mortgage overpayments??

jenno69

I want to make overpayments on my mortgage, might sound a silly question but when is it best to do this while the BOE intrest rate is low or high? :huh:

SeriouslySeekingtoSave

Hmm, it is best to do it when you can't get better value for money investing, or more likely, saving your money . So look at the interest rate on your mortgage and for a lot of people it's a very easy decision, they are on a much higher interest payment for their mortgage than they can get saving so overpaying when interest rates are low is a fantastic way of optimising your money.

If however you are one of those very lucky people who have a tracker mortgage with rates so low they make the rest of us :shocked: then shovel everything into savings.

I'm on the cusp and I'm finding several places that I can put money that either give me a better rate saving, even if only a percent or so once tax has been taken off, or if it about breaks even, it's an ISA and they are good things to have tucked away. Especially with the way things are, having extra savings can't hurt.