Pay off mortgage or save a little

meggles88

Hi ladies and gents,

For the past 6 months I have been battling stage 3 cancer, I only got my mortgage last August and the critical illness cover is paying out to cover the cost of my mortgage which is about £127000 with early repayment charge etc. There’s still a few things that I Need replaced around house etc. 

Obviously my greatest fear is cancer returning, I’m only 32 and this was not going to be my forever house! 

I’m not sure whether to pay off my mortgage in its entirety and save up for improvements or pay a large portion off and keep some for improvements. I probably need about £8000 for improvements max. I’m leaning towards paying off the mortgage so i wouldn’t be leaving any financial burden to anyone! It would be nice to have all the work I need done, done in a onner, but I need to be sensible about these things! 

Pay mortgage off or save some payout for refurbs? 

Thanks everyone x

Thrugelmir

I'd pay the mortgage off. Removes one worry from your life. Once gone you'll notice the difference not having a monthly committment to fund. 

MovingForwards

Personally, I would clear all the mortgage. You then have a roof over your head and all the value is yours if / when you move.

You will have financial freedom, which is a great de-stress and can have flexibility with your now and future; that's priceless.

Are you still working? If so, save to do the refurb bits you want to have done. Do them a bit at a time as money is saved.

Do not think about the what ifs, cross bridges as you come to them.