Paying off £17,000 Mortgage?

Miss_Poohs

I've played around with this idea for a while now, and have swung from, leaving it be, to paying it off, and lm still not 100% sure, although leaning more to paying it off.
Mortgage is now on variable rate, so no penalties.
I've looked at deals and there isn't much to be had, as the amount to borrow is (to them) small fry.
My savings are earning precious little....am I missing something!
In my position what would you do, trundle along paying the mortgage of use savings to pay it off?
Thanks in advance

AnotherJoe

If you are on SVR thats about 3.5% I'd guess? So, if you paid off your mortgage that's the equivalent of earning 3.5% tax free on your savings. What are you currently getting on them? 1 or 2% ?

So I'd say as long as you don't exhaust your savings, (most people think you should have a buffer for emergencies), then you should pay it off.

getmore4less

look at your own lender retention deals.

what's your current rate and payment?

Miss_Poohs

My mortgage is 3.74% interest, £50 a month of my repayment being interest, the mortgage has 5yrs 6 maths remaining. Payment is just under £300 a month.
I would still have savings left, and would set up a SO to save the amount I wouldn't have to paying on my mortgage.

dimbo61

Then pay it off and be mortgage free
Simple really and well done

getmore4less

Asked the same last year.

https://forums.moneysavingexpert.com/discussion/5460974

Then just let it run on on the high rate without looking at the lenders deals!

Miss_Poohs

getmore4less wrote: »

Asked the same last year.

https://forums.moneysavingexpert.com/discussion/5460974

Then just let it run on on the high rate without looking at the lenders deals!

Yep just shows how long lve been considering it getmore4less - don't want to be accused of acting in haste.
In all that time I found no better deal than paying it off (and I did check with lender deals but they were only interested when I wanted to borrow an additional sum, which I am not, so here I am weighing up my options again - do you have an issue with that?
Ohh and uni went very well for my son too, in the same space of time

getmore4less

which lender

zacepi

Pay it off

AnotherJoe

Miss_Poohs wrote: »

Yep just shows how long lve been considering it getmore4less - don't want to be accused of acting in haste.
In all that time I found no better deal than paying it off (and I did check with lender deals but they were only interested when I wanted to borrow an additional sum, which I am not, so here I am weighing up my options again - do you have an issue with that?

Well, perhaps you should as that hesitations cost you about £600

Analysis Paralysis it's called. Even if you flipped a coin about paying it off or taking a 2 year deal that would have been better than doing nothing.

Let me help the coin flip. Pay it off

dimbo61

Hope Son is at a Scottish university ?