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Is it still worth over paying mortgage?

Hi all, 
Split from ex recently and have had to sell house and buy another. Will be on a fixed rate for 2 years at 6.2%. Payments around £1400pm. Is it still worth over paying mortgage when I can or should I wait a few years until interest rates come down? 

Comments

  • beanielou
    beanielou Posts: 93,986 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    Always worth overpaying as it reduces the overall interest you pay.
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

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  • Friday1989
    Friday1989 Posts: 153 Forumite
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    I'm no good at maths but I'd have thought it was better to overpay when interest rates are high because if you decrease the balance, you decrease the amount of interest you pay.

    This overpayment calculator is really good and also lets you compare to savings
    https://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/
    Mortgage at 30: £204,750  (08/2020)
    Current mortgage: £145,448 (11/2024)
    Goal: £145,000 by 02/2025
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