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Pay off mortgage or save?
OnlyMe_08
Posts: 283 Forumite
This might be a silly question, but if I currently had a mortgage repayment at 2.29%, and have say £10,000, should I be looking to save at 3%?
I assume the answer is yes if I'm a basic tax payer, and no if higher rate?
Will the remaining term and balance of the mortgage be factors to consider in this decision?
I assume the answer is yes if I'm a basic tax payer, and no if higher rate?
Will the remaining term and balance of the mortgage be factors to consider in this decision?
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Comments
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You could put £5640 into a cash ISA for a tax free rate, the rest in the best current/savings account.
Is the mortgage rate on a tracker?
If mortgage rates rise then you could switch to paying more off the mortgage as an overpayment.5/10/12 : Mortgage Free
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