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Just overpaid 8k, was that the right thing 2 do?

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  • slipthru
    slipthru Posts: 611 Forumite
    Part of the Furniture 500 Posts
    Good decision. I wish i had the savings to do the same.
    In Progress!!!
  • Sepa74
    Sepa74 Posts: 962 Forumite
    It definitely wasn't a massive mistake. It will save you a LOT in interest when you calculate it over the life of your mortgage. Congratulations!
    Borrowed £150,000 in an offset tracker mortgage in May 2007 - MFD May 2041 (67)

    Jan 2012 - £125,620.02 / 2,913.87 / Nov 2032 (58) :beer:
    Apr 2012 - £122,901.88 / 3,170.91 / Jul 2032 (58)
    Jul 2012 - £122, 589.02 / 3,507.99 / Sept 2032 (58)
    Oct 2012 - £120,476.31 / 3,889.42 / July 2032 (58)
  • dimbo61
    dimbo61 Posts: 13,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Sorry but if you look on this website Martin has a guide on the rate of return from PB,s and I would put even more onto the mortgage overpayment pot.
    Keep £16K in Cash ISA,s for emergency fund earning 3% tax free.
    Having an OP pot means you save interest and can have a payment holiday if needed
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