Paying off mortgage

beccasmummy

Hi all..we have a mortgage and have 15 years left topay...we are not on a fixed rate and its an endowment.
We are about to receive a significant amount of money (to us anyway) and its enough to clear our mortgage.
Should we do this and be mortgage free or should we pay some of it and put the rest in a high interest account....I am concerned that we will be hit with early repayment fees and someone told me that we would have to pay the building society to keep our deeds...is this correct?

Thanks in advance for any advice

zarazara

Check the small print in your agreement. will you be hit by fees or not?
Once you have paid off the mortgage why does the building society need your deeds?

Shokami

beccasmummy wrote: »

Hi all..we have a mortgage and have 15 years left topay...we are not on a fixed rate and its an endowment.
We are about to receive a significant amount of money (to us anyway) and its enough to clear our mortgage.
Should we do this and be mortgage free or should we pay some of it and put the rest in a high interest account....I am concerned that we will be hit with early repayment fees and someone told me that we would have to pay the building society to keep our deeds...is this correct?

Thanks in advance for any advice

We were in the same situation 2 years ago. We paid off all but £1 of our mortgage. This means we have the option to increase it again if things ever got desperate, cos the account remains open. We don't pay anything at all on that £1, and as we technically still have a mortgage, the building society keep our deeds for free. I dropped my hours at work, losing salary to the value of the mortgage payments, so I am at home for the boys, and can spend time doing all the things I didn't have time for when I was working full time. We have kept up the two endowments we had, and look forward to a couple of nice payouts in the next few years.
Hope this helps