Pay off mortgage early

avondale

Advice please,
I'm in a lucky position whereby I can pay my mortgage off early 
My balance is £88k , my current term is 1.94 until 31/7/24, current mortgage payment of £805 a month. Erc is £2402. 
Would I be better off staying as I am or paying it off and trying to get a 2nd home , I've owned my property 17 1/2 years and paid £195k and market value is now about £370k

nicknameless

Impossible to answer from that info.  What are your goals?  How old are you?  Do you have pensions?  Do you want to retire early, have the security of knowing you don't have a mortgage or something else?

Personally with rates as they are I think mortgage overpayments are financial madness - our spare money goes into pensions and S & S ISAs to help fund early financial independence.  Other people will have other views.

Thrugelmir

Worth overpaying by the maximum allowed. While you consider your options. 

dimbo61

Check if you can overpay your current mortgage as most lenders allow 10% each year.
You talk about a 2nd property !
Second home by the seaside ?
Rental property ( Start of the property empire )
As others have said good planning can make your money go much further.

Dan_Talks_Money

I posted a YouTube video on my take on this last week as I've recently paid off my mortgage in full early and feel like a massive weight has been lifted.

My channel is called "Dan Talks Money" Have a watch if your interested. This forum won't let me post the link directly sorry!

As others have said though everyone's circumstances are different.

enthusiasticsaver

In these days of low interest rates paying a mortgage off early makes sense emotionally but not so much financially.  You would do better to overpay a pension or invest in stocks and shares isas.  I personally would not buy a 2nd property.  Far too much hassle, not at all diversified in the case of a property crash, not tax efficient if you decide to let it out and worries about dodgy tenants and maintenance etc.