Mortgage Question

itian

The wife is on 33k and im on 37k - i take home about £2,293 after tax

We have most of our money in are normal joint account i suppose, we really dont spend much! one of the reason i am here is to find out whats best for us.

BoGoF

So roughly about £4k a year as said. I think if you were to sit down and analyze your spending you will be amazed at what you are frittering away.

Don't take this as a lecture but you really should have more than £400 a month spare cash a month. That means you are spending roughly £3600 a month - how much of that can you account for ?

You say most of your money is in a joint bank account - does that mean that account is in surplus?

itian

We have alot more than £400 spare each month!

BoGoF

So you have savings then but in your joint current account?

itian

You are correct.

BoGoF

Phew.......got there in the end

You know what's coming next......how much?

itian

just over 5k...............

BoGoF

Ok, if it were me I'd be trying to find out the answers to the original questions, amount outstanding, value and SVR.

You said the SVR was 5% which is on the highish side....who is the lender?

Then more informed advice can be given.

itian

I will find out the details above and come back tomorrow with these

Thrugelmir

If you've lots of money slushing about in your current account maybe worth transferring some more to your mortgage immediately. Let it work for you.