Pay off the Mortgage in full or not?

Default007

Hi,

I am after a bit of advise please?  I am in a position to pay off my mortgage of approx £62k, with a stocks and shares ISA of Value of £63k.

I have 15 months left on a fixed term mortgage, if I pay it off now, I incur 3% ERC approx 2K,  If I wait 3 Months I incur 2% aprox 1.5k.  If I wait the whole term (15 months) I obviously wont incur any charges.  Monthly repayments are £514.  I think its best to pay off the whole amount now however my finicial advisor doesnt want me to pay it off right now. I can pay off upto 10% of the total debt per mortgage calendar year.  I get his point with the ERC's however I have done the maths and if i pay off 10 % and wait till July / Aug and pay the 2% charge I am saving £500 ontop of the 3 x mortage payments.

I basically set up my ISA in 2012 with regular payments going in every month.  A few years ago I decided not to over pay my mortgage but to up the payments into the ISA so if anything happened, I still would have access to the money.  If I pay off the mortgage with 10k from my bank acc and take the rest from the ISA, I can then pay and extra £200 into the ISA a month to give it a boost. Id still have a nice amount in my bank acc for a rainy day / emergency fund.  The ISA has made approx £20k ontop of what i have invested into it.

What is this the right thing to do, or am i missing something obvious? 

I'm 45 and just want rid of the mortgage since i first visited this site back in 2005 after remotgaging and seeing how it could be achieved.

All advise greatfully recieved.

Many thanks

[Deleted User]

How is your pension looking?

Default007

Hi zx81.

My Pension is final salary with a company i left just in Jan 20. i have about 15 years in it. I have just started today at another company where I put 10% away and they put in 7%.