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Advice on paying off my outstanding mortgage
wroughtironron
Posts: 85 Forumite
I'm 62, working part time and am in receipt of pensions totalling £14k pa from previous employment.My wife works part-time too.
I have very limited savings of around £6k.
My outstanding interest only mortgage is around £42k, (at just above base rate) and I took out a private pension plan thirty years ago to which I'm still paying £70 per month gross.
The pension pot for this (with Old Mutual)has reached £54k and the plan was to use it to pay off my mortgage.
I will get state pension in 4 years when I'm 66.
Should I look at withdrawing some of this now to pay part or all of it or should I wait and hope the pension pot continues to rise?
Many thanks
I have very limited savings of around £6k.
My outstanding interest only mortgage is around £42k, (at just above base rate) and I took out a private pension plan thirty years ago to which I'm still paying £70 per month gross.
The pension pot for this (with Old Mutual)has reached £54k and the plan was to use it to pay off my mortgage.
I will get state pension in 4 years when I'm 66.
Should I look at withdrawing some of this now to pay part or all of it or should I wait and hope the pension pot continues to rise?
Many thanks
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