Pay off mortgage 16 August 2022 at 2:04PM in Mortgage-free wannabe 7 replies 335 views

michno8

Due to health problems and chronic illnesses myself and My partner have both had to retire from work . We had a btl  property but took the decision to sell as we could not manage the rising costs of repairs and the stress that cones with being landlords any more . We have no debts apart from the mortgage in our main home.  Should we pay off the mortgage with the money from the sale of the btl.  Is this the best way to go with interest rates keep rising . We arent in any deals so no penalties to pay . Any advice welcome.  Thankyou 

Thriftmaster1973

Speaking on a personal level, I would pay it off.

Mrs_Binxtoria

I agree if you are in a position to be able to pay it off then I would do so.

Mickyh-s

Yes, i would pay off the mortgage what with rates rising.

beanielou

Another vote to pay it off.

L9XSS

Yes get the mortgage paid off 

badmemory

Pay it off then no-one can take it away from you.  As long as you never let any debts be tied to your property they can all (to put it politely) go swivel.  Any benefits you get will be all yours to use as needed.  it's a no brainer.  If someone disagrees with me fine.  I'm sure they will be able to explain why!

michno8

Thank you guys for your input and advice . As soon as completion date is done . I'm going to ring the bank and pay off outstanding Mortgage . Totally debt free . What a nice feeling it's going to be x