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Mortgage Overpayments or Save for Deposit?
PaulC5
Posts: 190 Forumite
As from my previous post I am currently looking at moving home with my wife.
We are currently overpaying our current mortgage by £525 per month.
Would this over payment be better off going into savings for our deposit on the new house which may then give us a better LTV, or even just help towards moving costs and legal fees?
I know it’s a little like swings and roundabouts as when we sell our house we should get it back in the form of equity but my calculations at the minute I have been doing are based on what’s outstanding today.
We are currently overpaying our current mortgage by £525 per month.
Would this over payment be better off going into savings for our deposit on the new house which may then give us a better LTV, or even just help towards moving costs and legal fees?
I know it’s a little like swings and roundabouts as when we sell our house we should get it back in the form of equity but my calculations at the minute I have been doing are based on what’s outstanding today.
0
Comments
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It would amount to the same thing. So it's more a question of whether your savings would attract a higher rate than your mortgage.0
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