Should I temporarily pay off some of the mortgage?

Kate_Thatcham

Hello everyone!

Sorry if this sort of question has already been asked .. but here goes from a newbie.

I have done two 0% balance transfers this week, so have to find enough money in 13 months time to pay off the credit card. (Yes, I've remembered Martin's never ever ever speech, so the card won't be used again until I've paid it off.)

Does anyone have a way to work out whether I'd be better off overpaying on my 4.68% mortgage for 13 months to a total of £4000 (then withdrawing the overpayment in November 2009 to pay off the credit card), or whether I should just put the money in a savings account?

I've already used my ISA allowance and I don't trust internet banking, so I'm having difficulty finding a savings account that pays more than 5.2% gross.

(The mortgage has 10 years to run).

Any ideas gratefully received, thanks!

Sonofa

I'm assuming you have a mortgage that allows you to withdraw money? I'm not familiar with this so can't comment to be honest.

I just have the traditional, pay it in and never see it again, type mortgage