mortgage overpayment or else

[ryan.gallagher]

Hi,

We currently have a mortgage balance of approximately 300K, with a 4-year fixed APRC at 2.97%, ending in 2026. We also have savings amounting to around 80K.

We are exploring the best ways to optimize our savings and are considering the following options:

1. Mortgage Overpayment: Reduce our mortgage balance more quickly.
2. Home Upgrades: Add an extra bathroom and a new kitchen to our 3-bedroom, 1-bath semi-detached house built in the 1960s.
3. Buy-to-Let Investment: Purchase a new property to generate rental income.
4. Pension Contributions: Increase contributions to my pension plan, considering I’m in my late 40s.

Given these options, what would you recommend as the most effective use of our savings, and why?

 

[ClubMan]

Probably needs a Money Makeover post for people to comment meaningfully.

Money makeover

Budgeting and dealing with debt moved to Mortgage Arrears and Debt Forum .

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