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Distiller72
Distiller72 Posts: 14 Forumite
in Mortgage-free wannabe
I am currently clearing the last of my credit card debt and that will leave me with a mortgage of 103k. I hope to have credit card debt clear by May 2018 possibly April. The question I have is should i build up sone savings first or should I just overpay mortgage or a mix of both. Mortgage rate is 3.29%
Thank you in advance.

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  • beanielou
    beanielou Posts: 90,308 Ambassador
    Academoney Grad I'm a Volunteer Ambassador Mortgage-free Glee! Name Dropper
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    I would say a mix of both.
    Always good to have a wee emergency fund I think.
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    Lou~ Debt free Wanabe No 55 DF 03/14.**Credit card debt free 30/06/10~** MFW. Finally mortgage free O2/ 2021****
    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
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  • juniordoc
    juniordoc Posts: 366 Forumite
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    Can you make more than 3.29% in savings?
    Do you have a flexible mortgage where if you overpay some months you are allowed to underlay later (for example if you found you had to replace the boiler?)
    Congratulations on working to clear your debt, it will be such a good feeling when you get there!
  • louloubelle79
    louloubelle79 Posts: 411 Forumite
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    Hi I’m doing both atm, paying £200 pm into 5% savings acct and OP with small amounts (£30 this month) hope to increase more when savings have built up a bit and fully recovered from xmas spends etc.
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