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  • 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?

  • 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

  • You might look at it the other way and say that <£1k is a pretty low "option premium" for having readily available cash.

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