mortgage free by april 2014

edited 27 March 2011 at 3:03PM in Mortgage-Free Wannabe
2 replies 539 views
de1amode1amo Forumite
3.4K Posts
edited 27 March 2011 at 3:03PM in Mortgage-Free Wannabe
İ have finally decided that i want to be set free from having a mortgage! i have been saving but funds have been getting diverted into a second home i have abroad but now i must stand firm and get to the bottom of my principle residence--55k mortgage on 2pc svr IO--i had an endownment mature a year ago which has provided a springboard of 18k and i have added another 4,5k so its a start of 22,500 as of now.--i can currently save 1k a month. i have a pension and a retirement home but need to secure things here.
İ currently get 4pc less normal tax on my savings and like i said pay 2pc interest so i am holding off actually paying down my mortgage.i wonder if mortgage rates go up wouldnt the savings rates rise in parralel??
mfw'11 No68- 55k mortgage İO--little to nothing saved! i must do better.

Replies

  • dimbo61dimbo61 Forumite
    12.4K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭
    yes and no once mortgage rates start to rise so will interest rates on savings but I bet you £10 that the mortgage rates will rise faster than the savings rates and you will have to swop saving deals every 12 months in order to get the best rates ( not forgetting the TAX MAN)
  • de1amode1amo Forumite
    3.4K Posts
    İ feel securer having some savings in the bank and taking a small hit on the percentages.--i am a bit different in my mortgage situation in that i own a home and business abroad(turkey) and my day to day funds and life is there.--i keep it all seperate because i have targets and goals to acheive in my second life!--i have more equity than this mortgage there but seem preoccupied with this one debt i have!!
    mfw'11 No68- 55k mortgage İO--little to nothing saved! i must do better.
This discussion has been closed.
Latest MSE News and Guides

Bacon flavoured toothpaste

Can you help this Forumite track some down?

Join the Forum discussion

£10 Christmas bonus

For benefits recipients

MSE News