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Best way to "save" to move house
penlid
Posts: 11 Forumite
Hi
We are looking to move house in the next 6-9 months and are trying to save as much as we can now so we can make a bigger jump. Is it better to save cash into ISAs and savings accounts, or is it better to overpay our mortgage by the allowed amounts and so increase our equity? Our tracker mortgage is currently £160k at 5.23% whilst ISA would attract 6% AER up to the allowed amounts. Or should I do both? Do I need some cash when we move to pay solicitors fees etc or is it all payable from any equity released?
Thanks
We are looking to move house in the next 6-9 months and are trying to save as much as we can now so we can make a bigger jump. Is it better to save cash into ISAs and savings accounts, or is it better to overpay our mortgage by the allowed amounts and so increase our equity? Our tracker mortgage is currently £160k at 5.23% whilst ISA would attract 6% AER up to the allowed amounts. Or should I do both? Do I need some cash when we move to pay solicitors fees etc or is it all payable from any equity released?
Thanks
0
Comments
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I'd go for an ISa - what if the house prices mean you're losing equity? Though its swings and roundabouts I'd rather have the money accessible.MANAGED TO CLEAR A 3K OVERDRAFT IN ONE FRUGAL, SUPER CHARGED MONEY EARNING MONTH!:j
£10 a day challenge Aug £408.50, Sept £90
Weekly.
155/200
"It's not always rainbows and butterflies, It's compromise that moves us along."0 -
Thanks for your reply. But if house prices fell further I'd lose equity anyway as I'd have the same level of debt - I'm confused! Anyone else got any thoughts?0
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