Do I pay off my mortgage?
in Mortgage-free wannabe
2 replies 182 views
Hi all - my fixed rate of 1.99% ends the end of March. I’ll have about just under £15k left on the mortgage. I have just over that in savings. Is it wise to pay off the mortgage? Or any suggestions what kind of mortgage to consider? Thanks all in advance
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What's the interest rate on your savings? if this is higher than new mortgage rate consider leaving in savings, as this is a better return than the interest you'll pay.
Do you have an emergency fund of 3-6 months? If not definitely consider leaving in savings to cover any unexpected expenses.
Re-mortgage Oct 2017 - 78,295 over 23 years
Re-mortgage Jan 2020 - 55,000 over 26 years @ 1.94%
Current Mortgage Outstanding Middle December 2020 - £47893.35 - a reduction of £42,652 in just over 6 years!