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SLF | £200 a month spare: premium bonds or overpayment on mortgage? |
am I better off, statistically, overpaying on my mortgage (currently £670 a month) or buying bonds regularly? |
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Valiant
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Premium bonds - not guaranteed to win every time however if you do win, it could be big.
Mortgage - Overpaying by £200 pm over 12 months would mean £2400 less interest which at 5% is £120pa. To get this in a savings account you would have to get 6.25% (allowing for 20% tax) which is as rare as rocking horse proverbial nowadays.
Overpaying by this amount is circa 30% more so think of how much more quickly you would be getting rid of the mortgage.
Personally, get rid of the debt. |
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trebs
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Overpay your mortgage
You need around £10000 worth of Premium bonds to be in with any chance of returns - I know this because I once held the max and got a return of about £150 a month the I dropped it to £10000 and got around £50 a month - then it dropped to £1000 and I didn't get anything ever again
I mean - you could win - sure - but I think you're better off paying off your motgage - it's the best investment you could ever make |
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Lorraine R
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Overpay your mortgage. |
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Jo C
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Premium Bonds look fantastic as everyone wants the big win but don't forget there is no guarantee of you ever receiving anything back from them. The only returns you get back from them are your winnings, they pay no interest. So you are putting all your spare cash into a potential non-paying asset. By overpaying your mortgage you are of course reducing the term over which you are paying interest on it and so in the long run will be better off. The only other option to think about is pay it into a high interest paying account. The interest must be higher than what you are paying on your mortgage for you to be better off but with so many accounts these days paying 7% plus for regular savers (even if only over 12 months) it has to be worth thinking about. |
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geegee
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Pay off your mortgage, not only will you be decreasing your loan, but the interest on the loan will also decrease as the loan amount goes down. double whammy - you can't lose. Of course - you will also be unable to get your hands on the money if in the future you decide you need cash unless you take another mortgage! |
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Hibee
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If your mortgage conditions allow, without penalty, then pay it off quicker. |
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Latin Techie
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Id suggest between buying bonds as an investment every other month AND also overpay the mortage interest payments. Alternate between the two, hedge your bets! You can reduce the mortgage a bit quicker and you might get a win on the bonds as well! and be able to pay off the whole mortgage when you do win. |
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squirrellondon
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If you really can't decide one way or another, maybe you could split the difference and spend £100 on overpaying your mortgage and £100 on premium bonds. I'd recommend overpayments on your mortgage though; it's a more sound & long-term investment - and I'm sure you'll want to pay it off sooner rather than later. |
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peter s
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3.30 at Kempton |
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Tabbyfur aka patchy puss
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Mortgage |
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Hedgehog
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£150 on mortgage
£50 on bonds..... |
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gvih2g2
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Mortgage every time.
Return on premium bonds is small - maybe 3%.
Return on mortgage repayment is 6% you're not paying.
Of course if you win a million, that's wrong. It's a chance i'm willing to take. |
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nuckin futz
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I agree with everyone here that paying down your mortgage is best. But just as a reminder, you should always have 3 months income put away in case you should lose your job or get sick and need to take an extended leave. If you haven't done that yet, I would do so first, and then pay down the mortgage. |
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roses12
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i would by premium bonds but i guess its just like the lottery really..except u can take your money out when u want and never lose it.. |
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Warlock Fiend
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Mortgage repayment WILL save you money. Premium bonds MIGHT win you some |
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Fred
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Mortgage |
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