if you could pay off your mortgage would you?

[OilyRagMan]

Im sure this is a silly question with only one answer but i need a bit of help to justify this, as my understanding of finances arent to great......

should i pay off my mortage?

if someone could supply some simple finantial justification as well it would be greatly appreciated.

Thanks
ORM

[OilyRagMan]

My current situation is i can afford to pay my bills and mortgage and live a relatively comfortable life. I can’t foresee my current wages dropping hopefully only growing. I have a final salary pension in my current job. The mortgage itself I would guess on today’s terms is relatively low <100k
The general circumstances for the money are... it is inheritance from my grandparents. It is to be put in managed trust for myself and my brother to be used as and when we need it my brother as yet doesn’t have a house so he would take the same amount of money out when he gets a house. I would either pay a similar amount back into the trust on a monthly basis or into another long term account for when I need to upsize my house or something else comes along that requires a large amount of money.

Sorry for being vague on the figures but I don’t want the whole world knowing my financial position

.. al said:

Oily,

That would depend on your circumstances. Whats the remaining balance (is it modest or massive?), is your income likely to change dramatically either way and could what you might otherwise do with the capital be better invested? How old are you, might you be able to invest the money in a pension for instance, which might better serve you? What do you want to do long term?

One size doesn't fit all.

OilyRagMan said:

Im sure this is a silly question with only one answer but i need a bit of help to justify this, as my understanding of finances arent to great......

should i pay off my mortage?

if someone could supply some simple finantial justification as well it would be greatly appreciated.

Thanks
ORM

[OilyRagMan]

Thanks al, i will reply to your other email this weekend, its been a busy week at work!! I think the best plan will be to keep the mortgage at the moment for atleast the rest of its fixed term and just try and overpay the maximum every month to get it as low as possible and then see whats happening in 18 months time.

Thanks again everyone for the advice
ORM