How much of my Salary should I be saving?

natman

pawlala wrote: »

natman do you overpay your mortgage?

Hi, Thats a hard question to answer at this specific time.
I have recently moved and getting settled with all the new bills etc.

My previous house had a Mortgage for 24k, when I sold that House and purchased the new one I nearly spent all my savings and capital made from the house sale.
Previously my mortgage was about £200 a month, but I overpaid an extra £500 on top of this.

My new mortgage is for 90k, and my house is valued at 250k, so previously over paying my mortgage, buying at the right time(previous house) has paid real dividends.

I am at present trying to get my nest egg back up and running after spending on moving, the new house , new bills etc etc, so overpaying at present is something that is on the back burner! but will get back round to it. I did however take out a mortgage for 18 years instead of 25 years as I wanted at least to get a bit started on paying my mortgage off early without 'noticing' too much!!

So yea overpaying on my mortgage is important and I am forever considering an offset mortgage to give me ultimate mortgage pay off power, but never quite take the jump!! Plus I actually quite like saving and seeing my money grow!