What am I better of doing?


Not sure if this is the correct forum or not.

Me and my husband are first time buyers and have just bouht our first house together.

Are we better off saving each month and once a year paying a chunk (we've estimate approx 7-8k) a year of our mortgage or wait until our 5 year fix is up and then when it comes to remortgaging having a deposit to get the better interest rate etc?

We have took our mortgage over 35 years on a 5 year fix, we intend to when our fix is up to knock 5 years off and fix for 5 years and keep doing that pattern until it's all paid of.

Our mortgage is with Barclays and it says as long as we do not pay more than 10% per year than there will be no penalty charges for overpayments


  • It depends on your mortgage interest rate. If you can't get a better interest on your savings then maybe you should overpay (within the 10% limit).
    Mortgage Start - August 2013 £145,000 ************ Balance at April 2017 - £59,000

    Target - Overpay by £2,500 each month ************** Mortgage free by December 2018!
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