Thinking of being Mortgage free end of year.

Nowherefast

My current Mortgage Deal is coming to an end of the Year, I owe about 48k , Current Interest  rate is 2.25% and LTV showing 13% , Thinking of Just paying that amount off , I don’t really have any other Debts I need to pay off etc So would it be a good idea to pay this amount off or stay with mortgage and get a new rate which will most likely be lower if I stay with them come end of current deal?

FtbDreaming

I’d pay it off if you have the cash. Then rebuild your savings with what would have been your mortgage payments. 

Nowherefast

FtbDreaming said:

I’d pay it off if you have the cash. Then rebuild your savings with what would have been your mortgage payments. 

Yeah thats what I'm thinking,  I have not worked out how much Interest the banks are earning if I stay with them , I understand that 48k is still good to keep as accessible money , But also think it might be an amount I can afford. 

FtbDreaming

Yeah I suppose it’s relative to what you earn/ lifestyle is. To me £48k is 2 years salary and there’s nothing I could think of ever popping up that I would need that sort of cash. Obviously don’t leave yourself skint but minimising outgoings is my ultimate goal so I’d deffo be going for the mortgage freedom!