a bunch of us were discussing what we would do if we won the lottery .and someone said you should never pay off your mortgage but couldn't say why

There is the tax relief but that depends on the mortgage and is being phased out. I would imagine however, if you and your friends won the lottery, they would be moving a little up in the world and would buy rather than mortgage.

xxR

of course you would want to pay off your mortgage. why would you want to be stuck paying it if you dont have to. if you didnt pay it all off at once, pay a big chunk then keep making payments. the more you pay off, the less interest you will have to pay.

In some cases topping up your mortgage can be a cheaper way to borrow money. Depending on your circumstances you may wish to retain a small mortgage balance to borrow against.

My dad got an inheritance backa couple of years ago and was going to pay off a large chunk of his mortgage, he was only allowed to pay back so much each year or the bank levy charges if you over pay too much. However if you won the lottery, would it really be an issue?

in the long run, the sooner you pay it off the more money you save, interest over several years adds up to "a Lot" of money.

pay it off, then start putting what you would have paid for mortgage in a savings account

You should! Then you dont have to worry about anything moneywise later.

If you dont, you are just adding onto the interest, so if you are your mate had a house each, you both owed £4000

You both win money on the lottery, you pay the £4000 off and your friend doesnt,

Your friend will probably end up owing £8000 depending on how long they take to pay it.

not good advice,

pay off your mortgage why would you want to continue paying interest ,, this would be a must

Hi, you would only need to pay off your mortgage if it was a benefit to you financially. For example, your current mortgage interest rate may be 6.2% yet if you had a lot of money to invest, you might receive a rate of say 7.5% on your savings, therefore in this scenario it would be better to leave your money in the bank as it would be 'making' even more money for you by doing nothing, and you would actually 'lose out' by paying your mortgage off.

If you switch the example around and you're paying a higher interest rate on your mortgage than you could get in the bank then it would be beneficial to pay off your mortgage then as you'll be saving in the long run.

There's something else to do with tax why people say not to pay your mortgage off, but I don't really know what that is, maybe we might find out by your other answers.

Oh and I would luuurrrrrvvvvveeee to win the lottery big, so bad, I think that then the paying off of my mortgage would be the least of my worries, I would just enjoy having all that money, as with money you get freedom of choice which would be amazing!!!!