| Would you pay off your mortgage? 10:28 - Sep 27 with 5598 views | RobTheMonk |
We have about £155,000 left on our mortgage. Fixed for another 2 years at 1.69% (initially was a 5 year fixed, so we've been quite lucky with how things are gone).
In 2 years it will be around £134,000.
Hypothetically, if you could, would you pay it off when the fixed rate ends and pay the early settlement fee? With the big price hikes, could it actually be more financially viable to do this? There's also the psychological boost of not having a mortgage.
Obviously things will change over two years so take the above on face value of current conditions.
Edit - None of what is said in this thread is financial advise and everything discussed is purely hypothetical.
[Post edited 27 Sep 2022 11:05]
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| Would you pay off your mortgage? on 22:26 - Sep 27 with 619 views | Lord_Lucan |
100% No
If you have money burning a hole then buy a bit of land.
They're not making in any more.
Your mortgage payments are insignificant. [Post edited 27 Sep 2022 22:31]
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| Would you pay off your mortgage? on 22:38 - Sep 27 with 602 views | BanksterDebtSlave |
| Would you pay off your mortgage? on 22:26 - Sep 27 by Lord_Lucan |
100% No
If you have money burning a hole then buy a bit of land.
They're not making in any more.
Your mortgage payments are insignificant. [Post edited 27 Sep 2022 22:31]
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And then dig a bunker? |  |
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| Would you pay off your mortgage? on 22:43 - Sep 27 with 593 views | Lord_Lucan |
| Would you pay off your mortgage? on 22:38 - Sep 27 by BanksterDebtSlave |
And then dig a bunker? |
I've already got 2 x 3000sq ft ones.........
........so there Stevey. | |
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| Would you pay off your mortgage? on 22:48 - Sep 27 with 586 views | BanksterDebtSlave |
| Would you pay off your mortgage? on 22:43 - Sep 27 by Lord_Lucan |
I've already got 2 x 3000sq ft ones.........
........so there Stevey. |
Underground?
Any hedges......mate? | |
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| Would you pay off your mortgage? on 22:56 - Sep 27 with 564 views | Lord_Lucan |
| Would you pay off your mortgage? on 22:48 - Sep 27 by BanksterDebtSlave |
Underground?
Any hedges......mate? |
No hedges.
I'll send you a pic | |
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| Would you pay off your mortgage? on 13:14 - Sep 28 with 457 views | Argyle_blue |
So this spurred me to do some deep digging on my mortgages. I’m in the position where I can pay off some of my mortgage. I’m on fixed rates. So one fixed rate runs out in November next year which will trigger a big hike. My rate is currently 1.69%. I suppose the question is whether I do it now or when the rate runs out. Looking around there are some 1 year fixed bonds at -about 4%. Think these will go higher when a further rise in interest rates is announced. Even a standard savings account with nationwide is offering 3%. So it makes more sense to put the money I would use to pay off the mortgage away for a year and then pay it off in one lump sum. Of course it means I have to keep paying the mortgage payment but I’ll be making more in interest. I have another mortgage that expires in 3 years so I’ll do the same and put the money away for longer. If you can hold out and keep paying the monthly amount you’ll be better off in the long run. |  | | |
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