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Pay off mortgage
michno8
Posts: 71 Forumite
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
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Comments
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Speaking on a personal level, I would pay it off.Became mortgage free 1st March 20230
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I agree if you are in a position to be able to pay it off then I would do so.
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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/£10,0000
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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.0 -
Yes get the mortgage paid off0
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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!
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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 x0
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