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I know it wasn't in what you asked but have you got an IFA? I started using one a couple of years ago and I found it really helpful. I don't disagree with what folks have said about your question but it's not the whole view. Anyway thought I'd raise it.
Tenderloin-
I know it wasn't in what you asked but have you got an IFA?
No, I tried... spoke to several and auditioned them all... and largely, they concluded that without children and a desire to leave a legacy, with no stocks or existing wealth, with no massive pensions... that they don't have much to play with and can't do much for me.
They also all conceded in their own way that if I legit do have shares worth multiple significant windfalls, then just doing what I'm doing to earn that is wiser and better than to try and do something else... two of them found what I'm doing to be a "non-conventional" and "high risk" approach... but it's not like people have answers when you don't have family support, inheritance, children to think of, and it's all really just a single large income that is being burnt on a fairly high monthly mortgage cost.
Last time I tried was only a few months ago, anticipating exactly this scenario, and asking roughly this question (but less specificity on amounts involved).
Velocio
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.