Property News · November 6, 2023

Should my bonus go on overpaying the mortgage or into a high-interest savings account?


Fixed-rate part of deal ends in August and I’m worried about interest rate risesDon’t get caught out by tax on cash interest, UK savers toldQ Our mortgage is split into two parts, as we ported a section of our original mortgage when we moved in 2021. The 2.5% fixed-rate part of the mortgage (on a balance of approximately £210,000) is coming to an end next August.I’m incredibly worried about the possible interest rate rise when we have to renew. We have already absorbed a £300 hit when we renewed the other part of the mortgage last year, and I’m not sure how we would cope if our bill rose by the same again – but looking at the current rates, that may well be what we’re faced with. Continue reading…

Source : theguardian.com
Read more…Should my bonus go on overpaying the mortgage or into a high-interest savings account?

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