Under the mattress or save

chris_norton

Hi Guys,

You obviously know what's best here but is it best to save a couple of thousand pounds or pay it off your mortgage as interest rates are so low. I am just looking for some advice really?

Thanks:j

financial_illiterate

chris_norton wrote: »

Hi Guys,

You obviously know what's best here but is it best to save a couple of thousand pounds or pay it off your mortgage as interest rates are so low. I am just looking for some advice really?

Thanks:j

Can you save at a higher interest rate than what you're paying for the mortgage, and if the answer is yes, will you have easy access to the money when that situation inevitably turns around?

atush

Do you have cash savings for an emergency? If not, it is always best to have 3-6 months spending set aside before overpaying.

After that, to save or [ay off mtg would be decided on what rate your mtg is. Mine is only just over 1% so I save AND pay off mtg extra each month. Of your mtg is higher that what you can get on your savings after tax, then pay off the mtg.