A few dim questions about overpayments!

bees_2

I've been lurking here all morning and am inspired to start making overpayments to reduce my morgage. Unfortunatley I have no idea how to do this! Can you do a direct debit? Can you only do it on certain morgages?
I'm due a morgage review in about 2 months, would it be better to wait until then and put in everything I can scrape together or start paying extra for the next 2 months?

Sorry to be so dim - I've only just really heard of morgage overpayments!

Also is it better to have cash in an isa or in the morgage?

I feel very unknowledgable but my hearts in the right place!

gallygirl

No such thing as dim questions - only dim answers .

Can you do a direct debit? Can you only do it on certain morgages? Yes - depends on your actual mortgaage so dig out the paperwork (you'll need it for review anyway). Also, if you tell us who it's with someone should be able to help.
I'm due a morgage review in about 2 months, would it be better to wait until then and put in everything I can scrape together or start paying extra for the next 2 months? Depends on whether you can scrape together a fair whack or not. Beware of paying off too much - some companies have minimum lending requirements. May be best to save money in one place and be able to show mortgage company at review?

Sorry to be so dim - I've only just really heard of morgage overpayments! We've all been there, done that but, in true MFW style, refused to but the tshirt .

Also is it better to have cash in an isa or in the morgage? Depends on your mortgage rate. If you can beat your mortgage rate with an ISA then save in there instead. Emergency savings should be in an ISA anyway. So, need to find your APR.

I feel very unknowledgable but my hearts in the right place! Only till we persuade you to flog it on ebay :rotfl: .

Welcome to the flock x