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If it's marginal, then personally I'd also consider the reduction of mental load of overpaying mortgage. If I was going to make <£1k over 5yrs I don't think I'd bother
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I did this for the last 13 years, or however long interest rates were low for. I had a tracker that was not much over base rate and just kept it at the same level.
Now that rates have gone up, I've used savings to pay it off. -
Also need to consider the tax if you’re not keeping it in ISAs but not worth repaying if the rates stay high. Regular savers generally pay the highest interest or fixed rates are quite good at the moment if you shop around.
Tenderloin
frank9755
Monster1985
@inchpincher
We were very fortunate and remortgaged last year at 1.6% for five years and having seen how easily the market can spook have decided to prioritise this debt. We can overpay by 10% per annum without penalty but it occurred to me with interest rates for savings accounts touching 3.5% that we'd be better off keeping the savings where they are for now.
Am I missing something obvious that will occur when we remortgage again and the rate will clearly be less favourable?