Page 2 | AIBU to be nervous about paying the mortgage off!

Blondiebeachbabe · 2026-04-11T19:11:25+00:00

My 5 year fixed mortgage deal ends in November. The current interest rate is 1.54% The new rate will be 5.02% I’ve been saving like mad to get together enough to just pay it off in November. The balance will be £22k. I can do it but somehow I feel so nervous sending that money over and not having it to hand anymore. WWYD? I will have a bit more left in my isa for emergencies. I think it’s just that I’ve never spent that amount of money in one go before.

LiquoriceAllsorts2 · 11/04/2026 21:20

Pay it off. You will be able to save up again in no time without your mortgage payments. Congratulations on paying it off

BerryTwister · 11/04/2026 21:18

I was in a similar situation, facing a rise in interest rate when my fixed rate came to an end. I could have paid off my mortgage but it would have left me with very little savings. I’m a single parent with no additional support and no other earner to fall back on, so I was wary of wiping out my savings. In the end I paid off a chunk of mortgage, enough to keep my monthly payments the same as they had been before, which I knew was manageable. I’m turning 60 next year and hoping to pay it off soon after.

Original poster

Blondiebeachbabe · 11/04/2026 21:02

I’m 56 btw, just incase anyone thinks I’m getting rid of my mortgage at 35 or something 😂

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purpleme12 · 11/04/2026 21:01

I see what you mean but I think it's a good use of the money

Original poster

Blondiebeachbabe · 11/04/2026 21:01

I think I’ve never felt beholden to the Bank though, because I’ve never missed a payment, so they’d have no reason to repossess. My initial plan when I took out the mortgage five years ago, was to consistently overpay, but then with the interest rate differences it made no sense to overpay my mortgage that was on a rate of 1.54% when I could get 4.1% in an ISA, so I stopped overpaying the mortgage. By November 2026 if I had been overpaying my mortgage balance left would have been £5000, but because I didn’t overpay it’s now £22,000, which feels like such a big amount to send. I know that I am overthinking!

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thenightsky · 11/04/2026 20:55

OMG. Pay it off. I paid mine when my mum died and left me just enough (70k) but it left me with no savings. The relief was unreal. I (well me and DH) own our house and are beholden to no bank.

OneNewEagle · 11/04/2026 20:55

Sadly I’ve not cleared ours but I have cleared my half…we have separate finances. So the rest of the mortgage is for my dp to pay. The last payment I made was the big one so I’d paid my last £16k I was really nervous for ages and then just told myself you have to do it and never think about it again. I have far less than that left now in savings and no income so I understand the worry.

notacooldad · 11/04/2026 20:54

I paid mine off. I understand your worry but the following month I started putting the equivalent mortgage money i to an isa.
Actually, no, the 1st month I treated myself to something special, then started saving.

TalulahJP · 11/04/2026 20:51

defo do it. get a figure for what you owe including fees. pay it all.

if you pay off a lot of it but not all, your existing lender may not give you the option of a cheap fix on the low balance anyway!!

pay off your other debt with higher interest rates first but keep your credit card so you can use that for dc if required.

congratulations!

NoYouCantComeToTheWedding · 11/04/2026 20:51

Sorry are you saying the mortgage balance wheh your current deal ends will only be £22k? That is tiny! Even at the higher interest rate the payments won't be that much surely. I would overpay as much as possible but I wouldn't want to pay it all off in one chunk. I'd rather keep some savings and pay the mortgage off steadily.
But I only got my mortgage in 2023 so interest rates of 4 or 5% are completely normal to me, and I owe the bank about ten times what you do!

OneTimeThingToday · 11/04/2026 20:50

You can pay the mortgage amount into Savings each month and build them up again.

Original poster

Blondiebeachbabe · 11/04/2026 20:47

LadyMacbethWasFierce · 11/04/2026 20:44

I would not leave yourself with no savings. I’d keep enough to live on for 6 months. You can always pay your mortgage down not pay it off entirely.

I will still have a buffer for emergency

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LadyMacbethWasFierce · 11/04/2026 20:44

I would not leave yourself with no savings. I’d keep enough to live on for 6 months. You can always pay your mortgage down not pay it off entirely.

Original poster

Blondiebeachbabe · 11/04/2026 20:42

StrictlyCoffee · 11/04/2026 20:39

Ha, I thought it was only me who felt like this! Our 1.68% deal is coming to an end and I’d arranged a new fix of 4.17% but due to an inheritance my H received we are in a position to pay it off at the end of the fix. We will still have a buffer of a decent amount of cash but I still feel anxious about it!

It’s weird isn’t it ? I had to help one one of my kids recently and my fear is leaving myself with not much liquid money if the other one needs similar help.

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somekindof · 11/04/2026 20:40

We were recently in a similar situation and have paid off the mortgage. It’s such a relief, feels so good to have the security of owning our home outright. And without those monthly payments the savings will soon accrue again.
congratulations OP!

StrictlyCoffee · 11/04/2026 20:39

Ha, I thought it was only me who felt like this! Our 1.68% deal is coming to an end and I’d arranged a new fix of 4.17% but due to an inheritance my H received we are in a position to pay it off at the end of the fix. We will still have a buffer of a decent amount of cash but I still feel anxious about it!

Boiledbeetle · 11/04/2026 20:38

Blondiebeachbabe · 11/04/2026 20:32

Thanks everyone!! I think I just feel nervous about losing my nest egg! 😂 Something happened recently whereby I needed to lay my hands on some money to help one of my adult children , and I think that’s what’s panicking me, the fact that sending most of my money away gives me less resources. But mathematically it does make sense!!

There's nothing like the feeling of standing in your own house the day you pay off the mortgage knowing that it's yours. Completely. 100% yours.

Pay it off. Celebrate. Then continue saving again.

Hufflepuffpuffpuff · 11/04/2026 20:37

I am in a spookily similar situation. It is scary handing the money over, but the new interest rate I'd be facing otherwise is more scary.

GertrudePerkinsPaperyThing · 11/04/2026 20:36

Pay it! You’re in an amazing position that you can do that.

As others have said, if you really needed the money a short term loan would be a cheaper option.

ThirdStorm · 11/04/2026 20:34

I scrimped and saved to pay mine off, I think I had £500 in savings left! But it was such a relief to get rid of the mortgage and ever so quickly I’d built back up my emergency fund and more. Best thing I did.

Original poster

Blondiebeachbabe · 11/04/2026 20:32

Thanks everyone!! I think I just feel nervous about losing my nest egg! 😂 Something happened recently whereby I needed to lay my hands on some money to help one of my adult children , and I think that’s what’s panicking me, the fact that sending most of my money away gives me less resources. But mathematically it does make sense!!

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Anyahyacinth · 11/04/2026 20:20

Pay it off. It changes your whole mindset about feeling just that bit safer and freer when things like horrible bosses / managers / directors happen at work etc... Somehow you are stronger because you've lost a fear / vulnerability. You can rebuild savings (and have fun ✨️)
Congratulations 💐💐💐💐

Cathmawr · 11/04/2026 20:18

I would definitely pay off the mortgage personally and get it boxed off- congratulations OP!

If the idea does make you really nervous, why not pay off half, move onto a tracker deal and clear the rest over 12 months or something? It is a big jump in interest, however your balance is really low, so the amount you'd be paying won't actually be horrific

JC89 · 11/04/2026 20:16

Pay it off, then start putting the money that used to go on the mortgage into savings!

Eileen101 · 11/04/2026 20:15

That would be a huge interest jump! Pay it off and breathe a sigh of relief. Worrying about using your emergency fund is understandable, but with applying the same effort again to saving, you'll soon build it back up.