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To save or pay money off my mortgage?
narnia2000
Posts: 105 Forumite
I bought my house last February, I have a fixed for 5 year rate with Bristol and West, I had to put down a 25 percent deposit to get a self certified mortgage.....I don't earn much, but was getting money from the sale of a previous house. My fixed rate is 4.75
I have £40,000 in A\L direct saver account, my wages and interest from savings are being paid into A/L premier current account which contains £2500 and I have a premier direct savings account which contains £2500
My mortgage costs £808 per month on an 18 year repayment, my salary is £520 per month, interest from direct saver is approx. £150 per month.
My question is should I use some savings to pay a chunk off the mortgage, or continue to use interest to bulk up mortgage payments?
I have £40,000 in A\L direct saver account, my wages and interest from savings are being paid into A/L premier current account which contains £2500 and I have a premier direct savings account which contains £2500
My mortgage costs £808 per month on an 18 year repayment, my salary is £520 per month, interest from direct saver is approx. £150 per month.
My question is should I use some savings to pay a chunk off the mortgage, or continue to use interest to bulk up mortgage payments?
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