Pay off mortgage completely now?
in Mortgage-free wannabe
7 replies 351 views
We are lucky enough to have received an inheritance which covers the outstanding amount on our mortgage and leaves an emergency buffer of £10K over. We had been hoping to pay for a downstairs extension (budget: £25K) out of the inheritance but in the current unsettled situation, it is unlikely that this project will get off the ground for at least another year. Does it make sense to pay off the whole mortgage now and then remortgage next year sometime when we can start to hopefully think about an extension again?
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