Can I Join In???

michmar72

I sooo am a MFW and until a few years ago things were on track, 7 years ago met my OH, a year later we both sold our houses and bought one together, with a offset mortgage of 35k over a ten year term, we borrowed a few grand here and there for home improvements and then last year OH took a huge 30K to help his business stay afloat itwas the only way:o, mortgage is now 71K, when times got tough I changed the term to 25 years to lower our monthly out goings.

I am desparate to get this back down, to see some hope of paying it off! I have moved all my savings 5K and am having my wages paid into our offset account to try and make my money work for me about £1300.00 a month

Am I best of doing this or should I make a lump sum payment with some of my savings??

Also at the moment I save approx 250 a month, should I up my mortgage payments instead?Should I reduce the term back down?

My job is safe till Christmas ( I hope) and OH is self employed builder, has no jobs pending.

Any advice, gratefully rec'd

x

dimbo61

Build up your savings in the offset until you have either £16K in savings or 6/9 months of income.
Only when you have a very good savings pot can you overpay.
Pay your normal mortgage payment and try to live cheaply until your other half has more work

michmar72

Thanks very much for your quick reply, great to know what to do for the best x