New FTB mortgage - overpay?

CallejaCalleja Forumite
192 Posts
Part of the Furniture 100 Posts Name Dropper Combo Breaker
I need advice from all you guys who are clearly experts on overpaying your mortgages!

This is a little premature - I've not even exchanged or completed on (hopefully) 'my' house (FTB)! But I've gained a lot from this forum and stumbled across this thread of MFWs so thought I'd see what you guys think.

When I first start out, I will need to bump up my savings again, for all the 'what ifs' that come with getting a house and mortgage. This may take some time to get up to my ideal safety net figure....(I have some set aside for emergencies, but I would prefer a bit more).

I'm also keen to overpay the mortgage as much as possible, as soon as possible, as I am starting out on a 95% LTV which isn't great and would like to have a better LTV for remortgaging purposes after the fixed period.

Anyway, what do people think is the best strategy? Put all spare cash into easy access savings for the next couple of years for the 'what ifs' or split any spare cash between easy access savings and overpaying mortgage? Or overpay by a nominal amount each month (say £50) and put the rest into savings?

I appreciate its difficult to answer these questions without knowing fully my financial situation, but it would be interesting to know how soon after getting your first mortgage, you guys were able to start overpaying.

I'm aware that I am limited in my fixed period as to how much I can overpay.

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