We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Should I pay off my Mortgage?
JonnyTwoToes
Posts: 67 Forumite
I'm managing to save about £2k a month at the moment, which is building into a nice amount (saving it is ISAs and Premium bonds at the moment).
Ideally, it would be great to be mortgage free - I've got two houses with a mortgage on each. We rent one of the places out that covers the mortgage payment and we've only got a few years left so I'm happy to let that carry on until it's paid off.
My question is about the house that we live in. I managed to get a lifetime tracker of 0.3% above base (I know, very lucky) so we are only paying 0.8% at the moment.
It seems silly not to make the most of the interest rates and save rather than pay off the mortgage - anyone have another angle on it?
Cheers for any responses!
(Posted this elsewhere by mistake!)
Ideally, it would be great to be mortgage free - I've got two houses with a mortgage on each. We rent one of the places out that covers the mortgage payment and we've only got a few years left so I'm happy to let that carry on until it's paid off.
My question is about the house that we live in. I managed to get a lifetime tracker of 0.3% above base (I know, very lucky) so we are only paying 0.8% at the moment.
It seems silly not to make the most of the interest rates and save rather than pay off the mortgage - anyone have another angle on it?
Cheers for any responses!
(Posted this elsewhere by mistake!)
Original Mortgage £68456.47
Now £53521.10 - Mortgage to be cleared April 2014 (32 months and counting!)
Now £53521.10 - Mortgage to be cleared April 2014 (32 months and counting!)
0
Comments
-
If you can get > 0.8% on your savings, i'm sure it must make sense to keep them in the bank rather than pay off the mortgage0
-
ringo_24601 wrote: »If you can get > 0.8% on your savings, i'm sure it must make sense to keep them in the bank rather than pay off the mortgage
Yeah, that's what I'm doing but just wondered if I'm missing a trick on something?Original Mortgage £68456.47
Now £53521.10 - Mortgage to be cleared April 2014 (32 months and counting!)0 -
No, you're not missing anything.0
-
JimmyTheWig wrote: »No, you're not missing anything.
Pointless making overpayments then?Original Mortgage £68456.47
Now £53521.10 - Mortgage to be cleared April 2014 (32 months and counting!)0 -
When inflation is running at over 4% I'd say so, yes.0
-
When your mortgage rate is 0.8% I'd say so, yes.
For others paying 4%, 5%, 6% then overpayments are great value.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards