Advanced search

10k - should I pay off the mortgage or invest in a pension?

(8 Posts)
zookeeper Tue 17-Sep-13 17:11:12

Hi . I'm a single mum with three dcs aged 47 working p/t and on working tax credits. My only asset is my house worth 190k with a 10k mortgage. I have 10k savings and no debts and also a 4k float for emergencies/redundancies which I try not to touch.

I don't know whether to use the 10k to pay off my mortgage or invest it into a pension. Has anyone got any thoughts on this please?

Bithurt Tue 17-Sep-13 17:16:07

If it was me, I'd pay off the mortgage and then put some of money that I'd have been paying into the mortgage away every month.

zookeeper Tue 17-Sep-13 19:11:23


DisAstrophe Sun 22-Sep-13 22:33:22

4k is not an awful lot of money - if you lost your job or the boiler went then you'd burn through it pretty quick. I'd use 4 or 5 k to pay off mortgage and put the rest into an isa so any interest is tax free.
Do you have a work pension?

Moominmammacat Sun 13-Oct-13 16:00:47

Don't put it in a pension. Pay off mortgage or have fun. Isas better than pensions.

deepfriedsage Sun 13-Oct-13 16:02:58

She is on tax credits, can she have that many savings when claiming benefits?

Pay off the mortgage OP.

funnyperson Wed 16-Oct-13 14:30:53

Pay off the mortgage then you and the dc will always have a roof over your heads

Talkinpeace Wed 16-Oct-13 15:59:29

mortgage and cash ISA. NOT pension

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now