Paying off my Mortgage - am I doing the right thing?

Riggsy68 Forumite Posts: 20
Seventh Anniversary 10 Posts Name Dropper Combo Breaker
Just a simple straight forward question without looking for any complex advice. I have been running my own business for the last 14 years, but have decided to call it a day and I am in the process of Liquidating the business to release the Capital Reserves and pay MVL at 10%. I will be left with a fairly sizeable chunk of cash and wondered if it's worth becoming totally Mortgage free. We have £85K left to pay on our repayment mortgage. My current fixed rate deal ends on 2nd March, so no early repayment charges to worry about if I pay it off shortly after this date. Just the £225.00 Mortgage Account fee. We have 12 years left to pay the £85K, but I'm worried about the monthly payments on a new deal so would rather pay it off and save £800 per month. I'm 54 years old and will be without work until I find something, but will have an extra £60K to put in the bank after paying the Mortgage. 

With all the above in mind, should I just go for it, or would I be better of trying another approach? 



  • dark^knight
    dark^knight Forumite Posts: 526
    Part of the Furniture 500 Posts Photogenic
    It just depends on what matters to you.

    If you want peace of mind, then go ahead and pay off the mortgage, as you won't have to worry about the roof over your head.
Meet your Ambassadors


  • All Categories
  • 340K Banking & Borrowing
  • 249.1K Reduce Debt & Boost Income
  • 448.3K Spending & Discounts
  • 231.9K Work, Benefits & Business
  • 602.9K Mortgages, Homes & Bills
  • 171.6K Life & Family
  • 245.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards