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Paying mortgage off

Options
I am thinking of paying my mortgage off in full.
I owe £39000 and have 11 years remaining.
Is this a good idea. If not what is the best thing to do

Comments

  • edinburgher
    edinburgher Posts: 13,820 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I'd guess that what you wanted to ask would be whether paying off your mortgage would be the *best* option in light of your circumstances? The only problem is that you've told us nothing about them, so what can we say that would be helpful? ;)
  • I have come into some money and was wondering if it would be better to pay off my mortgage of £39000 in full or continue as I am paying monthly unti the end or overpay so it is paid off quicker. It is a repayment mortgage.
  • A_Frayed_Knot
    A_Frayed_Knot Posts: 3,308 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    Are you in a fixed rate mortgage, if so, what rate of interest are you paying and when does it end?

    Have you worked out the penalty cost if you pay off your mortgage early?

    Once you know that, you can work out, which is best;

    without knowing figures and facts;

    if I had 1 year of my fixed mortgage rate left, I would o/p my 10% allowed in the year, right now, then pay my mortgage till dec, then in jan pay off my other 10% allowance, then just pay my normal mortgage payment till my fixed rate end, then pay it all off, providing of course, my mortgage interest rate is higher than I can get in savings interest.

    Calculate, then calculate again - compare the figures, then decide.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • LadyGnome
    LadyGnome Posts: 801 Forumite
    Ninth Anniversary 500 Posts Name Dropper Combo Breaker
    Do you have any emergency savings?
    How old are you and do you need to consider retirement / pension planning?

    Without any more detail it is impossible to say.
    If you are 55 with a good occupational pension - pay off the mortgage
    If you are 42 with no emergency savings and no pension then you need to use some of the money for those.
    MortgageStart Nov 2012 £310,000
    Oct 2022 £143,277.74
    Reduction £166,722.26
    OriginalEnd Sept 2034 / Current official end Apr 2032 (but I have a cunning plan...)
    2022 MFW #78 £10200/£12000
    MFiT-6 #28 £21,772 /£75000
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