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Thinking of paying mortgage off next month
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Gam2015
Posts: 162 Forumite

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
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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 day0 -
AgathaSquirrel said:Sounds like a good plan to me. Do you have other emergency savings?0
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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!!!2 -
I concur with your thoughts on this.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
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.0 -
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: £14.661 -
Brilliant! Go for itMFW 2021 #76 £5,145
MFW 2022 #27 £5,300
MFW 2023 #27 £2,000
MFW 2024 #27 £6,055
MFW 2025 #27 £2,350 /£5,0000
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