We'd like to remind Forumites to please avoid political debate on the Forum... Read More » This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Pay down mortgage or use money to offset?

ManicMum · 2010-05-31 21:12:48

Hello It is gettiing a bit late for me and brain seizing up more than normal. I have about 80k savings, acquired recently. Currently on 4.99 variable so keen to get off that. outstanding mortgage is 104k. I want to get an offset but at moment, won't qualify based on 104k and household income multiples. I can pay down my…

Options

Comments

dimbo61 Posts: 13,727 Forumite

2 June 2010 at 6:33PM

You have total flexability right now as on the SVR and no fees to pay either.
You can overpay as much as you like and if the need arises you can reduce the mortgage payment big style because you have paid off 65/70% of the mortgage balance.
Try and clear as much debt as possible asap and good luck

0