To pay or not to pay....off
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Simon1999
Posts: 14 Forumite
Hi,
I have a mortgage of 67k @ 1.74% on a tracker and I overpay by £250 pm. (currently on about 18 years left - less because of the o/p)
I have savings of £25k sitting in the bank and I'm wondering if to use a chunk of it to pay more of my mortgage?
My main question is what will I benefit by paying a chunk off early as the intrest rate is so low? the basic mortgage is £350pm if I keep it to the full term.
I love reading the stories of people whoc have paid off the mortgage or have nearly paid it off.
Thanks in advance.
Simon
I have a mortgage of 67k @ 1.74% on a tracker and I overpay by £250 pm. (currently on about 18 years left - less because of the o/p)
I have savings of £25k sitting in the bank and I'm wondering if to use a chunk of it to pay more of my mortgage?
My main question is what will I benefit by paying a chunk off early as the intrest rate is so low? the basic mortgage is £350pm if I keep it to the full term.
I love reading the stories of people whoc have paid off the mortgage or have nearly paid it off.
Thanks in advance.
Simon
0
Comments
-
What %interest are your savings making in the bank?
Have you made use of multiple current accounts making 3-5%?0 -
Hi,
yes, I have just transferred 20k in a 1.3% bonus 1 year (not locked in) account and the remainder in a 3% current account which is about to expire and drop.0
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