Do I pay mortgage off in 3 years time? Opinions would be great.
Resume IA
L'auteur se demande s'il doit rembourser son hypothèque dans 3 ans ou continuer à épargner et investir
Conseil cle
Payer l'hypothèque peut procurer un sentiment de liberté financière, mais il est important de considérer les autres options d'investissement et d'épargne
In 3 years time I will be 37, I will have £88k mortgage (currently £107k) remaining on a property worth circa £600k (we have zero intention on moving). There will be 10 years remaining on the mortgage at this time. I am overweight into my company share scheme, currently worth around £35k however there does seem an upward trajectory with this stick. I should be able to sell around £30k tax free shares in 3 years time. I am definitely going to do this regardless. I currently have around £40k in premium bonds, and save around £500/month into this. When I hit 50k, I'll start paying into the wifes account. So in 3 years time, we may have around 60k in these. I do also have £36k in a stocks and shares ISA, and £28k in Rolls Royce. Which I don't really I intend on selling in the near future. Currently buying £400/ into a global tracker. As I see it my options are: 1. Do nothing, remortgage and continue paying £900/month. Sell the company shares and reinvest elsewhere to diversify. 2. Sell the company shares, pay £38k off mortgage, reducing it to £50k. 3. Same as above, use more cash and reduce mortgage to £25k (minimum remortgagable amount) 4. Pay the whole lot off, leaving us with around £10k in the bank. However we will then be able to save around £2k/ month due to no mortgage payments. 5. Any other ideas?
“I am mortgage free. I highly recommend it if you are lucky enough to get there. It's hard to explain just how free it feels to not have the largest bill endlessly sucking you dry.”