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Is "Overpayments" for Barclays Mortgage ?
tracyyi
Posts: 118 Forumite
Is "Overpayments" for Barclays Mortgage can reduce the interests going to pay?
My Barclays mortgage rate is 4.51%
Or is it better to keep the money in saving account for 3.5% interest rate?
My Barclays mortgage rate is 4.51%
Or is it better to keep the money in saving account for 3.5% interest rate?
0
Comments
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If you don't need the money till your mortgage ends then it's better to overpay.
It's like getting 4.51% interests tax free (overpaying mortgage).0 -
https://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/tracyyi said:Is "Overpayments" for Barclays Mortgage can reduce the interests going to pay?
My Barclays mortgage rate is 4.51%
Or is it better to keep the money in saving account for 3.5% interest rate?
I came into this world with nothing and I've got most of it left.0 -
I believe that some mortgages have restrictions on the amount that you can overpay in a given period so you’d need to check the terms of yours. If you’re able, then @Newbie_John is right.0
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