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FRIDAY FAQ: I’ve paid off the mortgage, what now?

Every Friday we aim to post an answer to a FAQ about mortgages, tax, investments, money matters, business or retirement. You can have your say too. Send an email with your FAQ to info@dentalandmedical.com


This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. The Financial Conduct Authority does not regulate tax advice.


Q. I’ve paid off the mortgage, what now?

Answer: Congratulations! You’ve achieved what millions are trying to do. You have finally paid off your mortgage. This is a financial milestone.

You’ve probably been thinking for a while on what you can do with the money that you would have put towards the mortgage payments.

If you are still undecided, you could choose to:

  • invest the money into an investment fund
  • pay the money into an ISA
  • top-up your pension, or
  • use some of the money to help your children or grandchildren onto the property ladder

If you have ever thought about becoming a landlord, now may be the ideal time to do it. To release some capital to fund this, you could re-mortgage your property and use the money to purchase a buy-to-let property and benefit from the yields this brings.

Speak to a financial adviser about your options. They will have a wealth of knowledge and experience to share with you about how other people used their excess income once their mortgage was cleared. 


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