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Looking for Advice
websterclan
Posts: 2 Newbie
Been readig posts on here for a while but this is my first post, i am looking for a bit of advise.
We have a fixed rate mortgage, 5.19% fixed until 2017 which allows 5% overpayment each year. At present our mortgage is £107,000 and we overpay £300 each month. If we pay more than the 5% or move our mortgage we are charged £6000. We have around £30,000 in savings. My question is would we be better off paying our savings into the mortgage which would mean an additional £6000 to pay or are we better to just pay the 5% each year and keep our savings.
Not sure what to do for the best.
Thanks
We have a fixed rate mortgage, 5.19% fixed until 2017 which allows 5% overpayment each year. At present our mortgage is £107,000 and we overpay £300 each month. If we pay more than the 5% or move our mortgage we are charged £6000. We have around £30,000 in savings. My question is would we be better off paying our savings into the mortgage which would mean an additional £6000 to pay or are we better to just pay the 5% each year and keep our savings.
Not sure what to do for the best.
Thanks
0
Comments
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Hi there, have you considered shortening your term as a means of overpaying more? just a thought - it worked very well for me, QB0
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agree--shorten term and you can still o/p
6k charge is robbery---KEEP SAVINGS£48515 interest £181 (2009)debt/mortgage-MFIT/T2/T3
debt/mortgage free 28/11/14
vanguard shares index isa £1000
credit union £400
emergency fund£500
#81 save 2018£42000
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