Best to clear Mortgage?

Randomvortex

I'm looking for advice and or opinions if possible.
Through savings and an inheritance I have cash savings of approximately £165,000, my house mortgage currently stands at £79,000 with 15 years 11 months left to run. Would it be people consider it to be financially prudent to clear the mortgage down with the current rise in interest rates?

Thanks 

20vt-rs

It depends on circumstance and lots to consider... E.g. how much interest your savings are getting, are they locked away, is there penalty to get any out, and also important to know the interest rate on the mortgage, and is it fixed with the term, any penalty to over pay.
In simple terms, if you are getting more savings interest than the rate you are paying on the mortgage, you'd be better off keeping in savings and drip feeding the mortgage. But the info on rate and penalties is also key to keep in mind.
If you are on a high rate for mortgage, I think paying it off would make sense, assuming you are not in a fix with any penalties.