Overpaying your mortgage now could pay dividends
For those who can possibly afford it, overpaying on your mortgage now is one way to almost guarantee yourself a much better deal when it comes time to remortgage.
As the Bank of England’s recent base interest rate cut means that interest rates on some mortgages are as low as they have ever been, overpaying your mortgage could not only save you thousands and thousands of pounds but could also cut years off your mortgage. Those taking their CeMAP training to become a mortgage advisor will be familiar with how much of an impact this can have on your mortgage, especially if you are no longer in the first few years.
In fact, if your mortgage has been reduced in the last few months, then shop around – your extra money might work harder for you in a high interest savings account.
Overpaying your mortgage will mean you will also have a better Loan to Value (LTV) when it comes to remortgaging, which will get you a better deal with a mortgage lender too.
Posted on December 18, 2008
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