Pay off mortgage

Options
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 

Comments

  • Thriftmaster1973
    Options
    Speaking on a personal level, I would pay it off.
    £52,365 owing December 2017.Now for the final countdown..1st Jan 2021 - £29,316 -- 1st Feb 2021 - £28,809 -- 1st Mar 2021 - £27,309 -- 1st Apr 2021 - £26,811 -- 1st May 2021 - £26,315 -- 1st Jun 2021 - £25,811 -- 1st Jul 2021 - £24,311 -- 1st Aug 2021 - £23,809 -- 1st Sep 2021 - £22,305 -- 1st Oct 2021 - £21,798 -- 1st Nov 2021 - £20,292 -- 1st Dec 2021 - £19,783 -- 1st Jan 2022 - £18,276 -- 1st Feb 2022 - £17,762 -- 1st Mar 2022 -£17,248 -- 1st Apr 2022 -£15,713 -- 1st May 2022 - £15,202 --1st Jun 2022 - £13,703 -- 1st Jul 2022 - £13,184 -- 1st Aug 2022 - £11,665 -- 1st Sep 2022 - £11,144 -- 1st Oct 2022 - £9,822 -- 1st Nov 2022 - £9,298 -- 1st Dec 2022 - £7,572 --1st Jan 2023 - £7,045 -- 1st Feb 2023 - £5,516 -- 10th Feb 2023 - £5,518 Overpayment Pot @ 10th Feb 23 = £5,518 / Primed = £0 / Actual debt = £0!!!! "Yes, the medicine is harsh, but the patient requires it in order to live, should we withhold the medicine?" Hopefully at zero mortgage debt by December 2022 or very close to it. Determined for freedom! 🍻🥂🍸🍹.
  • Mrs_Binxtoria
    Options
    I agree if you are in a position to be able to pay it off then I would do so.


  • Mickyh-s
    Mickyh-s Posts: 287 Forumite
    First Anniversary First Post Photogenic Name Dropper
    Options
    Yes, i would pay off the mortgage what with rates rising.
    Mortgage balance as of 21.7.21 - £75,766. (7 yr mortgage on 2 yr fix of 1.32%)Mortgage balance as of 20.8.22 - £58,445.08o/p 2021/2022 = £6,313/£7,500o/p so far 2022/2023 = £5,997/£5,997 Goal 1 - to be under 60k by 20.7.22✔️Goal 2 - to op 10% of mortg by 31.12.22✔️Goal 3 - to pay off mortgage by 7.1.2023 (Subject to sale of btl property)✔️Goal 4 - to pay off cc by end of Jan 2023 - £260.64/£1500Goal 5 - to pay off car loan by 31.8.23 - £1722.39/£10,000
  • beanielou
    beanielou Posts: 90,713 Ambassador
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
    Options
    Another vote to pay it off.
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.

    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
    One debt remaining. Home improvement loan.
  • L9XSS
    L9XSS Posts: 438 Forumite
    First Anniversary Mortgage-free Glee! Name Dropper First Post
    Options
    Yes get the mortgage paid off 
  • badmemory
    badmemory Posts: 7,911 Forumite
    First Anniversary Name Dropper First Post
    Options
    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
    michno8 Posts: 63 Forumite
    First Anniversary First Post
    Options
    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 
Meet your Ambassadors

Categories

  • All Categories
  • 343.8K Banking & Borrowing
  • 250.3K Reduce Debt & Boost Income
  • 450K Spending & Discounts
  • 235.9K Work, Benefits & Business
  • 609.1K Mortgages, Homes & Bills
  • 173.4K Life & Family
  • 248.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards