Pay off mortgage?

edited 30 November -1 at 1:00AM in Mortgages & Endowments
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yoxyox Forumite
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edited 30 November -1 at 1:00AM in Mortgages & Endowments
I am planning on moving house this year. I have the funds to pay off my mortgage now .( there would only be a small redemption fee) . When I buy my next house is it in general better to transfer my current morgage , which is a tracker on a decent rate, and use my extra savings to pay the difference in the property values with cash , or pay off my mortgage now and reapply for a new one when I find a property. Either way , I am not planning on borrowing any more or extending the length of the loan when I buy the new property.

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  • ThrugelmirThrugelmir Forumite
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    If your cash is earning you a low rate of interest. Then paying off or reducing the mortgage debt maybe beneficial from a financial perspective. Might take time for your plans to come to fruition as well.
    It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros
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