What to do with savings ! ?

Samuelsjourney

No contest for me. I would pay the mortgage off and drip feed the £650 a month current mortgage payment into pension/investments.
The security of owning your home, being mortgage free.

DjangoUnchained

I agree with Samuel. Even if there are marginal percentage benefits in investing, You cant beat the feeling of clearing your mortgage and owning your home outright. This will of course free up the payment s to do as you wish.

penners324

Pay off mortgage day after fix ends.

Have a reasonable emergency pot in a easy access savings account.

Have a good pot for some good holidays and going out.

Pay into your pension.

friolento

JeffVader said:

I've spoken to the bank this morning and if I pay it off now there will be nearly £4000 in early settlement fees.  If I pay it off on the day the fix rate ends then there are no fees.

I'm planning to do this on that day and get the mortgage cleared

I plan to add some of the remaining money to my pension and then pay in monthly using some of the money I'm saving not paying the mortgage.. That's the thinking so far.

I have a meeting with a financial advisor on Monday so it will be interesting to see what he says.

Thanks

You shouldn’t need a financial advisor for this but if you want to go ahead with your meeting, make sure it is an Independent Financial Advisor (IFA), and don’t commit to anything on the spot. If the advisor is from a bank, they are definitely not an IFA

JeffVader

Hi,

He is an IFA.
Spoken to him on Monday and he thinks paying off the mortgage is a good plan.
Looks like the date is set

Thanks