Mortgage advice

Steven111111

I wonder if anyone can help with this as I am unsure if it works.
I have a Mortgage with Nationwide on the BMR rate, as savings are rubbish at the moment is it better to pay off a chunk of my mortgage then to save and would I still have the option to borrow back the money at some stage.

cheers

hcb42

If the interest rate is higher than the savings rate it would make sense, but assuming you have a healthy savings buffer first e.g. six months net pay.

I guess borrowing the money back would depend on your circs at the time.

dimbo61

The Nationwide BMR is only 2.5% the SVR is 3.99%
Now many ISA,s are only paying 1.75/2% at the moment but with Low interest rates you are getting Low savings rates.
If you have any other expensive loans/Credit cards ? clear that debt first then overpay once you have 6 months Emergency Savings

Yorkie1

I understood that NWide borrow back was discretionary - double check this is true for you, or whether you do have an automatic right to borrow back overpayments.