Overpaying my mortgage, yes or no?

georged123

I'm 6 months into my mortgage on my first home. I'm paying £1,000 a month with an interest rate of 4.6% on a 5 year fixed rate.

I can overpay by 20% without penalty (I'm with Natwest) and I'm finding I can comfortably save a few hundred pounds a month currently. 

I'm putting some money into regular saver accounts that are giving me 5%+ but should I focus on overpaying my mortgage with what's left?

born_again

Do you have at least 6 month safety buffer in savings?
That should be your 1st target, then look at overpaying.

georged123

born_again said:

Do you have at least 6 month safety buffer in savings?
That should be your 1st target, then look at overpaying.

Yeh, I have a decent buffer for any emergencies that would cover any unexpected issues.

RedFraggle

How old are you and what pension provision do you have? The long term better deal can sometimes be paying more pension contributions.