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Save to move or pay into mortgage?
alibabsfrog
Posts: 3 Newbie
Hi all, new to the forums.
Just after any advice please.
Other than our mortgage we've recently become debt free (woohoo), we want to move home. Do we pay extra on our current mortgage or put it into a savings account for the costs of moving?
Thanks
Just after any advice please.
Other than our mortgage we've recently become debt free (woohoo), we want to move home. Do we pay extra on our current mortgage or put it into a savings account for the costs of moving?
Thanks
0
Comments
-
How much equity do you already have?
What is the mortgage rate?
What is the savings rate?
What timescale for this 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 -
Equity- About £10,000
Mortgage rate- 2.45%
I haven't looked too much into the savings deals yet, and we'd like to move as soon as possible?0 -
In which case, keep it in cash savings.
It's only short-term, your mortgage rate will be about the same as the savings rate in an ISA and you will need funds for mortgage fees upfront.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 -
Thank you, I'll get looking at savings deals, thanks again.0
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