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To pay off mortgage or wait to buy new house
AG07
Posts: 2 Newbie
I’ve been working to be mortgage free for a while now (helped by being in an area in the north of England with cheaper properties and making a good purchase at a good time). I am now in a position where I have received some inheritance that will be enough to pay off my current mortgage. However, I’m also planning to move house in the next 6 months so would it make most sense to use this money to pay off the mortgage straight away or save it as cash until I move. I know that savings interest rates aren’t good at the moment but I don’t pay a huge amount of interest on my mortgage so for the sake of a few months I’m not sure if this makes much difference. I’m just not clear on where it makes most sense for the money to be for a purchase. I am on a tracker mortgage currently with no fees to pay it off (just a small admin fee).
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