Do I pay of my mortgage?

locka

Hi guys I have 7years 7 months to go on mortgage which is currently at £10,10,389. I'm paying 1.75% in interest and was thinking of paying this off. My redemption price would be £9,922.34, I can pay that off and still be left with over £25,000, in the bank

I do need to change my bank account as it's not paying that much. This is also on my list. I'm 42 years of age, and need to also make sure I save for my retirement.

Does it make sense for me to pay it off. Someone did say it makes sense to keep a very small mortgage however I'm not sure weather I should pay it off or not, advise please

locka

I'm still not sure what's best anyone got any advice please

Debtslayer

I'm no expert but if it were me I'd pay it off so the house was mine, especially as you have 25k still left in savings after doing this
Are you likely to want to move though and get another mortgage? If so then I wouldn't pay it off.
How much are your mortgage payments each month? So how long would it take you to save this amount again?

TheShape

I'd recommend posting on the Savings and Investments forum and asking what else you could be doing with your money rather than paying down a relatively cheap debt.

You'll get some good advice about what you could do with your £35k+ and some advice on saving for retirement/pensions both of which would probably be better to think about right now than paying off your mortgage.

As part of your first post you should say how much you have in savings and where, whether you have a partner and/or children and what your current employment and pension situation is.

locka

My mortgage payments around £121 a month I'm single with no kids, though I live in hope of finding someone and having kids. I have no intention of buying another place or moving at the moment however if my relationship circumstances change then I might.

I will need to spend some money on the house as to when I'm not sure yet but i hope that will not cause me an issue.