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Pay lump sum off mortgage
Jolu68
Posts: 1 Newbie
I have a £44.000 mortgage, I’m 55yrs and husband 57yrs, we have a sum of £15.000 and wondered if we should pay it towards mortgage or not? Can someone help us decide. 😊
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Comments
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What rate of interest are you paying on your mortgage?Jolu68 said:I have a £44.000 mortgage, I’m 55yrs and husband 57yrs, we have a sum of £15.000 and wondered if we should pay it towards mortgage or not? Can someone help us decide. 😊
Is that rate greater than you can get by having the money in savings account?
Dose your mortgage allow you to make a large over payment?
3.795 kWp Solar PV System. Capital of the Wolds0 -
Unless you can get tax free interest on the 15k at a higher rate than what you're paying on your mortgage, I'd pay it off provided you have other available savings to fall back on if needed (or if overpayments into the mortgage can be returned on request).0
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Look at your pension provisions and potential income till mortgage free.
If you pay £15k(~33%) ofwhat will you do with the monthly savings?0
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