Should I pay of the mortgage.

redux

Jenniefour wrote: »

Secondly, I strongly suggest you repost this on the pensions and annuities board. You do not have a debt problem. I think you would benefit from what the folks on that forum have to say - and be prepared to supply more details. E.g. you do not say how much savings you have, whether your mortgage is repayment or interest only, how much your OH's work pensions is p.a., or whether you yourself are working. All these make can make a very big difference to how you use the 98k. 98k for someone who's seriously in debt is a lot of money - but for someone potentially facing 7 years with the loss of at least one income till state pension kicks in, (unless you have a very large amount of savings,) it's not a lot at all.

I think this is the best advice on this thread - ask again on the pensions section. The other replies here are genuine, but rather like a straw poll on people's feelings, rather than with a full variety of possible aspects looked at

redpete

venison wrote: »

You can't beat the security that owning your home gives you. My advice is pay the mortgage off. It may not incur a penalty if you give them the required notice.

We don't know enough to advise this. What income does the OP require, what other savings do they have, what is the mortgage interest rate, when might they get any inheritance, what are the overpayment penalties...?

What is the advantage of owning your home if you end up with insufficient money to live on?

Fireflyaway

You could use the mortgage overpayment calculator on this site to help you decide. If it were me I would pay off the house. No matter what, you need a roof over your head and having lots of cash in an account, may you not be tempted to spend it?!
Your husband could get another part time job for pocket money if he wants. Many people I know do this for fun / to keep busy and to top up the spending money.
I really wouldn't think about inheritance. Unless your parents are multi millionaires. Regardless that feels a bit uncomfortable to take into account.

Ilona

redpete wrote: »

What is the advantage of owning your home if you end up with insufficient money to live on?

I still had a mortgage when I retired at 60. I pulled out all the stops and lived as frugally as I could, so I could make over payments. I have now been mortgage free for five years and it's wonderful. I live on a state pension plus a small top up pension, I live within my means, and I can afford holidays, days out, three cats, and a nice car. My day to day living expenses, bills etc, are very low and I have a brilliant life on a pension.

Ilona

loveyourmoney

Is the payoff really £98,000? Just checking in case there was an error.