johnny_adida
Registered User
- Messages
- 21
Hi,
I have recently been diagnosed with a serious illness and have had a claim against my life protection approved for the full sum remaining on my mortgage.
1) Once the sum is paid out to me, am I required to pay off the mortgage immediately?
The reason I ask is the sum of my mortgage is in two parts (divided roughly 60/40). 60% of the sum remaining in on a tracker mortgage with a very low interest rate. The remainder is a variable mortgage which was taken out about 4 years ago.
I intend to pay off the variable sum immediately. In all honesty I would prefer pay it all off but someone asked me the following questions which I hadnt considered til now.
2) As the rate on the tracker is so low, would I be better off earning interest against this in a savings account? (continuing to pay tracker monthly as usual)
3) Should I be looking for a discount from the bank for paying off my mortgage early?
I have recently been diagnosed with a serious illness and have had a claim against my life protection approved for the full sum remaining on my mortgage.
1) Once the sum is paid out to me, am I required to pay off the mortgage immediately?
The reason I ask is the sum of my mortgage is in two parts (divided roughly 60/40). 60% of the sum remaining in on a tracker mortgage with a very low interest rate. The remainder is a variable mortgage which was taken out about 4 years ago.
I intend to pay off the variable sum immediately. In all honesty I would prefer pay it all off but someone asked me the following questions which I hadnt considered til now.
2) As the rate on the tracker is so low, would I be better off earning interest against this in a savings account? (continuing to pay tracker monthly as usual)
3) Should I be looking for a discount from the bank for paying off my mortgage early?