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Should i pay off mortgage or keep savings for emergencies?
napalm69
Posts: 2 Newbie
Hi, I'm a noobie here!
About 12 years ago i took out a mortgage on my small ex-council house. I have about £15,000 left to pay and almost that amount now built up in savings.
My query is should i pay off the rest of the mortgage soon and leave myself without savings, pay off a lump sum, or just keep the cash in the bank for now since the interest rate on the mortgage is so low at the moment?
Thanks in advance for any advice!
N.
About 12 years ago i took out a mortgage on my small ex-council house. I have about £15,000 left to pay and almost that amount now built up in savings.
My query is should i pay off the rest of the mortgage soon and leave myself without savings, pay off a lump sum, or just keep the cash in the bank for now since the interest rate on the mortgage is so low at the moment?
Thanks in advance for any advice!
N.
0
Comments
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Have you got over emergency savings?
What rate are you getting on your savings after TAX compared to the interest rate on your mortgage!
How long have you got left on the mortgage and how old will you be when it finishes?
Have you got savings in cash ISA,s which are tax free.
How safe is your job?
Only you can answer the questions I have just asked.
The first steps to a happy retirement is to have no debts and a good savings fund plus a good pension ( you could be 31!)
Me I am working to be mortgage free asap while also building up my savings0
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