After taking a mortgage on a few months ago I have been trying to make overpayments but its tough, for one there is so many expenses to deal with in a new flat, but also right now it seems like keeping it in cash earning similar interest might be beneficial?
The mortgage is 2.59% APR interest over ten years fixed.
I can get 2.5% interest on a regular saver account up to £300 a month.
Technically I'm better of with the overpayment as of now. But I have a feeling it wont be long and savings accounts will offer quite a bit more than 2.5%
If nothing else its nice to see the Mortgage go down some, I know its costing me about £8.90 per day in interest alone and without overpayments it will be some time before the principle sum starts reducing in any meaningful way.
Holding the rest as cash for now, I have a 5 month bills emergency fund and the way things are going it could well be needed...
I would put that into Hive Dollar (HBD) savings for 20% APR interest. I currently have $75.82 HBD in savings, and currently the estimated interest for this month is $0.87 HBD.
During my Insurance covered flood damaged restoration, it was finally revealed that the previous owner of my home had done grossly substandard wiring in my lower rental suite. Using my Emergency reserve to upgrade the electrical panel and bring all wiring to code. and that didn't include the diy plumbing by the same owner.
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