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What should I do with my extra money?
Michacakes
Posts: 3 Newbie
I am currently in a situation where my mortgage is quite small (around £500 a month) and I have around another £500 a month to invest. Would it benefit me more to over-pay my mortgage (no charges from my bank unless I over-pay £600 or more), or to invest in a savings scheme?
I would want to access the money in around a year or two when I might want to sell the house.
Grateful for any advice!
I would want to access the money in around a year or two when I might want to sell the house.
Grateful for any advice!
0
Comments
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What rate do you pay on your mortgage at the moment? Assuming you can get about 4% on your savings and are a basic rate tax payer, if your mortgage rate is over 3.2% then pay it off0
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