Just a sense check of what others may think is the best course of action
Currently have c £65k outstanding on our mortgage
We are in the fortunate position where we can clear it immediately, however this will attract a penalty of c £3.2k at this time
We could continue monthly payments until August 2022 and then clear, avoiding the charges
However this would cost about 2k in interest
So paying it off now probably costs us about £1200 more overall
I think we would prefer to settle and clear the mortgage now, despite the potential it costs a little more
Just creates a good feeling (I imagine?)
Any strong thoughts one way or the other?
Maybe relevant but we would like to move within the next 12 months, if possible, so having no mortgage to redeem would also make this process slightly easier?
Currently have c £65k outstanding on our mortgage
We are in the fortunate position where we can clear it immediately, however this will attract a penalty of c £3.2k at this time
We could continue monthly payments until August 2022 and then clear, avoiding the charges
However this would cost about 2k in interest
So paying it off now probably costs us about £1200 more overall
I think we would prefer to settle and clear the mortgage now, despite the potential it costs a little more
Just creates a good feeling (I imagine?)
Any strong thoughts one way or the other?
Maybe relevant but we would like to move within the next 12 months, if possible, so having no mortgage to redeem would also make this process slightly easier?
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