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Returning to overpayments

Dandytf
Dandytf Posts: 5,073 Forumite
Part of the Furniture 1,000 Posts Name Dropper
edited 7 July 2018 at 3:46PM in Mortgages & endowments
Thinking of making a return to mortgage overpayments next few weeks.
Maybe a starting point could be +£50 per month.

Balance 43k approx
2.49 until Aug 2019
£275 current payments
Term to pay -16yrs 10 mths -Edited I had entered paid years by mistake
With rate rises also due to make a return over next few months/years.
Overpayment calculators currently look nice maybe saving over 3 yrs from term
This 'incentive' will be wiped out when rates rise.
Is this a sensible time to be making overpayments.
Thanks
Replenished CRA Reports.2020 Nissan Leaf 128-149 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Overpaying the mortgage is a cautious low risk strategy. With interest rates low at the moment. Is a way of protecting yorself against future events. No one knows how post GFC financial policy is going to unwind and what the impact will be.
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