While there are millions of people in the UK who have considerable mortgages, and are likely to do so for the next 25 years or so, there are some who may find themselves in a position to pay off their mortgage early - but is it the right thing to do?

While on the face of it, the chance to pay off a sizeable debt would normally be grasped with both hands, there are other issues to consider, especially where a mortgage is concerned.  We hereby list a few questions which you should ask yourself :-

· Are there any penalties for early repayment, and how would these effect the amount which you had to pay off? While the authorities have come down fairly hard on mortgage penalty fees, they are still around and you need to be aware of the full facts.

· If I pay off my mortgage, will that leave me short for the future? Many people prefer to retain their mortgages, if they are affordable, and perhaps invest or keep any excess funds on deposit.  This way they will have a “rainy day” fund if needed at short notice.

· Would it not be sensible to pay off some of you outstanding mortgage, and retain some on deposit as back up for any future requirements - or even to invest the balance?

· When taking into account the relevant tax relief on mortgage interest, could you obtain a better rate of return by investing the money rather than paying off your mortgage?

These are just a few of the more obvious questions which you should ask yourself before even thinking about paying off your mortgage early.  While it will depend on your personal situation, there are many options and arrangements to consider.