Is "Overpayments" for Barclays Mortgage ?

tracyyi

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?

Newbie_John

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).

Shakin_Steve

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?

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

Ballard

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.