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MSE News: Martin's 'Should I start overpaying my mortgage?' help

MSE_PetarMSE_Petar MSE Staff
302 Posts
Part of the Furniture 10 Posts Photogenic Name Dropper
MSE Staff
The below article was first written by (MSE) founder Martin Lewis for our weekly email on 5 October 2022. It was updated by the MSE Team with the latest rates on 6 October 2022.

Martin: "Today I want to focus on a specific issue many are asking me about. Should those still with savings use them to reduce their mortgage debt? For some, yes, but like a troop of baboons, there are plenty of big buts..."

Read the full story:
'Martin Lewis: 'Millions can save £10,000s overpaying their mortgage – but others should save instead. Which are you?''

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  • pjcox2005pjcox2005 Forumite
    1K Posts
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Good article but feels like pensions should be mentioned. For most tax savings and compound growth on those will be better than overpaying especially given how low a lot of pensions for the population are. Not sure if that makes it too complex though.
  • dimbo61dimbo61 Forumite
    13.6K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    To me being mortgage free is a great achievement.
    You own your own home.
    No Mortgage to pay and only household bills to find each month.
    I consider this a vital part of retirement planning !
    Living off a pension or two can be hard but trying to do it while also paying a mortgage each month is so much harder.
    Yes you may earn more interest or tax savings by pumping money into a pension or regular saver but Overpaying the mortgage No matter what the rate is for me very " Money Saving "
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