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Mortgage overpayment vs saving
goldking
Posts: 1 Newbie
I have a nationwide mortgage and have been make overpayment of £500 for some years, (now £20000) Now have saving accounts in a foreign bank (since I partner is not an u.k resident) which is giving 9.40% interest over 90 month.
So, leave money in the nationwide mortgage at 2.98% (current mortgage £225000 would push it back to £245000)
OR
Put £20000 in the foreign account at 9.40% net.
I don't know which would better.
So, leave money in the nationwide mortgage at 2.98% (current mortgage £225000 would push it back to £245000)
OR
Put £20000 in the foreign account at 9.40% net.
I don't know which would better.
0
Comments
-
9.4% over 90 months? so that's about 1.2%pa? if so no brainer to repay the mortgage, unless you think you might need the capital back?
Make sure you leave yourself enough emergency funds.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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