Wanting to invest 10k but where's the best place to put it?

sloughflint

The other thing that occurred to me. Are you sure that you cannot make any overpayments at all on your mortgage? Could the person have just been talking about penalties for redeeming the whole mortgage which you can't do anyway.

Just a thought for next June when you are re-evaluating again.

melissa'smoney

sloughflint wrote: »

The other thing that occurred to me. Are you sure that you cannot make any overpayments at all on your mortgage? Could the person have just been talking about penalties for redeeming the whole mortgage which you can't do anyway.

Just a thought for next June when you are re-evaluating again.

ok, i may get this slightly wrong!! i can't curently do it on my current one but it ends in Feb and she said i could on a new one (offered me their 4.89& fixed for 2 years, no tie in) app you can overpay in January each year??
The otherway she said was to not take out a new mortgage for a few months and overpay then and then take out a new mortgage???

x

sloughflint

melissa'smoney wrote: »

ok, i may get this slightly wrong!! i can't curently do it on my current one but it ends in Feb and she said i could on a new one (offered me their 4.89& fixed for 2 years, no tie in) app you can overpay in January each year??
The otherway she said was to not take out a new mortgage for a few months and overpay then and then take out a new mortgage???

x

Well the only thing we can be definite about is that until June you are quids in over your mortgage ( just change the red figures in the calculation above when you have chosen your two accounts to work out your approximate overall net savings rate until next June)

Having some degree of flexibility to make overpayments if it is wished is good and either option gives you that.Maybe
1) research mortgage deals come January to get the best deal that includes some flexibility and of course
2) recalculate the savings/mortgage equation around June time.You may find that a combination of fixed bonds,regular savers still out-perform whatever mortgage you go for in February.

edit: I'm guessing all mortgages that allow penalty free overpayments allow access to the overpayments again if funds are required? My deal certainly does but not entirely sure if universal. That is something else to factor in....accessibility if you should ever need the funds.