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Should I clear my mortgage

I have an inheritance coming and I would like to know if we should pay off part or all of our mortgage. 

Comments

  • We chose not too when  we came into some money as our mortgage was affordable and we could do much more with a lump sum.

    But for something more constructive you may want to provide some more details about you, your circumstances and finances
    Make £2023 in 2023 (#36) £3479.30/£2023

    Make £2024 in 2024...
  • dimbo61
    dimbo61 Posts: 13,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Why Not comes to mind !
    However do you have other debts ?
    Have you got emergency savings ?
    Pensions, jobs, savings, kids, future plans  ! 
    Time to talk to your other half and family / friends 
  • FtbDreaming
    FtbDreaming Posts: 1,127 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper
    If it was me i would because then I know if have a roof over my head for life! Others on here may suggest other ways to invest it though depending on your circumstances. 
    Mortgage started August 2020 £69,700
    Mortgage ends Aug 2050 MFW: Aug 2027 
    Current Balance: £58,678
    MFW2020 #156 £723.13
    MFW2021 #26 £1184.71
    MFW2022 #11 £197.87
    MFW2023 £785
    MFW 2024 £528.15

    Determined to make it! 
  • ohit
    ohit Posts: 371 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    If you paid off all the mortgage and then didn't like it - you could always borrow again!
    Details of your mortgage rate, terms, etc. would help to give a better analysis.
  • dunstonh
    dunstonh Posts: 120,033 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    alanhd said:
    I have an inheritance coming and I would like to know if we should pay off part or all of our mortgage. 
    We cannot answer that because we know nothing about you or your situation.
    How old are you and how long left do you have on the mortgage?
    How is your short term, medium term and long term savings/investments?
    How on track is your retirement planning?
    What are your future objectives?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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