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Mortgage or savings?
lynseyb29
Posts: 22 Forumite
Hi there
We are looking to move house in the next few years. My question is would any extra money we have now be better making overpayments on our current mortgage or should we put in a savings account and use towards deposit on new house? Or to pay of moving fees etc.....
Thanks
We are looking to move house in the next few years. My question is would any extra money we have now be better making overpayments on our current mortgage or should we put in a savings account and use towards deposit on new house? Or to pay of moving fees etc.....
Thanks
0
Comments
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What rate of interest do you pay on your mortgage?
Do you have a contingency fund?0 -
Financially. You pay into the one with the highest rate of interest.
What I suggest is split it. If you can save £200 a month, put £100 in savings, £100 in mortgage, get the best of both worlds then.0 -
Our interest rate is 2.89% I think!
We do already have a small amOunt of savings for emergencies etc0
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