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Overpay or Save elsewhere?
hufc2002
Posts: 329 Forumite
Hi all
Hoping to move to bigger house so trying to save for a 10% deposit (max £20k).
Currently owe circa £80k on mortgage with house probably worth £85-90k. Mortgage is on variable rate of 2.49% and have been over paying £220 per month for the last 3.5 years. Mortgage payment without overpayment is £449. Rather than overpay (to build up equity) would I be better off saving this in i.e. Club Lloyds Monthly saver (4%) (we have 2 of these accounts)?
Currently have £11k saved.
Any advice would be welcome.
Hoping to move to bigger house so trying to save for a 10% deposit (max £20k).
Currently owe circa £80k on mortgage with house probably worth £85-90k. Mortgage is on variable rate of 2.49% and have been over paying £220 per month for the last 3.5 years. Mortgage payment without overpayment is £449. Rather than overpay (to build up equity) would I be better off saving this in i.e. Club Lloyds Monthly saver (4%) (we have 2 of these accounts)?
Currently have £11k saved.
Any advice would be welcome.
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