Clearing Mortgage early

Claude Burgundy

Hi all,

We will be in the lucky position that between a lot of work in 2019 and early 2020 we will be able to pay off out mortgage.

We currently owe 67k on a PTSB tracker mortgage.

I am wondering would be better to save and pay in one large lump or as we earn the money pay down the mortgage............or does it even matter.

NIMAN

If you pay it down as you earn, you will save on some interest.

Might not be a lot but every little helps?

Will you have savings left besides?
If not I would leave keep it until you are ready to clear it.

omeara1113

Hi I'm in the same position I hope to have mine cleared this year.. Can't wait
My advice is clear it

benwed

I also hope to pay mine off early as every reduction in my tracker rate in the last few years I didn't take and kept the repayments the same thus reducing my term by 2 yrs

Nerd Queen

NIMAN wrote: »

If you pay it down as you earn, you will save on some interest.

Might not be a lot but every little helps?

+1

Claude Burgundy

Thanks,

I'm going to pay it off as i have it. All going well we'll have it paid off 6 years early.