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Thinking of paying mortgage off next month

Gam2015

Gam2015 Posts: 162 Forumite

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6 April at 9:33AM edited 6 April at 9:37AM in Mortgage-free wannabe

Hi all i currently owe around 46K on my mortgage at 5.2% already paid my 10% penalty free lump sum for this year my early repayment penalty drops to 1% on the 3rd of May i have max holdings in premium bonds at 50k on average this year so far i have won £97 per month so thinking of just cashing them in next month and settling my mortgage in full what are peoples thoughts? Then once i am mortgage free i can save £500 per month and rebuild savings for emergency fund etc.

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Comments

AgathaSquirrel Posts: 283 Forumite

6 April at 10:27AM

Sounds like a good plan to me. Do you have other emergency savings?

2017 - mortgage of £140,000 and interest rate of £10 a day
Feb 2021 mortgage of £103000
May 2021 mortgage of £100000
July 2021 mortgage of £97000
November 2021 mortgage of £93000
July 2022 mortgage of £84000
December 2022 mortgage of £79000
December 2023 mortgage of £73000
March 2024 mortgage of £70000
May 2024 mortgage of £68000
October 2024 mortgage of £65000
February 2025 mortgage of £63000
March 2025 mortgage of £45000 and interest of £6.07 per day
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Gam2015 Posts: 162 Forumite

6 April at 10:42AM

AgathaSquirrel said:

Sounds like a good plan to me. Do you have other emergency savings?

Yes i would have about 20k spare after settling the mortgage

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South_coast Posts: 5,921 Forumite

6 April at 10:57AM

Go for it. There's no feeling like it 😀

Mortgage start: £65,495 (March 2016)
Cleared 🧚‍♀️🧚‍♀️🧚‍♀️!!! In 5 years, 1 month and 29 days
Total amount repaid: £72,307.03. £1.10 repaid for every £1.00 borrowed

Finally earning interest instead of paying it!!!
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beanielou Posts: 95,838 Ambassador

6 April at 8:29PM

I concur with your thoughts on this.

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Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.
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ladybird1106 Posts: 820 Forumite

7 April at 7:16AM

We paid our mortgage this year with a lump sum and the feeling of relief is amazing. Go for it if you think it’s the right thing for you.
love 🐞

Grow your own: £14.66
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powerspowers Posts: 1,339 Forumite

7 April at 7:38AM

Brilliant! Go for it

MFW 2021 #76 £5,145
MFW 2022 #27 £5,300
MFW 2023 #27 £2,000
MFW 2024 #27 £6,055
MFW 2025 #27 £2,600/£5,000

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