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
overpay mortgage - mortgage free wannabe
hiraeth_2
Posts: 5 Forumite
Hello - My dream is to be mortgage free. Currently, my mortgage is £50k and I have 13 years left. To some this may seem reasonable but I want to get rid of it ASAP.
Recently I have had to take a £4k drop in salary to ensure I am in full time employment.
At the moment I only have about £4k in savings so I am thinking, while I have this money, I should put this towards the mortgage to help reduce monthly outgoings at least.
I don't have any other debts, just monthly outgoings.
I know £4k is not that much money to lots of people but it is all I have, so if you were in my shoes would you put this £4k towards the mortgage?
If I didn't put it towards the mortgage then I would use it for some house improvements.
It may seem like a no brainer but I would appreciate some other views.
Thanks
Recently I have had to take a £4k drop in salary to ensure I am in full time employment.
At the moment I only have about £4k in savings so I am thinking, while I have this money, I should put this towards the mortgage to help reduce monthly outgoings at least.
I don't have any other debts, just monthly outgoings.
I know £4k is not that much money to lots of people but it is all I have, so if you were in my shoes would you put this £4k towards the mortgage?
If I didn't put it towards the mortgage then I would use it for some house improvements.
It may seem like a no brainer but I would appreciate some other views.
Thanks
0
Comments
-
Is that all the savings you have? If it is I would keep it as an emergency fund. If you already have a emergency fund and te home improvements aren't necessary then pay it off.0
-
Yep - that's it in savings!0
-
Welcome to the forum.... I'd personally keep it as an emergency fund (safety blanket).....0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.2K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards