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JonD
I know, I know... you can put me in the golf thread, etc.
Genuine question: My mortgage is 4.13%, £443k remaining, £2,996 per month, 17 years 5 months remaining.
I have a choice... I'm receiving a windfall that can pay off a huge chunk... but not all of it.
Assuming I could overpay £360k, with an early repayment charge of £11.5k (4.25%)...
Would you choose to:
Which would you choose? Why?
Edit: Unanimous choice of option 1, and that's what I was thinking of doing anyway. But further, I plan to de-risk the high monthly mortgage payments by doing option 1 but after it's paid off, should anything happen (ill-health, company fails, etc), I can always re-mortgage and achieve option 2.
To do option 1 and then pay off the mortgage in 30 months would be optimal, it would've meant I had a mortgage for 8.5 years, which isn't bad going... it's because I skipped the Avocado on Toast and used nescafe, etc.