What to do?

Brricktop69
Forumite Posts: 37
Forumite

Hi everyone,
First post on the site.
Basically me and my wife have been working to pay off the mortgage for the last 17 years, we have also been building up the emergency fund. We are now in a position where we owe £6,500 on the mortgage and have £10,000 in the emergency fund. We are currently paying £700 a month of the mortgage so we could carry on doing so and be free of the mortgage by July 2021, or we could pay it off tomorrow and use the money to rebuild the emergency fund,
Very tempting to get it paid off but in these uncertain times I am reluctant to do so, but on the other hand myself and my wife have been in our jobs for 18 years plus and so have the security that brings. It would be good to sign off 2020 by being free of a mortgage.
Interested to see what other people would advise.
First post on the site.
Basically me and my wife have been working to pay off the mortgage for the last 17 years, we have also been building up the emergency fund. We are now in a position where we owe £6,500 on the mortgage and have £10,000 in the emergency fund. We are currently paying £700 a month of the mortgage so we could carry on doing so and be free of the mortgage by July 2021, or we could pay it off tomorrow and use the money to rebuild the emergency fund,
Very tempting to get it paid off but in these uncertain times I am reluctant to do so, but on the other hand myself and my wife have been in our jobs for 18 years plus and so have the security that brings. It would be good to sign off 2020 by being free of a mortgage.
Interested to see what other people would advise.
0
Comments
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In principle you shouldn’t use your emergency fund for anything else than, you guessed it, an emergency. Whether £10k is right amount for you is for you to decide: I’m happy with 3 months expenses. I wouldn’t use any of this amount to overpay mortgage. No point rushing it.No one has ever become poor by giving1
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thegentleway said:In principle you shouldn’t use your emergency fund for anything else than, you guessed it, an emergency. Whether £10k is right amount for you is for you to decide: I’m happy with 3 months expenses. I wouldn’t use any of this amount to overpay mortgage. No point rushing it.0
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Brricktop69 said:thegentleway said:In principle you shouldn’t use your emergency fund for anything else than, you guessed it, an emergency. Whether £10k is right amount for you is for you to decide: I’m happy with 3 months expenses. I wouldn’t use any of this amount to overpay mortgage. No point rushing it.No one has ever become poor by giving1
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