I’ve Come into Some Money - Should I Pay off my Mortgage? - Yes Mortgage Services (2024)

I’ve Come into Some Money - Should I Pay off my Mortgage? - Yes Mortgage Services (1)

If you’ve had a recent windfall, be it from a bonus at work, an inheritance or even a lottery win, you might be considering paying off your mortgage or at least paying off a sizeable chunk of it. Ask a reputable mortgage advisor whether doing so is a prudent move or not and you might be surprised to learn that the answer isn’t always going to be yes.

That’s because whilst paying off what is most probably the biggest debt you’re likely to ever have in your life is generally a good move, the wisdom of paying off your mortgage depends largely on your own particular circ*mstances. In this article, we offer some useful mortgage advice relating to when paying off your mortgage is a good idea and when it isn’t.

Are You Tied in?

Whether it’s for your first home or your 10th, having little or no mortgage can be extremely financially liberating, but you have to consider other factors that can affect how good an idea paying off your mortgage is. If you have an incentivised or discounted mortgage deal, you could find that there are some pretty hefty penalties to ending that agreement early, so if you don’t remember what your mortgage advisor or mortgage broker told you when took out the mortgage, we’d recommend looking through the fine print and finding out exactly what you’re tied into.

Sure, paying off your mortgage early could save you a lot in interest payments, but it doesn’t make sense if that saving is outweighed by what you have to pay in early repayment charges.

Do You Have Other Debts?

Mortgage interest rates are very favourable when compared to other types of borrowing, so if you have other bank loans or credit cards as well, it might be a much better idea for your overall financial health to pay those debts off first. For example, an impartial mortgage advisor will tell you that there’s no point paying off £50k at 1.5% on a mortgage if you’ve still got bank loans or credit cards at significantly higher rates of interest. In this scenario, you need to be paying down your high-cost borrowing before you consider paying off your mortgage.

It Needs to Make Financial Sense

In an ideal world, of course, a mortgage advisor is going to tell you to pay off your mortgage as soon as you can, as you can save thousands in the long run, but it really needs to make overall financial sense. It’s really a simple matter of mathematics i.e. if you stand to lose a significant amount of money by paying off your mortgage, then it’s clearly not a good idea, regardless of how good it might sound to say that you’re mortgage-free.

At Yes Mortgage Services, we provide honest, impartial mortgage advice to help guide our customers through the various pitfalls involved in obtaining a mortgage, remortgaging and even paying your mortgage off. We charge no broker fee and we are committed to finding you the best, most suitable mortgage deals for your specific personal circ*mstances. Needless to say, as FCA regulated mortgage advisors, we would never recommend an unsuitable mortgage product to turn a quick profit.

If you would like to know more about what we do, you can find lots of information on our website www.yesmortgageservices.co.uk or you can check us out on social media http://bit.ly/2URtfua. However, if you’d like to book your free no-obligation consultation to see how we can help you, call us now free on 0800 612 5596.

We even offer evening appointments for the many professionals out there that have busy lives, so if you have anything mortgage-related you’d like help with, we’d love to hear from you.

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I’ve Come into Some Money - Should I Pay off my Mortgage? - Yes Mortgage Services (2)

Andrew Johnson

At Yes Mortgage Services, we offer a comprehensive range of products from across the market.

Irrespective of whether you are looking to buy a new home, re-mortgage an existing property, or looking to protect your family from the unpredictability that life throws at it or protect your income if you are unable to work due to accident or ill health.

Yes Mortgage Services are committed to offering you the highest possible standards of service. We can undertake the whole process from answering the initial questions through to handling multiple product applications. Ensuring that everyone gets treated with the same urgency and maintaining your best interests are our main goals irrespective of the value of the mortgage.

We recognise that both we and our customers have everything to gain if we look after your best interests and treat you fairly in all aspect of our dealings with you.

I’ve Come into Some Money - Should I Pay off my Mortgage? - Yes Mortgage Services (3)

Contact Us

YES Mortgage Services Limited
The Old Barn
Brooklands Farm
Mannington
Wimborne
BH21 7JU

Hours
Monday – Friday 0900 – 1700

Contacts
0800 612 5596
[emailprotected]

We don’t charge a broker fee

We are on Instagram

Arranging a mortgage or organising personal finances can be time-consuming and stressful.⁣

But we`re here to make it as painless as possible!⁣

👉🏻 Before recommending a mortgage, we take the time to understand your individual needs and circ*mstances.⁣

👉🏻 We`ll only suggest mortgages that we consider suitable and affordable for you.⁣

👉🏻 If we can`t find a suitable mortgage, we won`t recommend one.⁣

👉🏻 We encourage you to ask any questions you have – no question is too silly.⁣

👉🏻 From start to finish, we`ll handle the entire process, from answering initial questions to managing multiple applications.⁣

👉🏻 Best of all, we won`t charge you a broker fee!⁣


Visit our website to learn more (🔗 in bio) or call us for a chat on 0800 612 5596.⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#househunter #homebuyeradvice #buyingahouse #hometips #ukhomes #mortgageoffer #propertytips #propertyfinder #ukproperty #movinghouse #buyingahouse #propertybuyers #letsbuyahouse #dreamproperty #housemove #newhome #moving #homes #foreverhome #mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser

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I’ve Come into Some Money - Should I Pay off my Mortgage? - Yes Mortgage Services (4)

Arranging a mortgage or organising personal finances can be time-consuming and stressful.⁣

But we`re here to make it as painless as possible!⁣

👉🏻 Before recommending a mortgage, we take the time to understand your individual needs and circ*mstances.⁣

👉🏻 We`ll only suggest mortgages that we consider suitable and affordable for you.⁣

👉🏻 If we can`t find a suitable mortgage, we won`t recommend one.⁣

👉🏻 We encourage you to ask any questions you have – no question is too silly.⁣

👉🏻 From start to finish, we`ll handle the entire process, from answering initial questions to managing multiple applications.⁣

👉🏻 Best of all, we won`t charge you a broker fee!⁣


Visit our website to learn more (🔗 in bio) or call us for a chat on 0800 612 5596.⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#househunter #homebuyeradvice #buyingahouse #hometips #ukhomes #mortgageoffer #propertytips #propertyfinder #ukproperty #movinghouse #buyingahouse #propertybuyers #letsbuyahouse #dreamproperty #housemove #newhome #moving #homes #foreverhome #mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser
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When it comes to self-build mortgage applications, there`s often quite a bit of paperwork involved 🫠⁣

You`ll need to submit documents such as planning permission, building plans, financial forecasts etc...⁣

But our mortgage advisors will take care of the whole mortgage application for you, from beginning to end.⁣

Including dealing with the paperwork! 🤩⁣

Leaving you to concentrate on the exciting bits; the actual build! 🏡⁣

Find out more via the link in our bio, or give us a call on 0800 612 5596⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#mortgageadvice #mortgagehomes #propertymarket #hampshirelife #mortgageprocess #mortgagebrokeruk #homeuk #mortagebrokers #homeownership #dreamhome #housebuild #selfbuildhomes #selfbuildcollective #homedesign #selfbuild #homebuilding #ourhome #selfbuildjourney #renovation #homesweethome #buildingahouse #selfbuilduk #mortgageadvisor #newhome #newbuild #ukmortgages

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I’ve Come into Some Money - Should I Pay off my Mortgage? - Yes Mortgage Services (5)

When it comes to self-build mortgage applications, there`s often quite a bit of paperwork involved 🫠⁣

You`ll need to submit documents such as planning permission, building plans, financial forecasts etc...⁣

But our mortgage advisors will take care of the whole mortgage application for you, from beginning to end.⁣

Including dealing with the paperwork! 🤩⁣

Leaving you to concentrate on the exciting bits; the actual build! 🏡⁣

Find out more via the link in our bio, or give us a call on 0800 612 5596⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#mortgageadvice #mortgagehomes #propertymarket #hampshirelife #mortgageprocess #mortgagebrokeruk #homeuk #mortagebrokers #homeownership #dreamhome #housebuild #selfbuildhomes #selfbuildcollective #homedesign #selfbuild #homebuilding #ourhome #selfbuildjourney #renovation #homesweethome #buildingahouse #selfbuilduk #mortgageadvisor #newhome #newbuild #ukmortgages
...

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In celebration of Crufts kicking off we`ve fetched our top tips for a hassle-free move with your four-legged bestie 🐶🐾 ⁣

Swipe to see ➡⁣

Don`t "fur-get" to save these tips for your next house move!⁣

...⁣


#crufts #dogsinstagram #movinghomeuk #doggiesofinstagram #movinghomes #pettips #crufts2024 #wontlookwednesday #petadvice #dalmationlove #movinghometips #homebuyeradvice #buyingahouse

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I’ve Come into Some Money - Should I Pay off my Mortgage? - Yes Mortgage Services (6)

In celebration of Crufts kicking off we`ve fetched our top tips for a hassle-free move with your four-legged bestie 🐶🐾 ⁣

Swipe to see ➡⁣

Don`t "fur-get" to save these tips for your next house move!⁣

...⁣


#crufts #dogsinstagram #movinghomeuk #doggiesofinstagram #movinghomes #pettips #crufts2024 #wontlookwednesday #petadvice #dalmationlove #movinghometips #homebuyeradvice #buyingahouse
...

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Whether you`re growing your family, getting ready to tie the knot, moving to a new home or starting a new job, these exciting moments can bring a lot of change – including changes to your insurance needs. ⁣

So it`s a good idea to give your insurance a check-up every now and then.⁣

To make sure that you`re protected in all the right places ✅⁣

Our lovely protection advisor, Kelly, is on hand to help you navigate these changes and ensure you have the right cover in place. ⁣

Send us a DM or call us on 0800 612 5596 to arrange a chat.⁣

...⁣

#newparentsinthemakin #newmumtobe #moneytipsandtricks #protectwhatmatters #insurancetips #financialadvice #newmumlife #newparentstobe #newmumslife #newmumuk #insuranceconsultant #insuranceadvisor #dorsetbusiness #dorset #mumlifeuk #dorsetlife

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I’ve Come into Some Money - Should I Pay off my Mortgage? - Yes Mortgage Services (7)

Whether you`re growing your family, getting ready to tie the knot, moving to a new home or starting a new job, these exciting moments can bring a lot of change – including changes to your insurance needs. ⁣

So it`s a good idea to give your insurance a check-up every now and then.⁣

To make sure that you`re protected in all the right places ✅⁣

Our lovely protection advisor, Kelly, is on hand to help you navigate these changes and ensure you have the right cover in place. ⁣

Send us a DM or call us on 0800 612 5596 to arrange a chat.⁣

...⁣

#newparentsinthemakin #newmumtobe #moneytipsandtricks #protectwhatmatters #insurancetips #financialadvice #newmumlife #newparentstobe #newmumslife #newmumuk #insuranceconsultant #insuranceadvisor #dorsetbusiness #dorset #mumlifeuk #dorsetlife
...

NO BROKER FEE!!!⁣

That`s right... we`ll NEVER charge you a broker fee for our mortgage services 🎉 ⁣

As a company, we believe everyone should have access to quality financial advice, regardless of their financial status 🤝 ⁣

Visit our website to learn how we can help you find the right mortgage for your needs (🔗 in bio)⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#househunter #homebuyeradvice #buyingahouse #hometips #ukhomes #mortgageoffer #propertytips #propertyfinder #ukproperty #movinghouse #buyingahouse #propertybuyers #letsbuyahouse #dreamproperty #housemove #newhome #moving #homes #foreverhome #mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser

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I’ve Come into Some Money - Should I Pay off my Mortgage? - Yes Mortgage Services (8)

NO BROKER FEE!!!⁣

That`s right... we`ll NEVER charge you a broker fee for our mortgage services 🎉 ⁣

As a company, we believe everyone should have access to quality financial advice, regardless of their financial status 🤝 ⁣

Visit our website to learn how we can help you find the right mortgage for your needs (🔗 in bio)⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#househunter #homebuyeradvice #buyingahouse #hometips #ukhomes #mortgageoffer #propertytips #propertyfinder #ukproperty #movinghouse #buyingahouse #propertybuyers #letsbuyahouse #dreamproperty #housemove #newhome #moving #homes #foreverhome #mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser
...

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🏡 Saving for a house deposit isn`t easy, but the reward is definitely worth it. Here`s four steps to make it more doable:⁣

👉 Jot down your monthly income and expenses. ⁣

This gives you a clear understanding of your finances and helps you navigate unexpected expenses.⁣

👉 Break down the total amount you need to save into smaller, achievable chunks. ⁣

This will make your savings journey feel less `ARGHH 😱` and more `YAAAY 🥳`.⁣

👉 Look for opportunities to cut back wherever you can. ⁣

Maybe skip eating out as often or reconsider some of those paid subscriptions.⁣

👉 Keep an eye out for higher-yielding accounts or government schemes with tax incentives to maximize your savings.⁣

It can be tough, but keep going! The satisfaction of opening your own front door will make it worth it in the end.⁣

Save this post as a reminder to stay on track 🎯⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#housedeposit #firsttimebuyers #savingforadeposit #savingforahouse #househuntingadventures #firsthomebuyer #firsttimebuyertips #wellingtonsomerset #mortgageexperts #westcountry

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I’ve Come into Some Money - Should I Pay off my Mortgage? - Yes Mortgage Services (9)

🏡 Saving for a house deposit isn`t easy, but the reward is definitely worth it. Here`s four steps to make it more doable:⁣

👉 Jot down your monthly income and expenses. ⁣

This gives you a clear understanding of your finances and helps you navigate unexpected expenses.⁣

👉 Break down the total amount you need to save into smaller, achievable chunks. ⁣

This will make your savings journey feel less `ARGHH 😱` and more `YAAAY 🥳`.⁣

👉 Look for opportunities to cut back wherever you can. ⁣

Maybe skip eating out as often or reconsider some of those paid subscriptions.⁣

👉 Keep an eye out for higher-yielding accounts or government schemes with tax incentives to maximize your savings.⁣

It can be tough, but keep going! The satisfaction of opening your own front door will make it worth it in the end.⁣

Save this post as a reminder to stay on track 🎯⁣

...⁣


Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#housedeposit #firsttimebuyers #savingforadeposit #savingforahouse #househuntingadventures #firsthomebuyer #firsttimebuyertips #wellingtonsomerset #mortgageexperts #westcountry
...

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For #NewHomesWeek we`ve been uncovering the perks of buying a new build, and what better way to end than with one of the most popular reasons for buying a new build:⁣

When you choose to buy a new build home, there`s no pesky chain to potentially delay the process. And the developer might even offer a part-exchange scheme, taking on the task of selling your current home 🏡⁣

Less hassle, less risk of the purchase falling through and more peace of mind! 🤩⁣

Check out our other post from the week to discover if a new build is right for you.⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#newbuild #newbuildhome #newbuildhomejourney #newbuildhomes #newbuildhomeuk #ukhomes #newbuilduk #newbuildmortgages #mynewbuildnest #newbuildmusthaves #newbuildhouse #househunters #letsbuyahouse #homebuyer #homebuyersguide #househuntingadventures #mortgageadvisor #nobrokerfee #dorset #mortgagesmadesimple #dorsetbusiness

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I’ve Come into Some Money - Should I Pay off my Mortgage? - Yes Mortgage Services (10)

For #NewHomesWeek we`ve been uncovering the perks of buying a new build, and what better way to end than with one of the most popular reasons for buying a new build:⁣

When you choose to buy a new build home, there`s no pesky chain to potentially delay the process. And the developer might even offer a part-exchange scheme, taking on the task of selling your current home 🏡⁣

Less hassle, less risk of the purchase falling through and more peace of mind! 🤩⁣

Check out our other post from the week to discover if a new build is right for you.⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#newbuild #newbuildhome #newbuildhomejourney #newbuildhomes #newbuildhomeuk #ukhomes #newbuilduk #newbuildmortgages #mynewbuildnest #newbuildmusthaves #newbuildhouse #househunters #letsbuyahouse #homebuyer #homebuyersguide #househuntingadventures #mortgageadvisor #nobrokerfee #dorset #mortgagesmadesimple #dorsetbusiness
...

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The free expert advice we offer, combined with the number of mortgages we arrange, places us in a very great position to ensure that our customers have access to the latest deals and receive first-class service.⁣

Our Mortgage Advisors will take care of everything from explaining your options and helping you select the right mortgage to guiding you on the most suitable insurance for you and your family. They`ll even handle the application process on your behalf!⁣

Send us a DM or call us on 0800 612 5596 to book a chat.⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#ukmortgages #mortgagespecialists #mortgages #hampshirebusiness #ukmortgage #mortgagesuk #wellingtonsomerset #mortgageexperts #westcountry #mortgage #mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser

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I’ve Come into Some Money - Should I Pay off my Mortgage? - Yes Mortgage Services (11)

The free expert advice we offer, combined with the number of mortgages we arrange, places us in a very great position to ensure that our customers have access to the latest deals and receive first-class service.⁣

Our Mortgage Advisors will take care of everything from explaining your options and helping you select the right mortgage to guiding you on the most suitable insurance for you and your family. They`ll even handle the application process on your behalf!⁣

Send us a DM or call us on 0800 612 5596 to book a chat.⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#ukmortgages #mortgagespecialists #mortgages #hampshirebusiness #ukmortgage #mortgagesuk #wellingtonsomerset #mortgageexperts #westcountry #mortgage #mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser
...

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Eager to get on the property ladder but only have a small deposit? 👇⁣

Check out schemes like Shared Ownership and Deposit Unlock, which can make buying a newly built property more accessible and affordable for you 🌟🏡⁣

And remember, many developers offer incentives like paying all or part of your conveyancing fees, which is an added bonus of buying new! 💸⁣

Struggling to choose between a new build or older property? Join us for #Newhomesweek this week and uncover the perks of buying a new build. Tap follow so you don`t miss out!⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#firsthome #firstimehomebuyer #firsttimebuyers #newbuild #newbuildhome #newbuildhomejourney #newbuildhomes #newbuildhomeuk #ukhomes #newbuilduk #newbuildmortgages #mynewbuildnest #newbuildmusthaves #newbuildhouse #myfirsthome #firsttimebuyertips #firsttimebuyersuk #househunters #letsbuyahouse #homebuyer #homebuyersguide #firsthouse

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I’ve Come into Some Money - Should I Pay off my Mortgage? - Yes Mortgage Services (12)

Eager to get on the property ladder but only have a small deposit? 👇⁣

Check out schemes like Shared Ownership and Deposit Unlock, which can make buying a newly built property more accessible and affordable for you 🌟🏡⁣

And remember, many developers offer incentives like paying all or part of your conveyancing fees, which is an added bonus of buying new! 💸⁣

Struggling to choose between a new build or older property? Join us for #Newhomesweek this week and uncover the perks of buying a new build. Tap follow so you don`t miss out!⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#firsthome #firstimehomebuyer #firsttimebuyers #newbuild #newbuildhome #newbuildhomejourney #newbuildhomes #newbuildhomeuk #ukhomes #newbuilduk #newbuildmortgages #mynewbuildnest #newbuildmusthaves #newbuildhouse #myfirsthome #firsttimebuyertips #firsttimebuyersuk #househunters #letsbuyahouse #homebuyer #homebuyersguide #firsthouse
...

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Whether you’re looking to buy a new home or refinance the one you’re already in, our personal goal is to see that it ends with you getting the mortgage you need, when you need it, at the rate you deserve and with a level of care beyond anything you expect. ⁣

Just as Nathan, one of our advisors, did for Lyndsey who gave him this lovely review 🙌⁣

Visit our website to learn more (🔗 in bio) or give us a call on 0800 612 5596.⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#ukmortgages #mortgagespecialists #mortgages #hampshirebusiness #ukmortgage #mortgagesuk #wellingtonsomerset #mortgageexperts #westcountry #mortgage #mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser

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I’ve Come into Some Money - Should I Pay off my Mortgage? - Yes Mortgage Services (13)

Whether you’re looking to buy a new home or refinance the one you’re already in, our personal goal is to see that it ends with you getting the mortgage you need, when you need it, at the rate you deserve and with a level of care beyond anything you expect. ⁣

Just as Nathan, one of our advisors, did for Lyndsey who gave him this lovely review 🙌⁣

Visit our website to learn more (🔗 in bio) or give us a call on 0800 612 5596.⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#ukmortgages #mortgagespecialists #mortgages #hampshirebusiness #ukmortgage #mortgagesuk #wellingtonsomerset #mortgageexperts #westcountry #mortgage #mortgagetips #mortgageexpert #devonproperty #bournemouthbusiness #southcoastuk #mortgagebroker #mortgageuk #ringwood #hampshireuk #mortgageadviser
...

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Did you know when you buy a new build, the developer has to meet a required level of service?⁣

This means you`ll receive a 10-year warranty covering major structural issues, and any defects discovered within the first two years will be taken care of! 🏡🛠⁣

Your boiler and white goods will be brand new too, so they have their own warranties. Meaning you shouldn`t need to worry about costly repairs or replacements! 🤩⁣

Torn between a new build or an older property? Join us for #Newhomesweek this week and uncover the perks of buying a new build. Tap follow so you don`t miss out!⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#newbuild #newbuildhome #newbuildhomejourney #newbuildhomes #newbuildhomeuk #ukhomes #newbuilduk #newbuildmortgages #mynewbuildnest #newbuildmusthaves #newbuildhouse #househunters #letsbuyahouse #homebuyer #homebuyersguide #househuntingadventures #mortgageadvisor #nobrokerfee #dorset #mortgagesmadesimple #dorsetbusiness

1 0

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I’ve Come into Some Money - Should I Pay off my Mortgage? - Yes Mortgage Services (14)

Did you know when you buy a new build, the developer has to meet a required level of service?⁣

This means you`ll receive a 10-year warranty covering major structural issues, and any defects discovered within the first two years will be taken care of! 🏡🛠⁣

Your boiler and white goods will be brand new too, so they have their own warranties. Meaning you shouldn`t need to worry about costly repairs or replacements! 🤩⁣

Torn between a new build or an older property? Join us for #Newhomesweek this week and uncover the perks of buying a new build. Tap follow so you don`t miss out!⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#newbuild #newbuildhome #newbuildhomejourney #newbuildhomes #newbuildhomeuk #ukhomes #newbuilduk #newbuildmortgages #mynewbuildnest #newbuildmusthaves #newbuildhouse #househunters #letsbuyahouse #homebuyer #homebuyersguide #househuntingadventures #mortgageadvisor #nobrokerfee #dorset #mortgagesmadesimple #dorsetbusiness
...

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Struggling to choose between a new build or older property? ⁣

We`re uncovering the perks of buying a new build for #newhomesweek!⁣

Today, we`re turning the spotlight on safety and security for that extra peace of mind.⁣

Because, unlike older properties, new builds are constructed to meet the highest standards for fire safety and more. ⁣

Plus, developers go the extra mile by installing the latest security measures, such as lights and alarms, to keep you and your loved ones safe.⁣

Tap follow so you don`t miss tomorrow`s!⁣

...⁣

Your property may be repossessed if you do not keep up repayments on your mortgage. Yes Mortgage Services Limited do not charge a broker fee.⁣

...⁣

#newbuild #newbuildhome #newbuildhomejourney #newbuildhomes #newbuildhomeuk #ukhomes #newbuilduk #newbuildmortgages #mynewbuildnest #newbuildmusthaves #newbuildhouse #househunters #letsbuyahouse #homebuyer #homebuyersguide #househuntingadventures #mortgageadvisor #nobrokerfee #dorset #mortgagesmadesimple #dorsetbusiness

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I’ve Come into Some Money - Should I Pay off my Mortgage? - Yes Mortgage Services (15)

Struggling to choose between a new build or older property? ⁣

We`re uncovering the perks of buying a new build for #newhomesweek!⁣

Today, we`re turning the spotlight on safety and security for that extra peace of mind.⁣

Because, unlike older properties, new builds are constructed to meet the highest standards for fire safety and more. ⁣

Plus, developers go the extra mile by installing the latest security measures, such as lights and alarms, to keep you and your loved ones safe.⁣

Tap follow so you don`t miss tomorrow`s!⁣

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I’ve Come into Some Money - Should I Pay off my Mortgage? - Yes Mortgage Services (2024)

FAQs

Should you pay off your mortgage if you come into money? ›

If it's expensive debt (that is, with a high interest rate) and you already have some liquid assets like an emergency fund, then pay it off. If it's cheap debt (a low interest rate) and you have a good history of staying within a budget, then maintaining the mortgage and investing might be an option.

Is it a good idea to pay off mortgage with savings? ›

From a financial perspective, it's usually best to invest your money rather than funneling extra cash toward paying your mortgage off faster.

Does Dave Ramsey recommend paying off your mortgage? ›

Completing a mortgage payoff early could save you a bundle of money, not to mention years of not having a big payment hanging over your head each month, according to Dave Ramsey, financial guru, author and host of “The Dave Ramsey Show.”

Is there a downside to paying off mortgage early? ›

You might think twice about applying additional funds to pay off your home early since doing so could deplete your liquidity. The extra money you dedicate to your house is locked in a non-liquid asset. If you need funds quickly, selling your property and accessing your money could take a long time.

At what age should you pay off your mortgage? ›

You should aim to be completely debt-free by retirement, and after age 45 you can begin thinking more seriously about pre-paying your mortgage. The opportunity cost of paying off your mortgage before investing for retirement is very high when you are young.

When retirees should not pay off their mortgages? ›

Paying off your mortgage may not be in your best interest if: You have to withdraw money from tax-advantaged retirement plans such as your 403(b), 401(k) or IRA. This withdrawal would be considered a distribution by the IRS and could push you into a higher tax bracket.

Should I overpay my mortgage when inflation is high? ›

As a general rule, if your mortgage rate is around the same, or higher than, your savings rate, then it makes sense to overpay. However, if your savings account has a higher interest rate than your mortgage, then it would be better to put any spare cash into that savings account and let it build interest.

What happens if I pay 2 extra mortgage payments a year? ›

Just making two extra mortgage payments a year can save you tens of thousands of dollars and cut years off your loan.

What does Suze Orman say about paying off your mortgage? ›

Orman explained that if you have a 30-year mortgage and you've already made payments for 14 years, you should make it a point to get a refinanced mortgage paid off in 16 years. Otherwise, if you refinance for another 30 years, you'll end up paying for your mortgage with interest for 44 years in total.

What is the smartest way to pay off your mortgage? ›

Here are some ways you can pay off your mortgage faster:
  1. Refinance your mortgage. ...
  2. Make extra mortgage payments. ...
  3. Make one extra mortgage payment each year. ...
  4. Round up your mortgage payments. ...
  5. Try the dollar-a-month plan. ...
  6. Use unexpected income. ...
  7. Benefits of paying mortgage off early.

What happens if I pay an extra $200 a month on my mortgage? ›

If you pay $200 extra a month towards principal, you can cut your loan term by more than 8 years and reduce the interest paid by more than $44,000. Another way to pay down your mortgage in less time is to make half-monthly payments every 2 weeks, instead of 1 full monthly payment.

Will paying off my mortgage affect my credit score? ›

For example, paying off your only installment loan, such as an auto loan or mortgage, could negatively impact your credit scores by decreasing the diversity of your credit mix. Creditors like to see that you can responsibly manage different types of debt.

What happens if I pay an extra $1000 a month on my mortgage? ›

Since your interest is calculated on your remaining loan balance, making additional principal payments every month will significantly reduce your interest payments over the life of the loan. By paying more principal each month, you incrementally lower the principal balance and interest charged on it.

Am I better paying off mortgage or investing? ›

From a financial perspective, it's usually best to invest your money rather than funneling extra cash toward paying your mortgage off faster. Of course, life isn't just about cold, hard numbers. There are many reasons why you might choose either to pay your mortgage early or invest more.

What happens if I pay an extra $100 a month on my mortgage? ›

If you pay $100 extra each month towards principal, you can cut your loan term by more than 4.5 years and reduce the interest paid by more than $26,500. If you pay $200 extra a month towards principal, you can cut your loan term by more than 8 years and reduce the interest paid by more than $44,000.

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