should I pay off my mortgage

charb56

I have a tracker mortgage with HSBC-no overpayment fees, 1.79% over the base rate. am in an unexpected position of recieving some money from a lovely elderly aunt that passed away and not sure if to pay off a significant chunk of my mortgage. should I look for any better mortgage deals or is this still a  good one? my property is in london and am worried that if there is a property slump in the capital it might not keep its value and I would like to sell it and move out of london over the next couple of years. any advice appreciated. 

Thrugelmir

Paying down the mortgage is a good use of an unexpected windfall. Better than allowing the money to be simply frittered away. You only need clear the mortgage once then you are debt free. 

dimbo61

I am sure your aunt would be very happy to think you invested the money she has left you into something sensible. Paying off the mortgage ASAP saves you alot of Interest over 20/25 years and could mean you can retire early 

tim_london

Pay off mortgage.

Whilst it is tempting to invest, there are no guarantee the money is worth how much you think it would be at the time you need it.  Besides if it is a windfall you probably have to pay tax if it is above the ISA limit of 20k.

jackieblack

Another vote for paying off the mortgage.
There are possibly ‘better’ uses financially, but the peace of mind being mortgage free would give is priceless