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If you do take your pension before your current mortgage deal is up, it’s possible that savings rates are higher than your current mortgage rate and deal.
As you are paying mainly capital back in the last 5 years and the interest is a small proportion, maybe worth considering clearing it at the end of your current deal, and hold any spare pension lump sum funds in a high interest savings, of which some around 4-5% are showing up.
You’ll have to pay the mortgage from your pension lump sum for a while, but basically you’re paying off the capital.
Acliff
@midlife
Been paying a mortgage for 35+ years and still 5 years to go.
Thinking about retiring and paying it all off (paying redemption fee) from the retirement lump sum. Had a mortgage back in 1992 but back then I had money left at the end of the month to cover.
With mortgage rates, inflation, energy, upcoming austerity and an economy that looks fucked I am tempted to pay everything off and live with my pension which goes up a bit with inflation.