Paying mortgage from savings interest

skelly · Apprentice Joined: 26 Jul 2005 Posts: 17

I have recently started paying off my mortgage. I have been paying a lot of money monthly, so it occurred to me that I could be paying it maybe from my savings interest, as I have really good rate for my savings and it should be enough to cover the costs. However, I am not sure whether should I do it, so if anyone can help me a bit, it would be great.

bradley · Apprentice Joined: 02 Aug 2007 Posts: 10

There are really many ways to pay off your mortgage. The best you can do is to pay off early. However, it would be best to do it without financing. It seems to me that the way you are suggesting is not bad at all, but that really depends on the amount of money you are saving and how big is the mortgage. There are several places on the internet you can go to and get some really useful information. I suggest you go to http://www.dtftwid.qld.gov.au/Fair+Trading/
Home+Buyers/Paying+your+mortgage. Also, you may find http://money.independent.co.uk/property/mortgages/
article2751188.ece very useful.

Paying mortgage from savings interest

LIFEFORM SOCIAL COMMUNITY NETWORK