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    • 7sefton
    • By 7sefton 16th Apr 18, 10:50 PM
    • 442Posts
    • 104Thanks
    Moving up the laddder next year: save cash or overpay mortgage?
    • #1
    • 16th Apr 18, 10:50 PM
    Moving up the laddder next year: save cash or overpay mortgage? 16th Apr 18 at 10:50 PM
    Hi all

    I bought my first flat just over 2 years ago. In 2019 my fixed rate mortgage comes to an end and Iím likely to want to move to a bigger place (Iíve seen Ok equity growth, and have had a few pay rises in Work).

    My question is, should I try to keep all my savings in cash in anticipation of moving next year, or overpay my mortgage? Obviously iíll Keep some cash reserves, but I will have about £40k savings by the end of the year and I simply wonít be able to keep a lot of that in accounts that pay more than my current fixed mortgage rate of 2.14%.

    So should I suffer the Ďlossí in keeping cash in savings accounts paying less than my mortgage is charging me in order to keep the cash easily at hand?
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