Mortgage Query

isis_79

Hello,
My husband and I were both made redundant a couple of months ago. We got rather good pay offs, so are looking for advice on what to do with the money?

We have a mortgage of 110,000, and have almost 20k in our savings just now. Would it be sensible to put this on the mortgage? We are aiming to overpay our mortgage each month (even if its just 100 quid a month). Would this be the most sensible course of option? We are determined to have it paid off earlier!!

thanks

Wh05apk

I would wait till you find new jobs first as you may need those savings to live on?

ACG

Agreed with above.
I would be inclined to stick to your repayments until you find a job.

You will probably only be able to overpay by about 10%, if you were looking to overpay it could be better to do it in one lump sum as that way you stop paying interest on that amount straight away. However i would definately wait. £20k doesnt go far if your not earning.

I spent about £7k in 8-9 months when i was made redundant - i do live alone and i was out probably blowing a fair bit of it at my local and local bars but still with no income it goes down a lot quicker than you think.

isis_79

Thanks for your replies. Sorry, should have said, I have a new job, so can support both of us for the time being.