Hi this is my first time posting so if its in the wrong place please remove. I am in a position now to be saving 800e each month after starting in a new job and was wondering what would be the best place to put it. I only fixed my morgage with kbc in june for 5 years so was thinking of there regular saver account for 5 years and paying the lump sum off the morgage at the end of this period.any advice welcome.cheers
KBC: 10% of the initial balance can be repaid early at any stage during the term without incurring a break fee. This is a cumulative limit of the fixed term, so if for example you have fixed for 5 years, and you overpay by 10% of the balance in year 1, that's your limit used up for the 5 years.
Just keep in mind that once you overpay, you cannot get that money back out if you fall on hard times. So only overpay after you’ve built up a healthy rainy day fund.
Just keep in mind that once you overpay, you cannot get that money back out if you fall on hard times. So only overpay after you’ve built up a healthy rainy day fund.
I understand what your saying.but the way im looking at it is the 800 pm is the amount im up pm in the new job so everything is the same as before or is this the wrong way of going about it.
I understand what your saying.but the way im looking at it is the 800 pm is the amount im up pm in the new job so everything is the same as before or is this the wrong way of going about it.
If you have a rainy day fund already and no other more expensive debt, then it makes perfect sense yep! If you don’t have the rainy day fund, definitely build that first.