Aiming to be mortgage free when I'm 40.

Sncjw

Exodi said:

MatyMoo said:

Your diary is definitely being read with over 2,100 views, it’s a shame people aren’t interacting more with you!

I spent 10 years getting my last house how I wanted it and I am 7 years in on this one with lots still to do! Luckily no mortgage so I can save up for projects a bit easier 😃

Haha I've been reading it.

To offer some interaction - £83.5k for a house in 2020 is incredible. Down here in Kent, you wouldn't be able to even purchase the rights to live in a wheelie bin for that!

@Sncjw a few pages ago themadvix suggested putting the money in savings account instead of overpaying the mortgage, and you responded that you don't want to be tempted by it.

I think this is still something that you should seriously consider.

To provide some numbers: 

Overpaying £620 a month at 2.44% will save you £90.77 in interest over a year.

If you were, for example, to instead put the money in a regular savings account (which may disincentivize you for taking the money out):

£300 into First Direct Monthly Saver at 7.00% will give you £126.00 in interest over a year.
£250 into Lloyds Monthly Saver at 5.25% will give you £78.75 in interest over a year.
£70 into Tandem Easy Access Saver at 3.50% will give you £14.70 in interest over a year.

So a total of £219.35 vs £90.77 (2.4x the interest), and these aren't even the 'best-in-class' accounts - If you have a Club Lloyds account, they let you put in up to £400 at 6.25% (increasing your total possible interest to £246). The reason I included a small amount in an easy access account was to give you a backup plan for your 0% credit cards which expire in 2024 (since it sounds like a bit of unplanned spending has fallen onto to them).

Unfortunately it just doesn't make much financial sense overpaying a low interest rate mortgage while savings interest rates are at all time highs.

Thanks for doing this but for us we want to see the figures go down on the mortgage. We are going to use bonus to pay majority of the credit cards. 

We want the figure to go down so we are paid off by 5 years.  Once the credit card is paid off qe are going to put the money we put aside to that into a savings so we can save for bathroom and kitchen also potentially pay off the mortgage maybe. 

This is only if we don't have kids as if we have baby it could add things to the mix for finances. 

I appreciate people saying about savings and why it could be better but we want to see the numbers go down and save a lot of interest over the time period. We can save 13k by over paying 

Also we will be on better spot when it comes to renewing the mortgage deal in 2025. 

Exodi

Sncjw said:

Exodi said:

MatyMoo said:

Your diary is definitely being read with over 2,100 views, it’s a shame people aren’t interacting more with you!

I spent 10 years getting my last house how I wanted it and I am 7 years in on this one with lots still to do! Luckily no mortgage so I can save up for projects a bit easier 😃

Haha I've been reading it.

To offer some interaction - £83.5k for a house in 2020 is incredible. Down here in Kent, you wouldn't be able to even purchase the rights to live in a wheelie bin for that!

@Sncjw a few pages ago themadvix suggested putting the money in savings account instead of overpaying the mortgage, and you responded that you don't want to be tempted by it.

I think this is still something that you should seriously consider.

To provide some numbers: 

Overpaying £620 a month at 2.44% will save you £90.77 in interest over a year.

If you were, for example, to instead put the money in a regular savings account (which may disincentivize you for taking the money out):

£300 into First Direct Monthly Saver at 7.00% will give you £126.00 in interest over a year.
£250 into Lloyds Monthly Saver at 5.25% will give you £78.75 in interest over a year.
£70 into Tandem Easy Access Saver at 3.50% will give you £14.70 in interest over a year.

So a total of £219.35 vs £90.77 (2.4x the interest), and these aren't even the 'best-in-class' accounts - If you have a Club Lloyds account, they let you put in up to £400 at 6.25% (increasing your total possible interest to £246). The reason I included a small amount in an easy access account was to give you a backup plan for your 0% credit cards which expire in 2024 (since it sounds like a bit of unplanned spending has fallen onto to them).

Unfortunately it just doesn't make much financial sense overpaying a low interest rate mortgage while savings interest rates are at all time highs.

Thanks for doing this but for us we want to see the figures go down on the mortgage. We are going to use bonus to pay majority of the credit cards. 

We want the figure to go down so we are paid off by 5 years.  Once the credit card is paid off qe are going to put the money we put aside to that into a savings so we can save for bathroom and kitchen also potentially pay off the mortgage maybe. 

This is only if we don't have kids as if we have baby it could add things to the mix for finances. 

I appreciate people saying about savings and why it could be better but we want to see the numbers go down and save a lot of interest over the time period. We can save 13k by over paying 

Ahh I see - I regret to inform you that you are misunderstanding how this works (to be fair it is very common - in fact Martin regularly releases articles on the same subject). The money I recommended putting in savings account would be destined to overpay the mortgage (just not immediately) - sorry if I should have made that clearer.

https://www.moneysavingexpert.com/mortgages/mortgages-vs-savings/

The key point being "KEY RULE: If your mortgage rate is around the same, or higher than your savings rate, then it makes sense to overpay" - which yours is certainly not (far from it).

You could repay your mortgage quicker by having the money in higher interest accounts. You would save a lot more interest by over 'saving'.

If you don't care about the money saved, and just want the mental comfort of seeing the number going down, there's no reason you couldn't just drop all the money and interest in your savings accounts at the end of the year as an overpayment to reduce the balance.

Obviously if you remortgaged onto a deal with a 6% interest rate in the future, I'd wholeheartedly suggest overpaying the mortgage.

You don't have to take my word for it, use the MSE overpayment calculator and compare to savings accounts. As said, there are regular savers paying 6-7% interest that could make a good home for the overpayment.

https://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/

In particular (since I put your figures in and the saving is quite significant), read the section titled 'COMPARED TO SAVINGS' after you click calculate.

Sncjw

Exodi said:

Sncjw said:

Exodi said:

MatyMoo said:

Your diary is definitely being read with over 2,100 views, it’s a shame people aren’t interacting more with you!

I spent 10 years getting my last house how I wanted it and I am 7 years in on this one with lots still to do! Luckily no mortgage so I can save up for projects a bit easier 😃

Haha I've been reading it.

To offer some interaction - £83.5k for a house in 2020 is incredible. Down here in Kent, you wouldn't be able to even purchase the rights to live in a wheelie bin for that!

@Sncjw a few pages ago themadvix suggested putting the money in savings account instead of overpaying the mortgage, and you responded that you don't want to be tempted by it.

I think this is still something that you should seriously consider.

To provide some numbers: 

Overpaying £620 a month at 2.44% will save you £90.77 in interest over a year.

If you were, for example, to instead put the money in a regular savings account (which may disincentivize you for taking the money out):

£300 into First Direct Monthly Saver at 7.00% will give you £126.00 in interest over a year.
£250 into Lloyds Monthly Saver at 5.25% will give you £78.75 in interest over a year.
£70 into Tandem Easy Access Saver at 3.50% will give you £14.70 in interest over a year.

So a total of £219.35 vs £90.77 (2.4x the interest), and these aren't even the 'best-in-class' accounts - If you have a Club Lloyds account, they let you put in up to £400 at 6.25% (increasing your total possible interest to £246). The reason I included a small amount in an easy access account was to give you a backup plan for your 0% credit cards which expire in 2024 (since it sounds like a bit of unplanned spending has fallen onto to them).

Unfortunately it just doesn't make much financial sense overpaying a low interest rate mortgage while savings interest rates are at all time highs.

Thanks for doing this but for us we want to see the figures go down on the mortgage. We are going to use bonus to pay majority of the credit cards. 

We want the figure to go down so we are paid off by 5 years.  Once the credit card is paid off qe are going to put the money we put aside to that into a savings so we can save for bathroom and kitchen also potentially pay off the mortgage maybe. 

This is only if we don't have kids as if we have baby it could add things to the mix for finances. 

I appreciate people saying about savings and why it could be better but we want to see the numbers go down and save a lot of interest over the time period. We can save 13k by over paying 

Ahh I see - I regret to inform you that you are understanding this incorrectly (to be fair it is very common - in fact Martin regularly releases articles on the same subject). The money I recommended putting in savings account would be destined to overpay the mortgage (just not immediately) - sorry if I should have made that clearer.

https://www.moneysavingexpert.com/mortgages/mortgages-vs-savings/

The key point being "KEY RULE: If your mortgage rate is around the same, or higher than your savings rate, then it makes sense to overpay" - which yours is certainly not (far from it).

You could repay your mortgage quicker by having the money in higher interest accounts. You would save a lot more interest by over 'saving'.

If you ignore the financial saving side, and want the mental comfort of seeing the number going down, there's no reason you couldn't drop all the money and interest in your savings accounts at the end of the year as an overpayment to reduce the balance.

Obviously if you remortgaged onto a deal with a 6% interest rate in the future, I'd wholeheartedly suggest overpaying the mortgage.

You don't have to take my word for it, use the MSE overpayment calculator and compare to savings accounts. As said, there are regular savers paying 6-7% interest that could make a good home for the overpayment.

https://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/

Thanks for this but surely we will be saving on the interest accruing daily. We don't want to put this in savings account as the savings account. We oll have is for household improvements and we will need to dip into them when needed. Plus It doesn't make sense to lock in a 2 year fix rate for savings now when we have less than 2 years for the mortgage deal renewal. We dont want to be tempted to spend the money for overpayments. 

Exodi

Sncjw said:

Exodi said:

Sncjw said:

Exodi said:

MatyMoo said:

Your diary is definitely being read with over 2,100 views, it’s a shame people aren’t interacting more with you!

I spent 10 years getting my last house how I wanted it and I am 7 years in on this one with lots still to do! Luckily no mortgage so I can save up for projects a bit easier 😃

Haha I've been reading it.

To offer some interaction - £83.5k for a house in 2020 is incredible. Down here in Kent, you wouldn't be able to even purchase the rights to live in a wheelie bin for that!

@Sncjw a few pages ago themadvix suggested putting the money in savings account instead of overpaying the mortgage, and you responded that you don't want to be tempted by it.

I think this is still something that you should seriously consider.

To provide some numbers: 

Overpaying £620 a month at 2.44% will save you £90.77 in interest over a year.

If you were, for example, to instead put the money in a regular savings account (which may disincentivize you for taking the money out):

£300 into First Direct Monthly Saver at 7.00% will give you £126.00 in interest over a year.
£250 into Lloyds Monthly Saver at 5.25% will give you £78.75 in interest over a year.
£70 into Tandem Easy Access Saver at 3.50% will give you £14.70 in interest over a year.

So a total of £219.35 vs £90.77 (2.4x the interest), and these aren't even the 'best-in-class' accounts - If you have a Club Lloyds account, they let you put in up to £400 at 6.25% (increasing your total possible interest to £246). The reason I included a small amount in an easy access account was to give you a backup plan for your 0% credit cards which expire in 2024 (since it sounds like a bit of unplanned spending has fallen onto to them).

Unfortunately it just doesn't make much financial sense overpaying a low interest rate mortgage while savings interest rates are at all time highs.

Thanks for doing this but for us we want to see the figures go down on the mortgage. We are going to use bonus to pay majority of the credit cards. 

We want the figure to go down so we are paid off by 5 years.  Once the credit card is paid off qe are going to put the money we put aside to that into a savings so we can save for bathroom and kitchen also potentially pay off the mortgage maybe. 

This is only if we don't have kids as if we have baby it could add things to the mix for finances. 

I appreciate people saying about savings and why it could be better but we want to see the numbers go down and save a lot of interest over the time period. We can save 13k by over paying 

Ahh I see - I regret to inform you that you are understanding this incorrectly (to be fair it is very common - in fact Martin regularly releases articles on the same subject). The money I recommended putting in savings account would be destined to overpay the mortgage (just not immediately) - sorry if I should have made that clearer.

https://www.moneysavingexpert.com/mortgages/mortgages-vs-savings/

The key point being "KEY RULE: If your mortgage rate is around the same, or higher than your savings rate, then it makes sense to overpay" - which yours is certainly not (far from it).

You could repay your mortgage quicker by having the money in higher interest accounts. You would save a lot more interest by over 'saving'.

If you ignore the financial saving side, and want the mental comfort of seeing the number going down, there's no reason you couldn't drop all the money and interest in your savings accounts at the end of the year as an overpayment to reduce the balance.

Obviously if you remortgaged onto a deal with a 6% interest rate in the future, I'd wholeheartedly suggest overpaying the mortgage.

You don't have to take my word for it, use the MSE overpayment calculator and compare to savings accounts. As said, there are regular savers paying 6-7% interest that could make a good home for the overpayment.

https://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/

Thanks for this but surely we will be saving on the interest accruing daily. We don't want to put this in savings account as the savings account. We oll have is for household improvements and we will need to dip into them when needed. Plus It doesn't make sense to lock in a 2 year fix rate for savings now when we have less than 2 years for the mortgage deal renewal. We dont want to be tempted to spend the money for overpayments. 

To be honest, it sounds as if you've already made your mind up so I won't continue trying to help you with something you clearly don't even want to look into. I can say, without a shadow of a doubt, you would save a lot more money using savings products based on your current situation - I've even provided an overpayment calculator that will show you this - I even input your figures and the difference was significant. If you don't believe me, or do not wish to learn why, then I there is nothing more than I can do.

As your point:

"Plus It doesn't make sense to lock in a 2 year fix rate for savings now when we have less than 2 years for the mortgage deal renewal."

Really poor play on your part... I didn't once recommend a 2 year fixed rate product. It appears that you've deliberately made this up and used this specific example of a 2 year fixed product to allow you to follow up with your counter point about it not working with your renewal... very odd, we can both agree a 2 year fix is clearly daft, you don't even have a lump sum amount to put in one , and even if you did, 1 year fixed rate products also exist. I suggested regular savers and/or easy access which both provide a higher benefit than overpayments on your current mortgage product. Regular savers have penalties for withdrawing early (First Direct which pays 7% on £300 a month for example, will not pay you any interest if you withdraw it before the end of the 12 months) - which I'd hope removes any temptation to spend the money.

I won't waste any more of your time with this.

Sncjw

Exodi said:

Sncjw said:

Exodi said:

Sncjw said:

Exodi said:

MatyMoo said:

Your diary is definitely being read with over 2,100 views, it’s a shame people aren’t interacting more with you!

I spent 10 years getting my last house how I wanted it and I am 7 years in on this one with lots still to do! Luckily no mortgage so I can save up for projects a bit easier 😃

Haha I've been reading it.

To offer some interaction - £83.5k for a house in 2020 is incredible. Down here in Kent, you wouldn't be able to even purchase the rights to live in a wheelie bin for that!

@Sncjw a few pages ago themadvix suggested putting the money in savings account instead of overpaying the mortgage, and you responded that you don't want to be tempted by it.

I think this is still something that you should seriously consider.

To provide some numbers: 

Overpaying £620 a month at 2.44% will save you £90.77 in interest over a year.

If you were, for example, to instead put the money in a regular savings account (which may disincentivize you for taking the money out):

£300 into First Direct Monthly Saver at 7.00% will give you £126.00 in interest over a year.
£250 into Lloyds Monthly Saver at 5.25% will give you £78.75 in interest over a year.
£70 into Tandem Easy Access Saver at 3.50% will give you £14.70 in interest over a year.

So a total of £219.35 vs £90.77 (2.4x the interest), and these aren't even the 'best-in-class' accounts - If you have a Club Lloyds account, they let you put in up to £400 at 6.25% (increasing your total possible interest to £246). The reason I included a small amount in an easy access account was to give you a backup plan for your 0% credit cards which expire in 2024 (since it sounds like a bit of unplanned spending has fallen onto to them).

Unfortunately it just doesn't make much financial sense overpaying a low interest rate mortgage while savings interest rates are at all time highs.

Thanks for doing this but for us we want to see the figures go down on the mortgage. We are going to use bonus to pay majority of the credit cards. 

We want the figure to go down so we are paid off by 5 years.  Once the credit card is paid off qe are going to put the money we put aside to that into a savings so we can save for bathroom and kitchen also potentially pay off the mortgage maybe. 

This is only if we don't have kids as if we have baby it could add things to the mix for finances. 

I appreciate people saying about savings and why it could be better but we want to see the numbers go down and save a lot of interest over the time period. We can save 13k by over paying 

Ahh I see - I regret to inform you that you are understanding this incorrectly (to be fair it is very common - in fact Martin regularly releases articles on the same subject). The money I recommended putting in savings account would be destined to overpay the mortgage (just not immediately) - sorry if I should have made that clearer.

https://www.moneysavingexpert.com/mortgages/mortgages-vs-savings/

The key point being "KEY RULE: If your mortgage rate is around the same, or higher than your savings rate, then it makes sense to overpay" - which yours is certainly not (far from it).

You could repay your mortgage quicker by having the money in higher interest accounts. You would save a lot more interest by over 'saving'.

If you ignore the financial saving side, and want the mental comfort of seeing the number going down, there's no reason you couldn't drop all the money and interest in your savings accounts at the end of the year as an overpayment to reduce the balance.

Obviously if you remortgaged onto a deal with a 6% interest rate in the future, I'd wholeheartedly suggest overpaying the mortgage.

You don't have to take my word for it, use the MSE overpayment calculator and compare to savings accounts. As said, there are regular savers paying 6-7% interest that could make a good home for the overpayment.

https://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/

Thanks for this but surely we will be saving on the interest accruing daily. We don't want to put this in savings account as the savings account. We oll have is for household improvements and we will need to dip into them when needed. Plus It doesn't make sense to lock in a 2 year fix rate for savings now when we have less than 2 years for the mortgage deal renewal. We dont want to be tempted to spend the money for overpayments. 

To be honest, it sounds as if you've already made your mind up so I won't continue trying to help you with something you clearly don't even want to look into. I can say, without a shadow of a doubt, you would save a lot more money using savings products based on your current situation - I've even provided an overpayment calculator that will show you this - I even input your figures and the difference was significant. If you don't believe me, or do not wish to learn why, then I there is nothing more than I can do.

As your point:

"Plus It doesn't make sense to lock in a 2 year fix rate for savings now when we have less than 2 years for the mortgage deal renewal."

Really poor play on your part... I didn't once recommend a 2 year fixed rate product. It appears that you've deliberately made this up and used this specific example of a 2 year fixed product to allow you to follow up with your counter point about it not working with your renewal... very odd, we can both agree a 2 year fix is clearly daft, you don't even have a lump sum amount to put in one , and even if you did, 1 year fixed rate products also exist. I suggested regular savers and/or easy access which both provide a higher benefit than overpayments on your current mortgage product. Regular savers have penalties for withdrawing early (First Direct which pays 7% on £300 a month for example, will not pay you any interest if you withdraw it before the end of the 12 months) - which I'd hope removes any temptation to spend the money.

I won't waste any more of your time with this.

But I've always seen better rates on a fixed term product hence why I thought I couldn't do that. I'm saying 2 year fixed because I thought it started with 2 years not one. Also our my mortgage deal ends in April 2025 so that's why I said 2 years. 

Exodi

Sncjw said:

Exodi said:

Sncjw said:

Exodi said:

Sncjw said:

Exodi said:

MatyMoo said:

Your diary is definitely being read with over 2,100 views, it’s a shame people aren’t interacting more with you!

I spent 10 years getting my last house how I wanted it and I am 7 years in on this one with lots still to do! Luckily no mortgage so I can save up for projects a bit easier 😃

Haha I've been reading it.

To offer some interaction - £83.5k for a house in 2020 is incredible. Down here in Kent, you wouldn't be able to even purchase the rights to live in a wheelie bin for that!

@Sncjw a few pages ago themadvix suggested putting the money in savings account instead of overpaying the mortgage, and you responded that you don't want to be tempted by it.

I think this is still something that you should seriously consider.

To provide some numbers: 

Overpaying £620 a month at 2.44% will save you £90.77 in interest over a year.

If you were, for example, to instead put the money in a regular savings account (which may disincentivize you for taking the money out):

£300 into First Direct Monthly Saver at 7.00% will give you £126.00 in interest over a year.
£250 into Lloyds Monthly Saver at 5.25% will give you £78.75 in interest over a year.
£70 into Tandem Easy Access Saver at 3.50% will give you £14.70 in interest over a year.

So a total of £219.35 vs £90.77 (2.4x the interest), and these aren't even the 'best-in-class' accounts - If you have a Club Lloyds account, they let you put in up to £400 at 6.25% (increasing your total possible interest to £246). The reason I included a small amount in an easy access account was to give you a backup plan for your 0% credit cards which expire in 2024 (since it sounds like a bit of unplanned spending has fallen onto to them).

Unfortunately it just doesn't make much financial sense overpaying a low interest rate mortgage while savings interest rates are at all time highs.

Thanks for doing this but for us we want to see the figures go down on the mortgage. We are going to use bonus to pay majority of the credit cards. 

We want the figure to go down so we are paid off by 5 years.  Once the credit card is paid off qe are going to put the money we put aside to that into a savings so we can save for bathroom and kitchen also potentially pay off the mortgage maybe. 

This is only if we don't have kids as if we have baby it could add things to the mix for finances. 

I appreciate people saying about savings and why it could be better but we want to see the numbers go down and save a lot of interest over the time period. We can save 13k by over paying 

Ahh I see - I regret to inform you that you are understanding this incorrectly (to be fair it is very common - in fact Martin regularly releases articles on the same subject). The money I recommended putting in savings account would be destined to overpay the mortgage (just not immediately) - sorry if I should have made that clearer.

https://www.moneysavingexpert.com/mortgages/mortgages-vs-savings/

The key point being "KEY RULE: If your mortgage rate is around the same, or higher than your savings rate, then it makes sense to overpay" - which yours is certainly not (far from it).

You could repay your mortgage quicker by having the money in higher interest accounts. You would save a lot more interest by over 'saving'.

If you ignore the financial saving side, and want the mental comfort of seeing the number going down, there's no reason you couldn't drop all the money and interest in your savings accounts at the end of the year as an overpayment to reduce the balance.

Obviously if you remortgaged onto a deal with a 6% interest rate in the future, I'd wholeheartedly suggest overpaying the mortgage.

You don't have to take my word for it, use the MSE overpayment calculator and compare to savings accounts. As said, there are regular savers paying 6-7% interest that could make a good home for the overpayment.

https://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/

Thanks for this but surely we will be saving on the interest accruing daily. We don't want to put this in savings account as the savings account. We oll have is for household improvements and we will need to dip into them when needed. Plus It doesn't make sense to lock in a 2 year fix rate for savings now when we have less than 2 years for the mortgage deal renewal. We dont want to be tempted to spend the money for overpayments. 

To be honest, it sounds as if you've already made your mind up so I won't continue trying to help you with something you clearly don't even want to look into. I can say, without a shadow of a doubt, you would save a lot more money using savings products based on your current situation - I've even provided an overpayment calculator that will show you this - I even input your figures and the difference was significant. If you don't believe me, or do not wish to learn why, then I there is nothing more than I can do.

As your point:

"Plus It doesn't make sense to lock in a 2 year fix rate for savings now when we have less than 2 years for the mortgage deal renewal."

Really poor play on your part... I didn't once recommend a 2 year fixed rate product. It appears that you've deliberately made this up and used this specific example of a 2 year fixed product to allow you to follow up with your counter point about it not working with your renewal... very odd, we can both agree a 2 year fix is clearly daft, you don't even have a lump sum amount to put in one , and even if you did, 1 year fixed rate products also exist. I suggested regular savers and/or easy access which both provide a higher benefit than overpayments on your current mortgage product. Regular savers have penalties for withdrawing early (First Direct which pays 7% on £300 a month for example, will not pay you any interest if you withdraw it before the end of the 12 months) - which I'd hope removes any temptation to spend the money.

I won't waste any more of your time with this.

But I've always seen better rates on a fixed term product hence why I thought I couldn't do that. I'm saying 2 year fixed because I thought it started with 2 years not one. Also our my mortgage deal ends in April 2025 so that's why I said 2 years. 

I'm not sure if you are confusing fixed term savings products with fixed term mortgages deals? I also don't think you really taken in anything I've said over the past few comments.

Instead of overpaying the mortgage immediately, consider putting the money in a savings product to overpay the mortgage later(a regular saver, for example):

https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/

Then when the regular saver is done, use the money to overpay the mortgage, or if you can still get better rates from savings products at the time move the money + interest to a different savings account. You will save more in interest than just immediately overpaying the mortgage.

Honestly when I typed my first comment on this thread, I expected to be showered in praise for advice that could save you a fair chunk of change over the next few years, I was not anticipating to be trying my absolute hardest to convince someone else on Money Saving Expert to save money (despite their reluctance).

It's up to you, but it seems like very little work for a lot of benefit over time. Even if you don't want to suddenly change your mind in this thread, at least do some research outside of this discussion and consider it in person. It obviously makes no difference to me whether you immediately overpay your mortgage or save the money in a higher interest account, but it would save you some serious £££.

Sncjw

I'm not getting confused. When I was saving for the deposit for my house I remember seeing fixed rate savings account that you couldn't withdraw for two years. That's what I'm saying. 

I think your getting confused with what I'm saying. 

I'm going to look into it later on tonight as I'm currently busy doing other things but thank you again
.

We can only over pay 7'350 a year and already overpaid some. 

I will look at it. 

So in 2025 when should we make the overpayment as the year starts again in April. 

I also have shares in some companies through seeders and do a self assessment to get a tax rebate on the investment. Would this affect savings for tax? 

Sncjw

After talking to my husband he wants to carry on with what we are doing and just go straight to overpayments. 

We will take advantage of the savings accounts once credit card is paid off to boost our savinfs we are going to do.

Once again I appreciate your help but people want to do different things. Life is not a one box fits all. 

Exodi

Sncjw said:

I'm not getting confused. When I was saving for the deposit for my house I remember seeing fixed rate savings account that you couldn't withdraw for two years. That's what I'm saying. 

I think your getting confused with what I'm saying. 

I do but it makes absolutely no sense whatsoever. I don't get what you "seeing fixed rate savings accounts that you couldn't withdraw for two years" has to do with what I said. I didn't mention fixed products, you kind of just randomly brought it up, then argued against yourself that it doesn't make sense.

Sncjw said:

After talking to my husband he wants to carry on with what we are doing and just go straight to overpayments. 

Yeah, this is obviously no suprise.

Sncjw said:

Once again I appreciate your help but people want to do different things. Life is not a one box fits all. 

I think on other topics, it is easy to shrug it off and say "let them do things inefficiently if they want" - it's just very odd on a money saving forum to have pretty straightforward advice on how to save quite a bit of money dismissed so quickly, especially when it's obvious the person clearly doesn't understand.

Sncjw

Different things works for different people. 

Why so rude when you say no.surprise there when I mention my husband..I did talk it through with him but he wanted to just over pay the mortgage directly. 

Your not getting what I was trying to say. 

Also I've had a look and looks that there's only so much a month tgat you can move into savings account for the interest rate. I think it will be easier to remember to put it into the overpayment account rather than sending to multiple places. Yes we could do standing orders but we like the flexibility that overpayments have and also only need to send to one place.