Savings account or overpayment

kiwigirl

Hi All

I've been looking for a continuous RS (such as what YBS did have last year) as I'd like to try and accumulate some funds before my fixed rate expires and use that as a lump sum, towards when I try and re-mortgage in a few years? Or is it better to overpay the mortgage rather than via RS?

Thanks

KG

LittleVoice

What is your fixed rate?

Are you a higher rate tax payer?

How much would you expect to have saved by the time your fixed rate expires?

Do you have any other "cushion" of savings?

kiwigirl

fixed rate is 5.69 until June 13.

Basic tax payer and will be I think until my fixed rate is due to expire or just gone into higher by then.

I'm hoping to buy a newer car this year (mine's over 9 years old) would probably get a nearly new which I hope I wouldn't have to replace in the next few years. I was hoping to pay about £250 in per month and let that accumulate. More if someone shared the household costs with me.

Currently got a bit of savings but may have to use that towards newer car and I hope to get a 0% offer for a few years and pay it that way too. So would reduce the saavings pot.

Currently have 10% RS and another 8% regular saver, 8% one also maturing today (but doesn't seem to have had the interest added) :mad:

dimbo61

kiwigirl cash is king when car shopping and buying something pre reg with a tiny mileage or a few months old with a couple of thousands miles could save you a lot of money !
0% deals for new cars also mean full list price
buying a better car for your money with 2/2.5 years of warranty left and cash to buy outright also means one less bill ( pay deposit by credit card ! )
GOOD LUCK

kiwigirl

Sorry meant to say try and get 0% credit card to pay for car, the car I'm after isn't normally ones that offer 0% credit on them.