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Premium Bonds.. should I cash them in.. Would you?
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I need to lay my hands on some money... for some home developments. Instead of re-mortgaging now... and increasing my outgoings... I could cash in my premium bonds first - then re-mortgage the rest.
Thing is.. what if I cash them in and then miss out on that one big win!!!! aaaaarrggghhhh
What would you do.. keep the bonds and re-mortgage or would you cash them in and keep mortgage the same?
Thing is.. what if I cash them in and then miss out on that one big win!!!! aaaaarrggghhhh
What would you do.. keep the bonds and re-mortgage or would you cash them in and keep mortgage the same?
Answers
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No best answer has yet been selected by Nosha123. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.I have �25k in Bonds... money made on our old house - thought we would buy Bonds as a bit of fun till we needed the money back again. We have had a few wins of �50... I would say maybe �800 in total.... Just cant help but wonder if we might one day get a bigger win though! My mum and dad know someone that got the �150,000 prize once!!!
If I won that... that would pay for the house!!!!
If I won that... that would pay for the house!!!!
The sensible thing to do would be to cash them in and use the money to reduce the mortgage, because the money you'll save on your monthly repayments will be a lot higher than the amount you'll win - on average.
This might help to make your mind up:-
http://www.moneysavingexpert.com/savings/premi um-bonds
This might help to make your mind up:-
http://www.moneysavingexpert.com/savings/premi um-bonds
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