Paying off the mortgage in full makes you £1,000 a month richer by way of disposable income, plus the unbeatable sense of liberation from the shackles of debt.
Your response is logical but emotional responses on a music forum shouldn’t surprise (Mr Spock )Surprised to see so many emotional responses here. To me it's a simple question: all things considered, would the interest on the cash be more or less than the cost of servicing the loan? Where does the extra peace of mind come from when you know you have the means to pay off the loan any time you please?
[Pedant mode on] A mortgage refers to the lien a lender has over the title of real estate property, as security for the lending. Paying off the loan does not mean one is mortgage free. The bank still has security over your title until the mortgage is discharged. [Pedant mode off]Of course, you can achieve all that with an offset mortgage and maintain instant access to the funds should you require.
Paid ours off about 2 years ago and it was a real relief to have this monkey off our back…definitely mental health improving100% the mental benefit of not having a mortgage should be considered priceless!
That would have been terrific advice 1 year ago. Even better 5 years ago. 10year ago that would have enabled retirement.I'd buy 100ks worth of bitcoin