could some one look at my figures?

millsmum

can anyone help me with my figures?

I have a mortgage of £65900, and savings of £40K. now, if I offset my 40K and keep paying my mortgage with the overpayment of £550 a month. what will happen when my mortgage balances out with my offset pot?

we received our interest on £50K for the year and it was £800 ish. We are paying £69 per month in interest on the mortgage.

but my husband doesn't like the idea of putting all the money into paying off the mortgage, as its our security blanket. so how can I make the money work for me?

what I thought would be when the mortgage payment reached the savings pot I could pay £10K back to the savings and keep working that way, but would that make any difference to us?

any advice would be great!

getmore4less

Its just down to the rates(and costs of moving the mortgage if not allready an offset)

Do you have £40k or £50k savings are they in ISA's

£800 on £40k is 2% on £50k is 1.6%

£69pm on £65900 is 1.26%

No point in offsetting yet

Is the mortgage interest only?

millsmum

the ISA's are full.
the mortgage is an offset one
we are paying tax on the savings. I would like to get rid of the mortgage but my husband doesn't want to pay it off. I just wanted to make the money work a bit harder.