i need convincing to become a mfw??!!

de1amo

i am 47 married and have a 12 step daughter-i have a mortgage of 55k which i am paying on the 'never never' ie interest only---its on a rate of 1pc not fixed--the monthly payment is 92 quid.
i have about 27k in savings which is not earning me much interest because i like it nice an accessable!--i would like to put it in a higher interest account but i am abroad and unable(i think) to deal with it??
i need to be convincing whether it is the right thing to do and pay off my mortgage asap--i am torn!!

black_taxi_2

interest only?

id switch to repayment---use savings as a financial safety net

you can get a good mortgage deal with a healthy deposit

dimbo61

Look at offset deals with first direct that way you can offset your savings and still have access if you need to.
But having said that you wont get a deal as good as 1% so maybe keep on building up savings in cash ISA,s £5100 each? and clear it once rates start to rise.

de1amo

my circumstances have changed a lot since i took the original mortgage and the only allowable income i have in the uk amounts to just 7500 pa--i tried first direct last winter and their non reply i took as rejection.--i have business and properties with full equity abroad which arent allowable.--i doubt if i would get any offer near the 1% rate i currently get with anyone else-if i moved my savings abroad i would get 8pc but take a risk on the currency exchange market-the pound has definately shrunk!!.

When i took my first mortgage many years ago i had repayment for about a year and it made absolutely no difference to the amount i finally had to clear when i changed mortgages--i went onto an endowment which is where some of my savings have come from--it matured last year --i have been dubious about repayment mortgages since then!!!

From what i gather from your replies my instincts to keep a mortgage are correct!-i am tempted to just over pay on my mortgage---do i need permission from the lender or do i just up my payment amount--the 55k mortgage is actually 2 mortgages A and B--with the same lender-25k and 30k--and presume they will split my over payments??--i cant ring the bank from where i am without spending a small fortune on waiting!!-

dimbo61

Read all the mortgage paperwork and write into the mortgage centre of your lender before you overpay just in case.