{"id":23132,"date":"2025-09-29T11:34:39","date_gmt":"2025-09-29T11:34:39","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/paying-off-a-mortgage-early-your-options\/"},"modified":"2026-05-26T18:19:14","modified_gmt":"2026-05-26T18:19:14","slug":"paying-off-a-mortgage-early-your-options","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/paying-off-a-mortgage-early-your-options","title":{"rendered":"Paying off a mortgage early \u2013 your options"},"content":{"rendered":"\n

Mortgage rates may have started to fall from the peaks seen in recent years, but they\u2019re still higher than the lows seen in early 2022. It\u2019s perhaps not surprising that many people are looking to pay off their mortgage early.<\/p>\n\n\n\n

Paying off your mortgage early will not only mean cutting your monthly outgoings and saving on interest, but could also bring peace of mind from knowing you own your property outright. On the other hand, it may also mean missing out on investment opportunities<\/a> that have the potential to grow at a greater rate over the long term.<\/p>\n\n\n\n

Paying off a mortgage early: pros and cons<\/strong><\/h2>\n\n\n\n
Pros<\/strong><\/td>Cons<\/strong><\/td><\/tr>
Lower monthly outgoings
Save on interest
Peace of mind
Become debt-free sooner<\/td>		Possible early repayment fees
Missed savings interest\/investment growth
Missed tax benefits such as pension tax relief and tax-free growth on Individual Savings Account (ISA) contributions<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

If you\u2019ve weighed up the pros and cons and concluded that paying off your mortgage early is right for you, the next step is to decide where to draw the money from. It\u2019s important to consider this carefully and seek financial advice<\/a>; otherwise, you could end up creating an unnecessary tax liability or disrupting your longer-term financial objectives.<\/p>\n\n\n\n

\n
\"Top<\/a><\/div>

A guide to tax-efficient investing<\/h3>
<\/div>\n

Find out how to invest more tax efficiently and reach your goals in our comprehensive guide.<\/p>\n\n\n\n

Download guide<\/a><\/p>\n<\/div><\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/section>\n\n\n\n

To help you get started, here are four of the main options that may be available to you.<\/p>\n\n\n\n

Inheritance or bonus<\/h2>\n\n\n\n

Using an inheritance<\/a> or bonus is likely to be the simplest way of paying off a mortgage. The money will be readily available, and you won\u2019t need to worry about depleting your emergency fund or creating a tax liability. If you have money left over after paying off your mortgage, you could use the remainder to save and invest for your future.<\/p>\n\n\n\n

It was announced in the 2024 Autumn Budget that pensions will be considered part of an individual\u2019s estate from 6 April 2027. With this in mind, parents may choose to gift some of their wealth earlier than they had originally planned. You can receive a monetary gift without having to pay any IHT, so long as the donor survives for seven years after making the gift. This is called a \u2018potentially exempt transfer\u2019 (PET).<\/p>\n\n\n\n

If the donor dies within seven years, you\u2019ll be liable to pay IHT. How much you\u2019ll pay depends on when they died.<\/p>\n\n\n\n

Years between gift and death<\/strong><\/td>Rate of tax<\/strong><\/td><\/tr>
0 to 3 years<\/td>40%<\/td><\/tr>
3 to 4 years<\/td>32%<\/td><\/tr>
4 to 5 years<\/td>24%<\/td><\/tr>
5 to 6 years<\/td>16%<\/td><\/tr>
6 to 7 years<\/td>8%<\/td><\/tr>
7 or more years<\/td>0%<\/td><\/tr><\/tbody><\/table>
Source: HMRC<\/em><\/figcaption><\/figure>\n\n\n\n

Cash savings<\/h2>\n\n\n\n

Using excess cash savings is another relatively simple way of paying off a mortgage. However, it\u2019s important to check your account\u2019s terms and conditions. Fixed-term savings accounts usually charge a penalty for withdrawing money before the end of the term, so wait until the term has ended or draw money from easy-access savings accounts instead. Make sure you still have enough savings to fund at least six months\u2019 worth of essential expenditure, and that you don\u2019t need the money for other one-off planned expenses, such as a new car or kitchen renovation.<\/p>\n\n\n\n

Investments<\/h2>\n\n\n\n

Selling investments to pay off your mortgage is unlikely to be a sensible move. Your investment portfolio is designed to meet your longer-term objectives<\/a>, which could be disrupted by selling assets to fund short-term needs. By leaving your investments untouched, your portfolio will have the opportunity for further long-term growth potential and will be able to harness the full power of compound returns<\/a>. This is when you get returns on your returns as well as on the initial capital, and it can be very powerful over long periods.<\/p>\n\n\n\n

If you sell investments in a taxable account, you could also end up creating or increasing your capital gains tax<\/a> (CGT) liability. This is a particularly important consideration as the annual CGT exemption was held at just \u00a33,000 for this tax year.<\/p>\n\n\n\n

Pension tax-free lump sum<\/h2>\n\n\n\n

If you\u2019re 55 or over, another option could be to use your pension tax-free lump sum<\/a> to pay off your mortgage. It\u2019s usually possible to take up to 25% of your pension fund free of income tax (capped at \u00a3268,275). However, it\u2019s really important to consider the longer-term repercussions of drawing a lump sum from your pension. The smaller your pension, the less income it will generate; this may be insufficient to fund your desired lifestyle in retirement<\/a>. Making a large withdrawal could be particularly risky if your investments have fallen in value. You could end up depleting your pot too quickly and running out of money in retirement.<\/p>\n\n\n\n

Make sure you speak to a wealth manager about the impact that a pension withdrawal could have on your plans for the future.<\/p>\n\n\n\n

Next steps<\/h2>\n\n\n\n

When considering paying off your mortgage, it\u2019s important not to make any rash decisions. Making a mistake could prove very costly and derail your long-term plans. At RBC Brewin Dolphin, we can help you decide whether paying off your mortgage early makes sense. If it does, we can also advise on the best place to draw the funds from. That way, you\u2019ll feel more confident that you\u2019re doing the right thing with your money. Let our ideas help you plan for the future with confidence.<\/p>\n\n\n\n

Find out more from our dedicated support team by calling us on 020 7246 1111<\/a>. Opening hours are Monday to Friday 9am to 5pm.<\/p>\n\n\n\n

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Sign up to our newsletter for expert insights on investing for the future, saving for retirement, passing on assets to the next generation, and much more.<\/p>\n\n\n\n

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The value of investments, and any income from them, can fall and you may get back less than you invested. This does not constitute tax or legal advice. Tax treatment depends on the individual circumstances of each client and may be subject to change in the future. You should always check the tax implications with an accountant or tax specialist. Information is provided only as an example and is not a recommendation to pursue a particular strategy. Information contained in this document is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Thinking of paying off your mortgage early? Find out where to draw money from to help keep your longer-term plans on track.<\/p>\n","protected":false},"author":97,"featured_media":11751,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"","editor_notices":[],"rbc_url_alias":"","rbcbd_featured_desktop_image_position":"","rbcbd_featured_mobile_image_position":"","footnotes":"","jetpack_post_was_ever_published":false},"categories":[802],"tags":[],"rbcwm_content_owner":[],"rbcwm_need":[768,769],"rbcwm_segment":[773,792,772],"rbcwm_solution":[758],"rbcwm_topic":[757],"rbcwm_channel":[99,781],"rbcwm_format":[779],"class_list":["post-23132","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","rbcwm_need-grow","rbcwm_need-secure","rbcwm_segment-business-owners","rbcwm_segment-corporate-executives","rbcwm_segment-individuals","rbcwm_solution-wealth-planning","rbcwm_topic-wealth-planning","rbcwm_channel-private-clients","rbcwm_channel-uk-individual","rbcwm_format-article"],"acf":{"rbc_ct_service":"","rbc_ct_theme":false,"rbc_ct_topic":false,"rbcwm_subtitle":"Thinking of paying off your mortgage early? 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