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Mortgage Or Visa
hello_friend
Posts: 1 Newbie
can anyone advise me i owe 5k on a visa i have gone in an arrangment to pay the visa, at an affordable amount so interest is not added, but does not look good on my credit ratng and i want to move house in a couple of years yet i make overpayments on my mortgage, am i best making the overpayments on my visa and pay it off quicker? or less years on the mortgage i dont know which i am best doing
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Comments
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Hi & welcome to MSE
In my opinion you would be best not over paying on your mortgage & meeting the minimum contractural payments on your credit card ie coming off the reduced payments.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
"A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger. ***Be the difference.***
One debt remaining. Home improvement loan.0 -
I agree with beanielou on this - good luck and welcome to the board! No-one can ever see that you are overpaying on your mortgage - you will however be listed as on an "arrangement" of some kind on your credit card...Hi & welcome to MSE
In my opinion you would be best not over paying on your mortgage & meeting the minimum contractural payments on your credit card ie coming off the reduced payments.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £171.3K Equity 36.55%
2) £2.6K Net savings after CCs 10/10/25
3) Mortgage neutral by 06/30 (AVC £30.9K + Lump Sums DB £4.6K + (25% of SIPP 1.25K) = 35.5/£127.5K target 27.8% 14/11/25
(If took bigger lump sum = 62K or 48.6%)
4) FI Age 60 income target £17.1/30K 57% (if mortgage and debts repaid - need more otherwise) (If bigger lump sum £15.8/30K 52.67%)
5) SIPP £5.1K updated 14/11/250
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