Should I overpay my mortgage now at a lower rate?

HastingsMargate

Hello,

My mortgage rate of 1.44% is ending 31 May 23. I will be remortgaging to a 5%+ rate on 1 June 23'. I can overpay on my current mortgage by 10% annually. 

I have seen advice to overpay your mortgage as much as you can before it switches to the higher rate. So should I pay more than my monthly payments which I can afford now on my current mortgage rate? Will it make a difference?

Current mortgage amount: £353,000 (31 years remaining) for reference. Moving to another 31 year term.

Hope the above makes sense.

MorningcoffeeIV

It'll make a difference as you'll owe less and pay less interest.

But given you can earn more than your current rate in savings, make the overpayment just before you remortgage (or just before the overpayment window runs out).

Sarah1Mitty2

Yes, Japan just joined the financial tightening party, mortgage rates are going to go much higher.