Hi all,
looking for some help. I'm being moved to a tracker next month which will free up a significant amount of cash. Sadly I've bucketloads of negative equity on a 2bed I purchased prior to getting married. We're looking to position ourselves to be able to buy a family home in the future (decade?).
Are we better to save a cash lump sum or overpay the current mortgage?
I "heard" that by repaying the mortgage bi-monthly is better that doubling the monthly repayment, could that be right?
(Mortgage was for 380K in 2006 over 40 years. About 360K left on it now. Moving to ECB +1.25)
Thanks.
looking for some help. I'm being moved to a tracker next month which will free up a significant amount of cash. Sadly I've bucketloads of negative equity on a 2bed I purchased prior to getting married. We're looking to position ourselves to be able to buy a family home in the future (decade?).
Are we better to save a cash lump sum or overpay the current mortgage?
I "heard" that by repaying the mortgage bi-monthly is better that doubling the monthly repayment, could that be right?
(Mortgage was for 380K in 2006 over 40 years. About 360K left on it now. Moving to ECB +1.25)
Thanks.