Save Up Which First

MarieAAP

Hi Folks

K, which is better to save up first?

The deposit (target £7k / £15k)
Pay off the £2k mortgage left? Endowment £8.52 + £65/wk on tracker at 4.75% (ish)

Thing is, I would love to move this year if possible. We can borrow a little bit of an advance off my inheritence from mum, so it could be achieveable - aslong as the roof doesn't need replacing again, or the car etc etc.

So if you as a Bank Managern who saw our finances, which would look better? To show regular savings or pay off the small mortgage left?

BM has already said we need min of 10% deposit, no o/s mortgage etc, so its just been the 2 above?

Cheers for any ideas
M

Jonbvn

Pay-off the mortgage - you will not get an interest rate anywhere near 4.75% on savings.

MarieAAP

Okay dokey. Still can't believe if I manage to keep it up, the M will be paid off in about 8mths, pretty tight for me and there will be more avail room for manover in Feb/March - as long as the job continues (fingers crossed).

Will also offer My (non-saving) OH, the option to either save towards the pot (house or baby...) or pay off the M, I wonder what he would choose?

Any bets?

Either way, I see being Mortgage freeeeee soooooooonnnnnnn

alex_p

Roll of honour awaits you!