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Pay off mortgage or not?

sunshine_and_rain · 2022-06-07 09:39:40

Hi, hoping someone can offer some advice please. My outstanding mortgage is £44,000 and comes to the end of a 5 year fixed deal at the end of June. I am in a position to clear the balance without any charges and up until yesterday had thought this was the best thing to do as my savings are making no interest and just…

Comments

[Deleted User] Posts: 35,383 Forumite

15 June 2022 at 10:32AM

Taking a loan to pay the mortgage only makes sense if a) the loan rate is less than the mortgage and b) the loan rate is less than you'll get on your savings and c) you don't mind looking a little less attractive to lenders for your next mortgage.

I would just pay it off. Any savings will be minuscule.

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