Paying mortgage off

Lorraine.rowson1

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

edinburgher

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?

Lorraine.rowson1

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

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.

LadyGnome

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.