DH and I are in the fortunate position of relatively well paid, secure jobs, and we're saving between 1k and 1.5k a month. 1k comes off in a direct debit at the start of the month, and then any left at the end goes in too. If it's a tight month (car/roof repairs) we dip in. We also use this money for holidays etc.
Our mortgage fixed rate ended a few years ago, and through apathy, we went onto the standard base rate + 1%, which went in our favour very quickly - we now only pay £500 per month.
We have about 20k in savings now, earning about 2% interest. I would like to pay off a chunk of the mortgage (about 100k outstanding) but feel that while it earns marginally more interest than we're paying out, that it's not the best use of money.
I would like the freedom of having no mortgage, though.
WWYD?
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23 replies
AgentProvocateur · 22/05/2013 20:25
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