I've been dilly dallying for far too long on any sort of savings plan - every year or so, I open one of these high-interest savings account, pay a small amount monthly amount in and wait for the rate to drop to close it again, it never makes very much money, but that's how it goes.
This year, I'm taking things a little more seriously, I've been through a lot of threads and best buys here on the site, and had my plan pretty much ready to go, and then I thought about my mortgage. My lender allows overpayment and according to their calculator, even an extra 200 a month would decrease my term by over 8 years! That seems to me to be best use for my money, but not many threads discuss this a first step, so I suspect it's not as cut and dried as I thought.
I realise that the mortgage rate I'm paying is a lot lower than the AER rates the likes of First Active or Quinn Life offer (I think, are these rates even comparable?), so is it simply a question of maths, and that saving with FA or QL is better until the mortgage rate rises to meet it (by which time I suppose somebody somewhere will have an even better rate to attract investors)
This year, I'm taking things a little more seriously, I've been through a lot of threads and best buys here on the site, and had my plan pretty much ready to go, and then I thought about my mortgage. My lender allows overpayment and according to their calculator, even an extra 200 a month would decrease my term by over 8 years! That seems to me to be best use for my money, but not many threads discuss this a first step, so I suspect it's not as cut and dried as I thought.
I realise that the mortgage rate I'm paying is a lot lower than the AER rates the likes of First Active or Quinn Life offer (I think, are these rates even comparable?), so is it simply a question of maths, and that saving with FA or QL is better until the mortgage rate rises to meet it (by which time I suppose somebody somewhere will have an even better rate to attract investors)