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Mortgage redemption - are there pitfalls.
MGWilson
Posts: 2 Newbie
I am in a position to redeem my remaining mortgage early and just want to seek advice if there are any hidden disadvantages in doing so?
I am not on any fixed term deal so would have no early redemption penalties. The balance is just under 20k now and with overpayments already in place it would be paid off in about 8 years. The savings we make from redeeming would simply be diverted to pension policies. I do not have any CC debt to pay off.
I can't think of any potential drawbacks to mortgage redemption but thought this community would be a good place to seek advice if there were any obscure things to take into account.
Thanks in advance.
I am not on any fixed term deal so would have no early redemption penalties. The balance is just under 20k now and with overpayments already in place it would be paid off in about 8 years. The savings we make from redeeming would simply be diverted to pension policies. I do not have any CC debt to pay off.
I can't think of any potential drawbacks to mortgage redemption but thought this community would be a good place to seek advice if there were any obscure things to take into account.
Thanks in advance.
0
Comments
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I can only see plus sides - no down sides to clearing the mortgage.0
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