Mortgage advice please
littlegold · 30/10/2020 16:57
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 🙈
Lightsabre · 01/11/2020 12:52
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).
WobblyLondoner · 01/11/2020 14:55
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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