We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
New savings account to pay mortgage?
buckman
Posts: 264 Forumite
We have a fixed rate mortgage until Nov 09..
Me and my partner were thinking, in this time of credit crunch and people cutting back, would it be best to use our savings to pay our mortgage?
We have a lump sum (around £13,000) in Premium bonds but we thought of taking this out and putting into a high interest account (one that pays interest monthly) and then re-directing our mortgage to come from this account?
This way, we have around a years mortgage payments, in savings so we dont have to worry about our house, plus it may give us time to save for other things, and it earns a little interest too..
Is this a wise idea?
Me and my partner were thinking, in this time of credit crunch and people cutting back, would it be best to use our savings to pay our mortgage?
We have a lump sum (around £13,000) in Premium bonds but we thought of taking this out and putting into a high interest account (one that pays interest monthly) and then re-directing our mortgage to come from this account?
This way, we have around a years mortgage payments, in savings so we dont have to worry about our house, plus it may give us time to save for other things, and it earns a little interest too..
Is this a wise idea?
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards