Covid-19 - tracker mortgage - should I increase overpayments?

GarciaLorca

Hi there,
Back in July I switched my mortgage from a fixed rate to a two year tracker mortgage with Nationwide.  The tracker was 1.84%.  Because of the interest rate drops, my new interest rate is 1.34%.  Presumably this is a good opportunity to increase overpayments and I have, unwittingly, made a good decision back in summer to take out a tracker product?  Although who knows what the rates will be when this all blows over...

dimbo61

If you have spare money and a secure job then great overpay.
You could keep your mortgage payment fixed at the 1.84% your currently paying and that means a small overpayment every month.

Thrugelmir

The sooner you become mortgage free. The sooner a major burden will be removed from your life. 

Socajam

Do you have an emergency fund and a life happens fund?
If not, it might make sense to have those two in place, before you start overpaying.
We have no idea how long this virus will last.
Your job may seem secure now, but post Corona virus we will be moving into a different way of life: financially, emotionally, spiritually, physically, physically etc.

Dandytf

OP 
I plan to increase my Natwide 1.34% mortgage payments.
Initially from tax credits increase next Month for 12 months.
Though I'll begin to save a few pounds when mobile contracts start to end, which can go towards mortgage overpayments after 12 months.