Mortgage advice please(3 Posts)
littlegold Fri 30-Oct-20 16:57:14
Lightsabre Sun 01-Nov-20 12:52:58
WobblyLondoner Sun 01-Nov-20 14:55:21
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Just looking for a bit of advice please regarding mortgage payments.
Had our mortgage for 3 years and we are looking to remortgage and move to a bigger house in a couple of years. Would we be best to overpay on the mortgage or save the extra money in a savings account to put towards it?
Also, if we have settled £10k so far on the mortgage (obviously excluding the interest payments made) and for example we sold the house for the price we bought it...would we have £10k plus our original deposit money to put towards a new deposit?
Sorry if these sound like silly questions 🙈
You would have the sale price minus the mortgage for your next deposit (don't forget you'll need to pay selling and buying fees, removals etc).
On the question of overpayments vs saving, I'd overpay given that the interest rate you are paying for your mortgage will be larger than anything you get in a savings account.
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