Interest only mortgage - do I pay it off

Mortgage_Adviser

It is simple. Can you make of your savings motre money than you pay in your mortgage interest? If yes, it may be worth keeping (bearing in mind the situation about benefits as mentionned above as this can change the whole thing) if not, pay it off.

benten69

I would pay it off, you will still have £21k left in savings after its paid and you will know that for the rest of your life, no matter what happens you will have a roof over your head.

Think about how much you will save in interest. The mortgage needs to be paid eventually, but the longer you leave it the more money you pay the bank in interest for effectively no reason what-so-ever, its just £150 a month for nothing.

Think of it this way, keeping your savings in the bank is costing you £150 a month! Whereas if you paid off the mortgage you would have £21k in the bank and be £150 better off every single month for the rest of your life....

Bitlost11

you've all got me thinking! but with real not just hypothetical thoughts, so thank you to everyone!

ElenePikkarainen

I think you should pay it off for your own ease.