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Should I pay it off?
jasonart
Posts: 5 Forumite
HI everyone, looking for some advice.
I have 5 years 9m left on my mortgage. Just 14K left to pay.
I have the cash there to pay straight off, there will be a £199 fee for early repayment at the bank.
we hope to move home in 1-2 years, hopefully somewhere like Portugal, but possible stay in UK.
so my question is, should I pay it off? I think i would save about 1K over the 5 years if I do. I have a variable rate mortgage 0.95% above bank of England base rate.
I am wondering if paying it off would mean its going to be more difficult to get another mortgage if I need one in a year or two time
appreciate any advice.
I have 5 years 9m left on my mortgage. Just 14K left to pay.
I have the cash there to pay straight off, there will be a £199 fee for early repayment at the bank.
we hope to move home in 1-2 years, hopefully somewhere like Portugal, but possible stay in UK.
so my question is, should I pay it off? I think i would save about 1K over the 5 years if I do. I have a variable rate mortgage 0.95% above bank of England base rate.
I am wondering if paying it off would mean its going to be more difficult to get another mortgage if I need one in a year or two time
appreciate any advice.
0
Comments
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How old are you?Is that all your savings? Or do you have more as emergency fund?How much are your monthly payments?Then I think it depends if you are going to move house and need another mortgage; I would say if you are you’re better off keeping the mortgage you have rather than trying to get a new oneMFW 2025 #50: £1989.73/£600007/03/25: Mortgage: £67,000.00
12/08/25: Mortgage: £62,500.00
12/06/25: Mortgage: £65,000.00
18/01/25: Mortgage: £68,500.14
27/12/24: Mortgage: £69,278.38
27/12/24: Debt: £0 🥳😁
27/12/24: Savings: £12,000
12/08/25: Savings: £12,0000 -
53 ears old.
no have have lots more savings.
monthly repayments around £220
I might need another small mortgage for next house, but possibly not at all.0 -
In that case if it were me I’d be inclined to pay it off and be mortgage free
MFW 2025 #50: £1989.73/£600007/03/25: Mortgage: £67,000.00
12/08/25: Mortgage: £62,500.00
12/06/25: Mortgage: £65,000.00
18/01/25: Mortgage: £68,500.14
27/12/24: Mortgage: £69,278.38
27/12/24: Debt: £0 🥳😁
27/12/24: Savings: £12,000
12/08/25: Savings: £12,0000 -
Have you considered putting it into your pension instead?0
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