Thursday, February 10, 2011
I was in the very fortunate position of having £500 excess in my bank account this month. I was not sure what to do with it really, in the way of investment. I know that I want to put everything that I can away towards paying off the mortgage but still was not sure where to put it. In the end I put it in my offset mortgage account. This means that I can get it back within a few days but it reduces the interest charge on my mortgage. I am earning more on premium bonds (1.1%) in the last 6 months and my mortgage rate is 0.96%, but I wanted to feel that I had started to make a dent in what I owe.