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Thinking of paying mortgage off next month
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[Deleted User]
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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 £103000
November 2021 £93000
December 2022 £79000
December 2023 £73000
March 2024 £70000
May 2024 £68000
October 2024 £65000
February 2025 £63000
March 2025 £45000, interest of £6.07 per day
November 2025 £41000, interest of £5.62 per day
March 2026 £38000, interest of £5.22 per day
July 2026 mortgage of £34,000 and interest of £4.97 per day0 -
Yes i would have about 20k spare after settling the mortgageAgathaSquirrel said:Sounds like a good plan to me. Do you have other emergency savings?0 -
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*** in ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger.
One debt remaining. Home improvement loan.[/b] [11 months left.[/b]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 🐞Declutter 3400/ 2026
books read 19 in 2026
£0🥳 funpot
🐞change pot £0.11st 3lbs 13/10/26. 11st 20/10/26 11st 26/10/26🤨
week1 averaged 6781 steps per day
week 2 4864🤨1 -
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 £5,075
MFW 2026 #29 £800 / £10000
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