Money Makeover: ‘Should I use this £110000 windfall to pay off my mortgage?’

Due to low interest rates in the United Kingdom many people are delaying paying off debt and some are also investing the money elsewhere. Many are also not paying off their mortgages with money they perceive as being extra because of the increase in buying power of their money due to the low interest rates. Many other individuals are borrowing more money than they normally would have or not at all. This is an alarming trend in money management.

Key Takeaways:

  • What someone should do when they are considering entering retirement
  • If someone should utilize an influx of cash to tackle a large economic burden like a mortgage
  • If using a lump sum of money to pay mortgage is better in the long run

“Many have borrowed more, while others have delayed paying off debt in favour of investing spare cash elsewhere.”

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