Pay off mortgage or start a new one for a new house ?

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Hi All,
I am 54 years old..
I can be mortgage free in just over 2 years by paying off an Extra 10% each year. Then after that i want to save another 50K ish and get an additional 50K mortgage for a bigger house. 
So am i better off not paying off the last 10% and leave it hanging around 10K to be own on the house and Top up that Mortgage? Or am i better off paying it all off on my current house and getting a totally new 50K mortgage for the new house ? 

I hope that makes sense and thanks in advance.. 

Nick

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  • Brie
    Brie Posts: 10,495 Forumite
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    The sooner the mortgage is paid off the sooner you're not paying interest.  Then again perhaps you're on a very low fixed rate that you might beat now by saving the extra somewhere ready for the move.

    I do want to ask why you want to move to a bigger house.  Many people approaching 60 are looking to downsize, move to the coast/mountains etc.  Should you instead be bulking up your pension??
    "Never retract, never explain, never apologise; get things done and let them howl.”
  • NickReadingUK
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    I am already in a very small house.. i just need to bigger room for a model railway  o:) .. The area i live in is abit rough being another reason for the move
  • NickReadingUK
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    Hi All,
    I am 54 years old..
    I can be mortgage free in just over 2 years by paying off an Extra 10% each year. Then after that i want to save another 50K ish and get an additional 50K mortgage for a bigger house. 
    So am i better off not paying off the last 10% and leave it hanging around 10K to be own on the house and Top up that Mortgage? Or am i better off paying it all off on my current house and getting a totally new 50K mortgage for the new house ? 

    I hope that makes sense and thanks in advance.. 

    Nick
    Anyone have any ideas? Thanks
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