would you pay off your mortgage

[moneytistheverydevil]

if you had 330K of school fees over the next seven years, a mortgage of 70K, and an income of 60K, and 110K in the bank?

It's about 650 a month at the moment. School fees will be half of gross and about two thirds of net income. About 2500 a month. We're kippered. But we have to try to make it work somehow.

Independent school is non negotiable even if we have to remortgage eventually. Remortgage or pay it off? I don't know. There's loads of equity in the house, about 500K. We can't move though, so it's useless to us unless we release it.

Thanks for any advice. I've probably pissed of loads of people now.

DONT pay off your mortgage if you think you may need to get equity back. its notoriously difficult to get a mortgage back once you've paid it off. Put as much as allows into your mortgage with a drawdown or offset arrangement.

no you havent pissed me off, similar position but with larger mortgage - 350k, but two flats which if sold would bring it mortgage down to 150 k. so do we sell now and pay of now, allowing us to pay off more each month until school fees kick in, or hold onto flats and sell when we need the cash.