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Mortgage overpayments vs savings
mamacita63
Posts: 25 Forumite
Hi, I am 60 and currently have £116800 left on my mortgage, fixed at 0.99% until Dec 2026. Payments are £978 and due to end in about 10 years (decreased due to overpayments). I don't want to be working in a stressful job I hate until I'm 70! So my plan is to pay off a chunk of the mortgage in 2026 (about 50k) and then get a new mortgage with payments of around £500 so that I can afford to take a lower paying/part time job. I got a pension lump sum at 60 so that will pay for it plus savings. Just want to check whether this seems like a decent plan or is there anything I'm missing/other feasible options for reducing my payments sooner? Thanks.
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