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Should we save or pay off our mortgage?
purplepurple
Posts: 641 Forumite
Just a quickie... got a morgage statement yesterday and it appears that through saving like demons, trying not to spend any money and living in a house far too small for us now, we have enough money to pay off the mortgage. We do need to move house soon (it really is too small for 4 of us now) and would need a deposit of some sort. Our current mortgage is about £400 a month.... not sure what to do!
Any suggestions would be gratefully accepted!
Any suggestions would be gratefully accepted!
0
Comments
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If you want to move house soon I would save for a deposit, stamp duty etc. If you keep your mortgage open perhaps it may be easier to secure a new mortgage, should you wish, with your current lender.
Well done!
CC debt at 8/7/13 - £12,186.17
Barclaycard £11,027.58
Halifax £1,158.59
5 year plan to live unsecured debt free and move home0 -
What rate of interest are you being charged on your mortgage?0
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Since April it has been 4.18%... a lot more than we get for our savings......0
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Pay off as much as possible over next couple of months and build up savings to pay fees, surveys, legals ETC for next property.
You will have a good deposit for your next home because of all the overpayments good luck and well done0 -
purplepurple wrote: »Since April it has been 4.18%... a lot more than we get for our savings......
You've answered your own question.0
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