Monday, Dec 08, 2008
What's the best way to make the most of your money - a savings account or paying off your mortgage?
Yahoo Finance: Save More Or Pay Off Your Mortgage?
How do you make the most of a cut in interest rates?
The idea is simple: when mortgage interest rates fall, you benefit from lower monthly repayments. So, why not put this extra cash to work by overpaying your mortgage and accelerating its demise? By shortening the life of your loan, you could save yourself a small fortune in interest.
While overpaying your mortgage is a great idea, you may be able to make your money work even harder. Rather than lowering your mortgage and the amount of interest charged, it may be possible to earn better returns by sticking your spare cash in a savings account.
Posted by malct @ 09:24 AM (288 views) Add Comment
1 Comment
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1. str 2007 said...
Interesting question this.
If the government is set to inflate debt away, maybe a a big mortgage to be paid off in a few years is a good thing. IE borrow good pounds and repay with bad ones like people were able to do in the 70's.