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Redundancy received - pay off mortgage or not?
Rodsmate
Posts: 1 Newbie
I have recently been made redundant and have £100k capital.
My outstanding mortgage is £69k (monthly payment £690) with 8 years remaining.
Should I pay this off? or is there a high interest account available to invest the £100k that will achieve a decent monthly/annual return to pay the monthly installments, still leaving a decent lump sum at the end of the mortgage term?
My outstanding mortgage is £69k (monthly payment £690) with 8 years remaining.
Should I pay this off? or is there a high interest account available to invest the £100k that will achieve a decent monthly/annual return to pay the monthly installments, still leaving a decent lump sum at the end of the mortgage term?
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Comments
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You will get a better response if you re-post in the mortgage free wanabee board or savings and investments.0
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NorthernLas wrote: »You will get a better response if you re-post in the mortgage free wanabee board or savings and investments.
And also tell us the interest rate on your mortgage.0 -
I have recently been made redundant and have £100k capital.
My outstanding mortgage is £69k (monthly payment £690) with 8 years remaining.
Should I pay this off? or is there a high interest account available to invest the £100k that will achieve a decent monthly/annual return to pay the monthly installments, still leaving a decent lump sum at the end of the mortgage term?
APR of mortgage - APR of investment = Whether worth investing
5.9% - 4% = 1.9% worse off (pay off mortgage)
5.9% - 6.9% = 1% better invest (dont forget after tax as well)I all have learnt is from others on many sites.
Seek legal help if unsure.
Dont pay Private Parking tickets - they are mere invoices.
PRESS THANKS
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