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18 March 2010

Woowich Offset Tracker Mortgage - savings v paying off

I have approx £39k mortgage with under 9 years left to pay on an offset tracker mortgage. Having had 2 kids in the last 5 years, my salary has dropped and I'm no longer working full time (using all my wages to pay mortgage and childcare!) so I think I'd find it hard to re-mortgage at the moment. I now only have savings (being offset) to the tune of 7k and my mortgage current account is now - £8.5k. Do you think I would be better off financially putting all or part of my savings into the mortgage current account to reduce the amount I'm overdrawn? Sorry if this is a stupid question - I am not very money wise. Thanks in advance.

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