What would make more sense and why ? Putting savings into a isa/savings account or paying off your mortgage?

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Leon G

What would make more sense and why ? Putting savings into a isa/savings account or paying off your mortgage?

rtfm

Unless your savings account is paying you a higher rate of interest than your mortgage company is charging you, it makes better financial sense to pay down the mortgage.

Steve J

Hammer that mortgage while the interest rates are rock bottom, never get a better chance.
Good luck, Steve.

purplestar

paying off your mortgage is better than saving. the interest you'll be paying on your mortgage will be higher than the interest you'll make on any savings. have a look at http://www.moneysavingexpert.com it's full of clear advice about how to get the most out of your money.

Hat-A-Tat-Tat!!

we had this dilemma when inheriting a lump sum. pay off your mortgage...that is like losing a dead weight from your shoulders!! that is what we did and have never been happier in our lives...everything we earn now - is ours!! (apart from tax & bills of course!)

edit: do not listen to Vera Ann...this is not good advice right now!

WelshLad

If this was me I would pay my mortgage off.

MissV

Depends on the interest rate and the stability of all of your income sources. If you're in the medical field and don't expect your job hours to change, and you have a mortgage interest rate of 5% or below, best to pay down the principal. (Make sure this is separate from your taxes and insurance payments).

On the other hand if your income is unstable, keep saving your funds for a possible rainy day. Be mindful that people with huge retirements lost it all because of risky investments and riskier investors (i.e., Worldcom).

DMJ

Once you pay your mortgage off, you can then save the repayments into a high-interest account.Also once you own the house look for cheaper insurance with no mortgage ties.
At the present time is there any good savings plan out there.

Micky M

Well I'd say paying off your mortgage. But that depends on how much you owe, and how much a month you are paying back.

Zeta

no entendi nica lo que dijiste
no daentendia nade la dijista

Unemployed in Orlando

CDs are a great bet right now. You lose tax benefits if you pay off your mortgage. Good luck.

vera-ann

best to invest in the stock market just now.

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