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Paying off the outstanding balance, using all our savings.
Hulluk
Posts: 2 Newbie
My wife and I are in a very fortunate position, despite this Covid-19 crisis, I am still earning a full salary and we have savings too. My questions is, with interest rates as low as they are, I think the best instant access is 1.25%, would we be better off using our savings to pay off our outstanding mortgage and then rebuild our savings pot. It will eat up most of our savings, but obviously we can add the mortgage repayment to what we regularly save each month. Your thoughts would be appreciated.
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Comments
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I should add that my wife is apprehensive about using all of our savings in such uncertain times.0
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What interest rate are you paying on your mortgage?
Are you in a deal where there will be ERCs?
How much is left to run on the mortgage?0 -
Definitely check if you have any charges for overpaying. You could also consider a lump sum now and one when things are better in the economy?Mortgage Aug 2019 161,000 :eek::eek::eek:Nov 2019 156,500:T Jan 2020 153,122:T, Apr 2020 149,500, Apr2021 139, 675, Oct 2021 136,823, Dec 2021 136,120🙂EF 0/12,000 (0%)😕 (5062.44 was ERC), Jan 2023 128,650. Our Mortgage is never going to be as high as it is today. :jOnwards and downwards to a better life for our family. :jJust keep swimming0
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