save for kids or pay it off the mortgage?

suzetim

Hi
I recently started saving £50 a month for my 3 kids (14yrs, 11yrs and 8yrs) with the Halifax 10% kids account for a year...hopefully to save some cash if they go off to university to help pay for fees or rent.

But after reading some of the threads to pay of your mortgage I am now wondering should I pay this extra off the mortgage?

I already pay an extra £110 off the mortgage a month, so am getting it down and have about 9 years left to pay. My husband is 49 so want to pay the morgage off as quick as possible,as don't see how we will be able to pay for Uni rents and our mortgage. May have to borrow a bit more if we get the loft done...will have to work that out.

We do indulge in Sky (boys sport mad)and have saved to go on a big holiday this year(back packing Vietnam) I save the child allowance to pay for the airfares....I know it could go on the mortgage but we have a thirst for adventure and not sure if we could do it when we are 60!!! And I want a holiday!!!

thanks for all advise I do enjoy the site and all that is written.

thanks Suzanne

sukey13

I personally save all our kids child benefit and put half in halifax 10% the other half we pay into a child trust fund and child saving plan ( for the older one that didn't get the government mortgage) with f and c (foreign and colonial). We pay extra too for them.

We see mortgages as cheap money and if we get any equity we withdraw it and buy more houses. Then in the future we will have loads more equity, plus we build up cashflow. We are looking at stopping the savings plans when the kids have a couple of thousand more and buying a house on behalf of them each instead.

I think you need to start looking at houses as investments ;0)

suzetim

How do I get at my equity?????

gingerdad

We have had this discussion on the weekend, our decission is to pay an extra 200.00 off our mortgage, and then use one of the endowments for the kids savings, this should at current estitmate give us about 37k for weddings/uni fees. and clear our mortgage early, haven't worked out how quickly