overpayment £££ what to do with it

Tasape

Hi in a bit if a quandry at the mo the situation is this
Mortgage with Northern Rock 2.99% on a together mortgage
Actual payment is £446.50 but paying £900 pcm
amount to Borrow back if we want is £12,178.00p
should i take out thin 12,180 and invest it in a high interest account/s
or should i leave it where it is
we plan to continue overpaying
i guess i was thinking along the lines of grabbing as much interest as possible and then paying it in to my mortgage at the end of its term

nomoneytoday

Would you earn significantly more than 2.99% after taxes and charges, and compound it in the same way with credit interest?

dimbo61

You have a together mortgage ( mortgage and loan !!! ) on your house.
Carry on overpaying and consider putting £250 a month into Barclays regular saver 6% at moment to build up emergency savings.
Wont stay at 2.99% for long ( mortgage over 20/25 years !! )
NR might not even allow borrowback if LTV high !
GOOD LUCK