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Accelerating your mortgage by overpaying can be a financial no-brainer because your debt comes down quicker and you don’t pay interest on the amount you overpay.
And the amount of interest you save can be much more than what you would earn by putting any spare money into a savings account (especially when savings rates are so low).
But as with any important final decision, there are some very key points to consider.
Most mortgage lenders will generally allow you to overpay by up to 10% of your balance per year, but this will depend on the type of product you’re currently on so it’s always best to check.
Please check out our ‘guide to making overpayments’ support article, because this should give you a good idea of what your overpayment limits are.
There are any number of great reasons to start making overpayments and accelerating your mortgage, such as a pay rise, a reduction in household outgoings or an inheritance.
But once an overpayment has been made, it can be difficult to get the funds back (so don’t leave yourself short).
And always consider paying off any high interest-bearing debts first, such as expensive loans and credit cards.