Advice on Repaying Mortgage out of Redundancy

[kieran1974]

I received my redundancy lumpsum and it covers the remaining owed on my AIB tracker mortgage (1.75% above ECB) with 14 years remaining.
My plan was to get the official balance from AIB and transfer what is owed.
Request deeds of discharge
Cancel my month Direct Debit
Life assurance will keep paying as have young children

Hoping for some guidance if I am missing any steps or need to consider anything else.

 

[ClubMan]

You should probably do a Money Makeover post about this and your wider personal/financial circumstances.
It's difficult to answer such specific questions without a wider understanding of one's circumstances.

Money makeover

Budgeting and dealing with debt moved to Mortgage Arrears and Debt Forum .

www.askaboutmoney.com

 

[misemoi]

Check your life insurance, if it is reducing balance is this what you actually need now? Maybe review it rather than just continuing it as you might find a more suitable product.

 

[RedOnion]

need to consider anything else

Think about what you're going to do with your title deeds.

I'd second the recommendation to review you life assurance rather than just keeping it. Is it suitable, or even needed? Have you got a new job, and is there death in service benefit?