Pay off mortgage or leave in offset?

theyoungones4

What did you decide to do in the end? We are in the same position except we're only £32k away from paying off the mortgage. Fully offset so we reduced the mortgage payments to £200 to cope with increased cost of living. It would be nice to pay it off but it's also nice to think there's money there if needed and - should we want to move house (which we will in a few years) I'm thinking it might be helpful to still HAVE a mortgage of some kind. But people look at me like I'm mad when I tell them we COULD pay off the mortgage but we haven't!

Ginger_chap

I have an offset mortage at 1.49% fixed for another 3 years. We used offset allmost all the balance untill interest rates rose. Then we migrated 80k over 2 years to a 4.5% fixed term (and will likley do the same again in April). Thus making more in interest than we could save in offsetting. I'd consider current rates against you mortgage rate. you could be missing out on money.

izawa

theyoungones4 said:

What did you decide to do in the end? We are in the same position except we're only £32k away from paying off the mortgage. Fully offset so we reduced the mortgage payments to £200 to cope with increased cost of living. It would be nice to pay it off but it's also nice to think there's money there if needed and - should we want to move house (which we will in a few years) I'm thinking it might be helpful to still HAVE a mortgage of some kind. But people look at me like I'm mad when I tell them we COULD pay off the mortgage but we haven't!

Hi for now we decided to leave the mortgage as it is. Its fully offset but we may need funds