Mortgage buy out advice

[Coll]

Hi all I love this site, Have being reading some post for a few mounts. Now I looking for some advice for myself please.

I am looking for some advice on what to do with out standing mortgage. At present I have build up some savings over the years and was thinking would it be a good idea to pay of my mortgage? We took out the mortgage in 1994 for £ 43,500.00 punts over 25years with ACC. I check with them to see how much was owed it I wanted to pay it off tomorrow the redemption figures was € 33,720.00. Our monthly payments are € 300.00 at present.

Thanks

 

[ClubMan]

Do you have the money to pay it off in part or full?
Do you need money for anything else now or in the short/medium term?
Is it a variable/tracker or fixed rate mortgage?

 

[Coll]

ClubMan

I have about 45k in savings, I don't need money for anything over the next 5 years or so. the mortgage is a variable rate.

Thanks

 

[ClubMan]

So you could clear the mortgage, have €10K+ to spare and be able to redirect the erstwhile mortgage repayments (and mortgage protection life assurance premiums) to other savings/investments/expenditure? Worth considering unless you think that you can get a better guaranteed return elsewhere. You can estimate the interest charges you will save/avoid using Karl Jeacle's mortgage calculator.