Engage credit

thebullsback

Hi everyone,We have a Mortgage with Engage Credit and as of now we owe £16,800 approx at a rate of 1.49% PA there are 79 monthly payments renaming.
We had a windfall of £10000 and don't urgently need the cash so the old question is do we pay off lump sum,increase monthly payment or invest/save cash??
Many thanks for reading

Mortgage_Adviser

There are better rate in the market to make it work as savings. Especially across current accounts and regulars savers thta can pay up to 5%.
It all depends if you are happy to do some work and have number of accoutnts etc.
If you are looking to just quickly stick in to one account the difference want be much, if any at all.

Do you have any money for emergencies, as as soon you pay the mortgage off and needed money for say a new boiler, this savingd wan't be there.

dimbo61

You could pay off say £5,000 of the mortgage debt and save the rest for a rainy day ��