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 save or Overpay
Shaken_not_Stirred
Posts: 23 Forumite
I have a 97000k mortage I took on in 2007.
It was a big leap for me as my previous house only had 20K to go
Due to my age....touchy subject:D the term was 18 years. I did this with the condition I always kept at least 12months payments in savings (cash ISA) just incase!
Now the ISA is at 19K now and was wondering?
If I overpay can I have a mortage Holiday incase of redundancy?
Or should I just keep paying into the ISA?
It was a big leap for me as my previous house only had 20K to go
Due to my age....touchy subject:D the term was 18 years. I did this with the condition I always kept at least 12months payments in savings (cash ISA) just incase!
Now the ISA is at 19K now and was wondering?
If I overpay can I have a mortage Holiday incase of redundancy?
Or should I just keep paying into the ISA?
0
Comments
-
Shaken_not_Stirred wrote: »I have a 97000k mortage I took on in 2007.
It was a big leap for me as my previous house only had 20K to go
Due to my age....touchy subject:D the term was 18 years. I did this with the condition I always kept at least 12months payments in savings (cash ISA) just incase!
Now the ISA is at 19K now and was wondering?
If I overpay can I have a mortage Holiday incase of redundancy?
Or should I just keep paying into the ISA?
After a bit of digging found my answer on website.....recon I overpay :T0 -
I guess it depends on your view of risk - if you get a higher rate of interest on your savings than mortgage keep it as it is. If your mortgage is at a higher rate than savings, then clear them. Either way, 19k off your mortgage will make a huge difference in the long run - well done, regardless of your age
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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.9K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards