Here we go on our quest !

Run_DMC_2

Firstly, a big hello to all !

Some details to start with

Mortgage (repayment) outstanding is 54,141.00 with 16 years left. Currently with Halifax on 3.99% on S.V.R. thus allowing any overpayments.

Monthly mortgage payment is 475.68, plus 270.00 overpayment each month.

As per Martins overpayments calculator, our mortage is due to end in 7 years, so we have already taken 9 years off with overpaying which is a good start !

Adding one off down payment of 30,000 this month would reduce our term to 3 years, and is saying I would save a whopping £34,474 in interest. This 30k is currently in Premium bonds, which I am obsessed about, so some comments on what I should do would be most grateful !!

Thanks to all.
Run


:beer: Well it is Friday !!

Andy_WSM

Well, I personally would cash in the Premium Bonds to pay back the mortgage - in fact, it's exactly what I did last month and it's put me in a much healthier position and I can now see light at the end of the tunnel.

Once you have cleared off your mortgage THEN you can invest in Premium bonds.

Did Premium bonds do anything for you? I had £10k invested and won a £50 prize and a £25 prize in 3 years, that's it! What a waste...

The money you will save on your mortgage will likely outstrip any potential winnings from Premium bonds, several times over!

Calfuray

Personally, I would use the money to pay off the mortgage.

Here's Martin Lewis' calculator so you can run the sums for yourself:

http://www.moneysavingexpert.com/savings/premium-bonds-calculator/

originalmiscellany

I would say "it goes a little something like this":
How much have you made whilst over the past few years on premium bonds?
If it's less than you would "save" on the mortgage then clear it!

originalmiscellany

PS Great name (if it's after the 80's band)