Hi All,
Here is the situation advice is appreciated:
Mortgage 145k PTSB SVR 5.8% and rising
5 years in of 30
Currently working in full time stable job
Cash approx 100k in bank 3% interest
Not likely to get cash like this in a while again due to change in job
Question:
1)Given the above as I bought in 2006 in the boom and the current economic climate would I be wise to pay this off now given that I am paying more in mortgage interest than am getting at the bank?
2)Would I be better to wait for the bottom of the market and maybe buy a house for cash?
3)Would I be better to wait and see if any write down on balance for SVR customers happens?
Thanks
Here is the situation advice is appreciated:
Mortgage 145k PTSB SVR 5.8% and rising
5 years in of 30
Currently working in full time stable job
Cash approx 100k in bank 3% interest
Not likely to get cash like this in a while again due to change in job
Question:
1)Given the above as I bought in 2006 in the boom and the current economic climate would I be wise to pay this off now given that I am paying more in mortgage interest than am getting at the bank?
2)Would I be better to wait for the bottom of the market and maybe buy a house for cash?
3)Would I be better to wait and see if any write down on balance for SVR customers happens?
Thanks