Pay off Mortgage or Keep Savings - Moral Dilemma

maths_max

AnotherJoe wrote: »

OK I give up, why is this a "moral dilemma" ?

You also might want to consider other options than just these two and just one of the two.
You could do a part of both, or more into pension as a third option, which many seem to forget, focusing on clearing a mortgage at all costs and tuning down free employers and government money.

Presumably because the mortgage is visible and monthly and a pension is a scary thing thats years away. But i can confirm, eventually it creeps and taps you on the shoulder.

Sorry, correct, may not be moral... should have said "nice dilemma", either way, thanks for the comments.

maths_max

Thought about that but already pay a substantial sum in to my pension. That's why I looked at savings or pay of mortgage... Thanks for the comment. :T

ViolaLass

Why is being mortgage-free any more liberating than having all that money in the bank and at your disposal?

Thrugelmir

getmore4less wrote: »

IF rates go up chances are savings rate will as well.

Savings rates are currently edging down.

getmore4less

That's a mortgage rates won't go up indicator

PierremontQuaker03

I am by no means a mortgage expert, but surely the best mortgage for yourself would be an offset mortgage and you can offset as much of the savings as you wish against the mortgage?

takman

PierremontQuaker03 wrote: »

I am by no means a mortgage expert, but surely the best mortgage for yourself would be an offset mortgage and you can offset as much of the savings as you wish against the mortgage?

There is only 16 other posts in this thread it's not difficult to read them!

getmore4less wrote: »

Not if you can find savings at a higher rate than the mortgage an with base + 0.95% that will easy.

Then you are worse of by offsetting.