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This was discussed a few pages back. There's a chance you can get a better return elsewhere but dumping money into overpaying your mortgage is probably safest.
The other thing is that if you throw enough money at it you may get a better LTV band when you renew which will get you better rates.
aggi-
A very basic question: how does overpaying work? I know what the limits are for how much I can overpay, but do you have to spread this out each month or can you make one massive payment near the end of your fixed term? That would allow me more flexibility because presumably once the money is paid in it's not easy to get back out without remortgaging.
lemonade
I’m looking for some pointers on something which is probably very simple and blindingly obvious, but I’m economically illiterate.
I’m 1 year into the fixed-for-5-years bit of my 25 year mortgage. So in 4 years things like interest rates will have changed... during this 4 year period does it make sense to pay off as much
of the mortgage as possible?
If it makes no real sense then I won’t because it’ll really squeeze us financially to do this, but if it sets us up for an easier and more secure transition once the fixed period ends then it’s something I feel I should make the sacrifice for.
Any thoughts from anyone who understands this shit?