We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
£15000- Pay off mortgage,off set on new mortgage or keep in savings?
ANNIEHAHA
Posts: 460 Forumite
£15,000 :beer: to either ;
pay off our £23000 mortgage over 20 years-fixed at the moment til april 2008 £400 fee for paying off early so we would wait
or get new mortgage in april and offset money (savings) against mortgage
or keep the money saved "just in case " as we will never see money like this again!
I would appreciate peoples views and ideas
I know by paying it off the mortgage and keeping payments the same we would be mortgage free in 5 years :T and I like the idea VERY much but the thought of never having savings like it scares me!
pay off our £23000 mortgage over 20 years-fixed at the moment til april 2008 £400 fee for paying off early so we would wait
or get new mortgage in april and offset money (savings) against mortgage
or keep the money saved "just in case " as we will never see money like this again!
I would appreciate peoples views and ideas
I know by paying it off the mortgage and keeping payments the same we would be mortgage free in 5 years :T and I like the idea VERY much but the thought of never having savings like it scares me!
0
Comments
-
If you have no savings at the moment, put the equivalent of 3 - 6 months net salary into a high interest savings account. So if things did go pear shaped, you would have a fall back position.
Put the rest into the mortgage.
When overpaying the mortgage, ensure the lender reduces the term instead of the interest payments.If you are at a poker game and you cannot figure out who is the patsy then guess what...you're the patsy - Warren Buffet0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.6K Life & Family
- 261.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards