Should I pay my mortgage off

I’ve got my mortgage down £110k with a house value of around £350k. I’m on an interest only mortgage with a rate of 2% this ends July’24, I could afford to pay £55k this year and the same next year. I’m 45 and have no other debt but is this sensible??

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  • savingholmes
    savingholmes Posts: 26,851
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    It's impossible to know without more info. Like what your wider savings and income is. Is your pension well funded etc. How much your monthly bills are... Can you earn more interest elsewhere? What's your attitude to risk...
    Achieve FIRE/Mortgage Neutrality by mid 2030
    1) MFW Nov 21 £201,999 with 237 payments to go - now £184,341 Equity 26.26% (lower post move compensated by EF)
    2) Mortgage neutral by June 2030 AVC £7,613/£127,466 AVC target 5.97%
    3) FI Age 60 annual income target £12,500/30,000 41.66%
    Achievements: CC free since April 22. 1 year EF from Jan 24 & dedicated pot for home improvements
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