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Is NOW our time?
Ali660
Posts: 190 Forumite
Hia mortgage OP experts :j
Can I ask your advice please? DH & I are both 42 ...
Is the time right for us to start overpaying? We've got just over £10K in an ISA @ 2.85%
Outstanding mortgage is currently £69,800 (ish) with 12 yrs 7 mths remaining and we pay £560 p/m
Mortgage deal is 3.49% (variable) with the ability to overpay as much or as little as we want
In a separate savings a/c I save for our annual hols, Xmas, car service etc, and DH has a savings a/c for housey purchases.
We thought the £250 we currently transfer to our ISA could work better for us against the mortgage.
I would love to join your gang!! What do you think??
Many thanks,
Ali
Can I ask your advice please? DH & I are both 42 ...
Is the time right for us to start overpaying? We've got just over £10K in an ISA @ 2.85%
Outstanding mortgage is currently £69,800 (ish) with 12 yrs 7 mths remaining and we pay £560 p/m
Mortgage deal is 3.49% (variable) with the ability to overpay as much or as little as we want
In a separate savings a/c I save for our annual hols, Xmas, car service etc, and DH has a savings a/c for housey purchases.
We thought the £250 we currently transfer to our ISA could work better for us against the mortgage.
I would love to join your gang!! What do you think??
Many thanks,
Ali
0
Comments
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If you can overpay without penalty then it makes sense to as you wont be able to get 3.49% (net of tax) on a savings account.
£250 a month off the mortgage will make a big difference!
All the best 5/10/12 : Mortgage Free0 -
Hi :wave:
I agree with Jock_tight. Sticking £250pm OP on the mortgage will quickly add up
Good luck, try not to get obsessed!
:rotfl: Updating soon...0 -
SPAM - reported this poster once again0
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It's great, and every month you pay a little less which means you want to over pay more and make the payments faster. It's a bit like being sucked into a whirlpool, you go faster and faster the nearer you get to the centre (apparently!)Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
Mortgage is preferable to a cash ISA, but are your pension provisions in order?But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll0 -
theoretica wrote: »Mortgage is preferable to a cash ISA, but are your pension provisions in order?
I think we have sufficient pension provision in hand - DH has Forces pension (22 yrs service) and I am currently working within HE.0 -
the £250 would work better for you against mortgage on the face of things but depending on your tax status an credit history you may be able to beat your mortgage rate with a regular saver.MF aim 10th December 2020 :j:eek:MFW 2012 no86 OP 0/2000
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