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27 April 2009

Pay off mortgage or not?

My husband and I are paying off our main home mortgage each month and within a couple of months the mortgage will be finished (no penalties, just £70 to be paid for the house deeds). We have a second mortgage with Intelligent Finance on a property we rent out and our savings offset the mortgage, which has quite considerably reduced the mortgage in just four years. So I have two questions: 1. Are we doing the right thing in paying off our main home mortgage or should we pay any excess cash into our savings to offset the IF mortgage? 2. If the IF mortgage is reduced even further, when we come to sell the property, would the CGT be based on what we originally borrowed or the amount of the mortgage owed at that time?

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