that leap, is there anything I should think about? This is my first property so I'm quite inexperienced. I'm in my 30s and will probably want to move to a bigger home in the next 10 years. My current mortgage is on a SVR.

Thanks.

Luckyinlife

Personally id pay it off
but you could keep maby 5k and pay 10k off now if your going to move in the next year or 2 ?

well done youv done really well
tell us more about your overpaying how did you go about it ?
As my mortgage is similar id be very interested to know

gemstars

Thanks Luckyinlife

If we do move, it won't be for at least another 5 years or so. I'm just not sure if there's any benefit in hanging onto my current mortgage deal or whether, when the time comes, I'd be better off looking around for a new deal from scratch?

I'm not sure there's much to tell re the overpayments, but I don't really know much about mortgages so apologies if I'm missing something obvious!

My mortgage is with Natwest and was a 25 year mortgage with an initial 5 year fixed term. It allowed me to pay off an additional 10% without any penalties, I did this each year. Now it's moved on to a standard variable rate there's no limit on how much I can pay off, so I've been putting on as much as I can in overpayments.

yugabharathi

don't really know much about mortgages so apologies if I'm missing something obvious!

Luckyinlife

well i guess if you remortgaged for a new one youd have a new deal anyway.
I would go in to see the mortgage adviser for your own peace of mind mine is really helpful chatted for 40 mins 1 day with me.

I see so you maxed out each year that is very good going
Pay it off have 5 years of saveing/enjoying it and then move on if you want :]