We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
I may be joining you.. but unsure when
Distiller72
Posts: 14 Forumite
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.
Thank you in advance.
0
Comments
-
I would say a mix of both.
Always good to have a wee emergency fund I think.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
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.
***Fall down seven times,stand up eight*** ~~Japanese proverb. ***Keep plodding*** Out of debt, out of danger.
One debt remaining. Home improvement loan. 20 months left.0 -
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!0 -
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.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards