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Should I pay off or keep my Mortgage?
Graham_E
Posts: 2 Newbie
Not sure if this is the correct cattagory but here goes?
I have a mortgage with 15 years left to pay. I have an endowment maturing in April for . I plan to reduce my mortgage by this ammount which will adjist my repayments down to . My mortgage is with Nationwide currently at 6.74% variable.
My delima is:
1. Should I use this endowment to reduce total loanbefore negotiating and new fixed rate over 2 / 3 years?
or
2. Should I use the endowment PLUS my wifes and my own Cash ISA which would reduce the mortgage dramaticaly?
or
3. Should I pay the mortgage off altogether but have little to no return on ISA investments?
I am not sure if I would be better off paying off the mortgage or keeping a reduced mortgage?
Any ideas please?
I have a mortgage with 15 years left to pay. I have an endowment maturing in April for . I plan to reduce my mortgage by this ammount which will adjist my repayments down to . My mortgage is with Nationwide currently at 6.74% variable.
My delima is:
1. Should I use this endowment to reduce total loanbefore negotiating and new fixed rate over 2 / 3 years?
or
2. Should I use the endowment PLUS my wifes and my own Cash ISA which would reduce the mortgage dramaticaly?
or
3. Should I pay the mortgage off altogether but have little to no return on ISA investments?
I am not sure if I would be better off paying off the mortgage or keeping a reduced mortgage?
Any ideas please?
0
Comments
-
In this climate, I'd go for option 1, keep some money behind you for rough times ahead!
Get a flexible remortgage type that you can overpay without penalty if things pick up.0
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