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Moving house - Pay off Mortgage or save

smcqis
smcqis Posts: 862 Forumite
Part of the Furniture 500 Posts Combo Breaker
in Mortgages & endowments
If I was to move house in the future, at this stage would i be better making over payments on my mortgage to reduce it as much as I can or save the money in a deposit (roughly about 60% ltv atm)

Comments

  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    depends on things you have not mentioned

    rate
    plan to port the existing loan
    cost of new borrowing with cuurent lender or new lender
    new ltv
    new salary multiples
  • DVardysShadow
    DVardysShadow Posts: 18,949 Forumite
    It's all money either way. So put it where it gets the best returns, If your mortgage rate is less than you can get for savings, then put it in savings. Otherwise pay down the mortgage.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • smcqis
    smcqis Posts: 862 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    Mortgage down then :)
  • dimbo61
    dimbo61 Posts: 13,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    BUT what would happen if you decide not to move and pay off the mortgage over the next few years.
    Could you have the problem of putting more money into savings than your ISA allowance each year.
    You also need money for searches,surveys,legals, deposit ETC
    So why not build up savings in ISA,s as well!
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    smcqis wrote: »
    Mortgage down then :)

    Why do you think that is the best option

    expalin in detail your asumptions
This discussion has been closed.
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