Overpayment on Mortgage...vs Saving

How many users do this currently…? vs putting money aside in a saving account or ISA…

Almost everyone should be overpaying by some amount. How much you overpay, however, really depends on your personal situation.

Could you afford an extra 10% on your monthly payment? 5%? Maybe £5?

Just increasing your monthly payment a little can have a big impact long term on the interest.

Of course, you can’t get overpayments back, unless you have an offset mortgage, so you should be cautious…


I’d play around with this


I do this, I used the calculator above and by making a £150 overpayment every month I shave 11k of interest and 15 years off my term. Granted this is based on my current deal for the full duration of the mortgage which is not going to happen but it certainly shows the difference little bits make.

For me right now it’s a no brainier my mortgage rate is 3.29% no savings account can beat this.