Q My husband and I bear an interest-only mortgage of £114000 at 0.95% above base rate,so our payments bear gone down quite a bit since rates went down. We bear extra cash as a result of this – approximately £500 a month when we tighten our belts – but don't know whether we should save this in a high interest account or get overpayments on the mortgage.
Interest earned on savings is pretty low at the moment, and we can't seem to figure out which would be better. Mortgage calculators don't seem to balance the two, or I bear searched everywhere on the net but can't seem to find the reply. We bear no other debt apart from the mortgage. CTContinue reading...
Source: theguardian.com