Mortgage-redemption wobbles

[Windycindy]

I realise that I am in a position of paying my mortgage off. It will leave me with about £1500 until pay day. I feel a mix of thoughts and emotions.

What would you do?

Can anyone offer any guidance or counsel?

Do it, what can go wrong?.

I'll have no savings, for one. Which will right itself after a few months, I just need to steady my nerve to go for it.

I think it's all wrapped up in emotions for me too. Three years ago I thought I would lose my house when my relationship ended. It all feels too overwhelming to realise that not only have I kept it, I've got in to a position where I "can't" lose it.

Why not keep the mortgage on for a bit longer then and save at the same time then redeem?

How old are you and what is your situation work wise? To me the only downside (other than you being likely to need the money you would use for redemption for an emergency) would be in case you thought you might ever need another mortgage and would have to start applying from square one - but this would obviously depend on your age and salary. I’m not trying to pry but it’s difficult to give useful advice when we don’t know anything about your situation.

How much are you talking? It sounds reasonable to me

MrsP that's what I have been doing, striking a bit of a balance. But now I've realised my savings equal my debt.

MrsF I'm late thirties, in good health, no kids and in a stable relationship. In the New Year I go 0.8 and will still be in receipt of a good salary.

its about 6k.

Your replies and questions have really helped. This is just a wobble isn't it? I should go for it, shouldn't I?

I would never leave myself with no savings at all as I prefer to have something in reserve in case an emergency arises. Once you have that, however, presumably your mortgage interest rate is higher than your savings rate so it makes sense to pay it down (or off).

Is there a redemption penalty ?

If it's only £6,000, and that would be your whole savings pot, I would keep the mortgage on. It'll be paid off soon enough, and you might need that £6,000.

No penalty. And that moment I've overpaid by a lot, so I wouldn't be able to draw upon that should I need to. Guess in dire straits I'd remortgage.