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To save or to pay a bit more to mortgage
mrsbudget
Posts: 242 Forumite
Hi, guys
just looking for some advise, i have £10k savings and wondering if it will be better to pay it to mortgage to reduce it since i have £59k payable for another 11 yrs with 1.5% on it with Bank of Scotland or should i just put it to Santander fix rate ISA of 3.3% interest.
Thanks for your help
mrs b.:j
just looking for some advise, i have £10k savings and wondering if it will be better to pay it to mortgage to reduce it since i have £59k payable for another 11 yrs with 1.5% on it with Bank of Scotland or should i just put it to Santander fix rate ISA of 3.3% interest.
Thanks for your help
mrs b.:j
0
Comments
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If the net savings rate is higher than the mortgage rate, keep it in savings. If that ever changes, review the plan.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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kingstreet wrote: »If the net savings rate is higher than the mortgage rate, keep it in savings. If that ever changes, review the plan.
thanks, kingstreet, what am worried is i have a variable rate for my mortgage and it can change any time, the isa fix rate is for 2 yrs though,,,0
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