Any pitfalls to paying off mortgage ?

[fedup078]

I currently have enough money in savings to pay off the £70k I owe on the mortgage and have been hanging onto it due to redundancies where i work, they have finished the restructure and I'm safe for a while now
It's on a fixed rate of 1.8 and has a 2% early repayment fee until June when it drops to 1%
I should just pay it off now (or June) shouldn't I or is there anything I'm not thinking of?

The OP says I'm on a really low wage and I'm finding I'm taking money out of the savings each month she sounds as if she's in a place where she wants to achieve stablity and a balanced budget rather than taking on risk.

In your particular circumstances OP I would overpay the mortgage by the amount you’re allowed to (usually 10%) and then when the fixed rate ends, clear it all off. You’re not in the position to start investing in a BTL business or a pension if you’re struggling to meet your basic costs every month. It’s a great relief to be without a mortgage in these circumstances (I would imagine) and will allow you a bit of breathing space. Best of luck with it.