Mortgage repayments

obeywan_kenobe

I have about £15,000 saved up in my ISA and various savings accounts. My mortage is going from a fixed rate to a variable rate next April and there is no tie in after that.

Should I be pay some of the Mortgage balance off?

Robert_Sterling_3

If the variable rate charged on the mortgage is higher than the tax free rate you get on the ISA you would save money by paying some off the mortgage.
If the variable rate on the mortgage is lower than the ISA Rate then don't pay any off.

On the other hand people like paying off their mortgage.

Freddie_Snowbits

Just because the discount period is over, doesn't mean to say you cannot go for another, even with a different lender.

As ;D ;D'2Bob' ;D ;D says, if you get a better rate on you 'tax free' than your mortgage, you could always wait until you pay it off completely

MarkyMarkD

Reinforcing the earlier comments, yes to the extent that the funds aren't stashed in tax-free accounts which pay better than the interest rate on the mortgage.

You can earn (say) 5.5% on savings, and pay around 4.4% on a mortgage (2 year discount) right now - so if the savings are tax free, paying off the mortgage is bad value.