Pay Mortgage Off Or Save?

[bond]

Say I have I mortgage remaining of £80K, value of property is £300K. I have enough saved to pay the mortgage off in full (with no penalty fee), but I am earning more interest on the savings ie the credit interest on the savings account is more than the debit interest I am paying on the mortgage rate, what would you do ? And I do not want to move house immediately.

[Peter Pedant]

Well you are a fella one in 60 m
your savings are churning out more than your mortgage debt interest

have you counted tax ?

on the figures it would be silly to pay off the mortgage
BUT I think there is enough evidence for a recount ( like NO-ONE earns more on investments than a mortgage...) I assume you dont own a bank

and once you have convinced yourself that like hte rest of us....

pay off the mortgage.

unless you are letting...

[Hymie]

Even if you are paying more interest on the mortgage than the interest you are getting on the savings – I would advise caution against having no savings for a rainy day.

So if you do pay off some of the mortgage, ensure that you have at least 6 months of cash reserves for emergencies such as job loss or other unexpected bills.