Which first - mortgage or deposit for DC?

[Mosaiccat]

Which do I do first - pay off the mortgage or save for DCs deposit?

I figure we can save at least £10k a year - either for deposit for DC (age 10) or pay down the mortgage (£320k). Which do I do first?

I think you can do a bit of both. We have had a stocks and shares isa for our kids since they were born. £100 a month each. It’s amazing how it grows over the years. It will be a decent house deposit. We overpaid our mortgage and have saved so hard to have a lump sum to pay the whole thing off next summer when our fixed rate ends. We never comprised that saving for the kids even when money was tight.

I think it depends on the interest rate on your mortgage

I think it depends on how you like to save - confident with buying isa shares you could do better on the stock market but if you are a savings account type of saver it’s unlikely you’ll find a rate higher than the cost of your mortgage over the next 15 years.

A bit of both.

How would you feel if your DC spent all the money on clothes, holidays, booze, drugs, gender dysphoria drugs / surgery, girl/boy friends gifts?

Use it for your own mortgage, pensions and ISAs.

If you have any spare savings when your DC is ready to buy, gift it then, not before.