Should you pay off mortgage if redundant?

[lilacben]

My husband is being made redundant shortly. He will have some redudancy pay and we are wondering if we should pay off our mortgage or not.?Anyone been in the same postion. would be very grateful for some advise. He is coming up to 58 .

[Loosehead]

Definately pay off the mortgage, one less thing to pay. Removes the chance of reposession should income cease.

[noxlumos]

Yeah pay it off. If you own your property outright you're laughing:)

[WoWo]

I think there are pro's and con's either way due to the way benefits are handled but I'd definately recommend it.

As others have said even with a small mortgage there is a chance of repossession and you being homeless, but if you pay off the mortgage then your safe from that.

[WendyS]

Common sense would suggest paying off your mortgage but if you husband thinks it might be difficult to find another job quickly at his age, and he is the sole breadwinner it might be sensible to pay some of it off and hold some back for other living expenses such as council tax, food, car expenses, etc. The reality is that re-employment at that age might be difficult and you do have to live so sit down with a list of your outgoings and do some sums first. If you have other savings, or a second income coming in, then clearing the mortgage, which is your heaviest expense makes sense.

[Gadgetman]

Not been in the redundancy situation. When I had the oportunity to pay mine off I did so. I only had it for about 8 years and paying it off removes the niggling thought at the back of your mind about repossession.

[Ethel]

Pay off your mortgage, but not to stop repossession.

Your home can be forcibly sold even if you own it outright to pay off other debts.