| would you rather put your £200 a month to your children trust fund or pay your interest only mortgage?

would you rather put your £200 a month to your children trust fund or pay your interest only mortgage?

akuijasmin asked:


ooopps.. i managed to get a part time job that’s why i will have extra 200…

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Comments

5 Responses to “would you rather put your £200 a month to your children trust fund or pay your interest only mortgage?”

  1. airjarrod on April 21st, 2009 11:22 am

    What good is a trust fund if you don’t have a home to live in.

  2. rtfm on April 23rd, 2009 6:02 am

    If you’re smart enough to have a trust fund for your children, how could you be stupid enough to have an interest-only mortgage?

    Pay the mortgage down first. That’s your immediate concern.

  3. sheets812 on April 25th, 2009 1:13 am

    I would pay the mortgage. If you feel like you have to put money in you childrens trust fund you could put like $25 a month into it. The trust fund is important and any money you put in there is better than none, but the mortgage needs to be paid down.

  4. billieteacup on April 28th, 2009 3:16 am

    You say you have an extra £200 per month. Does this mean you make your usual interest only payment on your mortgage but have an extra £200 to spare and want to know what to do with it? I’m a mortgage broker and I would advise that if you have an extra £200 per month you put it into a tax free cash ISA. You should always have a ‘rainy day’ fund before considering long term investments like a child trust fund. Once you have built up a sufficient safety net, then you can consider at that point what to do (you could also consider converting part or all of your mortgage to repayment). Also bear in mind that the cost of living is increasing, and interest rates are rising, so you may not have £200 to spare each month soon.

  5. Franco on April 29th, 2009 12:04 pm

    Pay more into your mortgage and start buying the house. Interest only mortgages are a very bad deal and only meant for emergencies. Poor people always get the worst deals.