Is it a good idea for you to overpay your tracker mortgage?
My thinking is it's cheap money, that it's actually a good way of saving as most of the payment is capital and that you might try and make something of the 'extra' you have. But you'd have to post up all your facts and figures to get a better idea. For example if you're in negative equity my advice might be different.
Why do either. Can you not continue to overpay and the real effect is the term is being reduced but leave the mortgage contract as it stands. If the worst happens and you are in difficulties then you still have the full original term to respread the mortgage over and reduce payments then but if don't have problems you have it paid early. If you change the terms now and reduce the period now you will be in arrears and have broken the contract if you miss one payment or cannot make the full payment one month.
Why not put it in a deposit account earning more interest then you are paying ptsb for it? assuming your mortgage rate is low...
Edit -- just looked here -http://www.askaboutmoney.com/showthread.php?t=90481 - i hadnt realised rates had fallen so much --
after DIRT it probably isnt worth your while!
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