Overpayment advice

DudeBear

Dear All, I am about to renewal my mortgage for ten years, I have built up an overpayment fund of 17k.  Should I cash this in now or wait until after my ten years fixed has ended.  I have 85k left to pay.  If I cash it in now my monthly payments go up.  I will be mortgage free after these ten years has ended.  Thank you

edinburgher

It is unclear whether by "overpayment fund" you mean savings that you have built up to pay off your mortgage at some point, or overpayments that you have made towards your mortgage and are somehow "banked" within your mortgage and available for you to access?

If it is the latter, there's not much point in accessing a large pot of cash at the moment unless you have specific need of it, as inflation will reduce the value of this sharply.

You need to be a wee bit clearer about your circumstances.

DudeBear

Please ignore this post, the system will not let me remove