Pay off mortgage now or wait??

South_coast

Congratulations 😀!

northwalesd

Many congratulations.

beanielou

si_74 said:

Thanks for the responses. We discussed, we decided and we did it. After a little last minute wobble we are now mortgage free!

Concratulations 

Cressida100

Congratulations, you will feel like millionaires now! 

ian1246

Congratulations! I was a bit late with the thread, but I was going to say if your job's not entirely secure it would make the most sense to remove what is probably the biggest financial commitment you have.

With regards to moving forward - with the £661 mortgage payment and £81 a month life-insurance saving, I'd be feeding that £742 into some Regular Savers (utilising the wife to do it - basic rate tax-payer). I.e. First Direct you can put in £300 a month for a 7% return. Natwest & RBS each have their £150 a month digital saver.... which pays 6% and will keep paying on balances up to £5000 (so that's £10,000 between yourself and wife at 6% in a couple of years time, assuming they don't drop the rate which they've only done once in the last 4 or 5 years). Stuff like that!

AgathaSquirrel

Congratulations!

si_74

ian1246 said:

Congratulations! I was a bit late with the thread, but I was going to say if your job's not entirely secure it would make the most sense to remove what is probably the biggest financial commitment you have.

With regards to moving forward - with the £661 mortgage payment and £81 a month life-insurance saving, I'd be feeding that £742 into some Regular Savers (utilising the wife to do it - basic rate tax-payer). I.e. First Direct you can put in £300 a month for a 7% return. Natwest & RBS each have their £150 a month digital saver.... which pays 6% and will keep paying on balances up to £5000 (so that's £10,000 between yourself and wife at 6% in a couple of years time, assuming they don't drop the rate which they've only done once in the last 4 or 5 years). Stuff like that!

Thanks, yes that was our conclusion with getting rid of the biggest commitment. 

And thanks for the various savings ideas, we will take a look.