Overpay mortgage or save?

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chopper53

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Hi

My wife and I both have fairly well paid jobs but are stuck in a house with over €200k in nagative equity.

We want to be in a position to move within the next 5 years or so, so want to start making a dent in negative equity to the tune of around €2k a month.

My question is are we better off overpaying mortgage each month or saving the money and waiting for some kind of debt forgivness (which wll probably never come)?

Any advice would be greatly appreciated.

Thanks
 
what is your interest rate, if you can beat it on interest on your savings youd be financially better off with it on deposit.

I know the point you are making is if a decision came in to wipe off a certain amount/percentage of NE youd be better not paying capital off and not reducing you NE. But if you can make more in a savings account you would be better off anyway

or are you wondering what will look best to the bank in 5 years if you want to move rather than the financial gain?
 
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