Hi all,
I'm new to the group and have found it very helpful, I hope I'm posting this in the correct section,
I'm hoping to buy my first property in possibly the 2nd half of next year,
I will be looking at houses in the 230k price range and I have 30k in savings with my credit union,
I was saving on average 200 euro per week to get to this point, now last January I had to change my car and I borrowed 15,800 from my credit union at 70 per week over 5 years, I have always overpaid between 100-125pw
Once I hit the 30k saving mark I reduced my savings to only 25 a week and upped my car repayment to 400 per week through salary deduction, my logic is get that loan cleared asap,
I had a brief informal chat with a broker about my situation he feels I'm doing wrong as I should keep saving and let car loan return to a slight overpayment,
I was of the opinion it would look good on my credit report to show loans cleared in full early, but also the day my savings dropped from 200 to 25 pw my car payments increased from 120 to 400pw
And as both are with my employee credit union this is easily proven,
What would be your opinion on this?
Many thanks
I'm new to the group and have found it very helpful, I hope I'm posting this in the correct section,
I'm hoping to buy my first property in possibly the 2nd half of next year,
I will be looking at houses in the 230k price range and I have 30k in savings with my credit union,
I was saving on average 200 euro per week to get to this point, now last January I had to change my car and I borrowed 15,800 from my credit union at 70 per week over 5 years, I have always overpaid between 100-125pw
Once I hit the 30k saving mark I reduced my savings to only 25 a week and upped my car repayment to 400 per week through salary deduction, my logic is get that loan cleared asap,
I had a brief informal chat with a broker about my situation he feels I'm doing wrong as I should keep saving and let car loan return to a slight overpayment,
I was of the opinion it would look good on my credit report to show loans cleared in full early, but also the day my savings dropped from 200 to 25 pw my car payments increased from 120 to 400pw
And as both are with my employee credit union this is easily proven,
What would be your opinion on this?
Many thanks