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
Overpayment or lump sum
Manchester_Boy
Posts: 1 Newbie
Hi
I have tried to get information from my Building Society, but they are either not willing or just want you to carry on you paying the mortgage.
I current am paying overpayments on my mortgage and I save weekly and pay a lump sum off in January.
I want to know if it is better to save weekly & pay the allowed 10% fee.
Or whether to carry on overpaying and then topping up the weekly saved money for my 10% allowance.
Help & Advice please.
Thank you
Manchester Boy_63.
I have tried to get information from my Building Society, but they are either not willing or just want you to carry on you paying the mortgage.
I current am paying overpayments on my mortgage and I save weekly and pay a lump sum off in January.
I want to know if it is better to save weekly & pay the allowed 10% fee.
Or whether to carry on overpaying and then topping up the weekly saved money for my 10% allowance.
Help & Advice please.
Thank you
Manchester Boy_63.
0
Comments
-
You won't get advice from the building society as it's not their job to tell you what the best option is. If you employ a financial adviser they might be able to tell you but it's probably not worthwhile paying for that.
If the interest rate on your savings is more than the rate on your mortgage then keep the money in savings for as long as possible. If the mortgage rate is higher then get the money onto your mortgage as soon as you can.Remember the saying: if it looks too good to be true it almost certainly is.0 -
Who is the building society?
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.2K 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