Which savings vehicle?

wayforward_2

Thank you for your responses

We have an interest only mortgage and are unable to remortgage as we have no credit rating due to bankruptcy in 2009 but we wouldn't have been able to anyway as the mortgage we have was a self cert and we now earn less than we did then.

I realise that its not the best situation to be in and that interest only mortgages aren't great but needs must. We are just muddling through, trying to do the best we can with the curve balls that life throws.

Where we live this is not an expensive property. We are both earning decently and so would like to at least build some equity so that we are in a better position when we do have to sell to pay the mortgage.

grey_gym_sock

well, if you can overpay until the outstanding mortgage is an amount that you would be able to borrow on a new application with your current earnings, then you could probably remortgage onto a lower interest rate. i realise that may be a long way off, but it could be a target, if you want 1.