💨 Abstract

Overpaying a mortgage can save thousands in interest and reduce the loan term, but it's not always the best move. With base rates at 3.75%, those with savings should consider overpayment, but only if their mortgage rate is higher than what they could earn in savings. Prioritize paying off higher-interest debts first, and maintain an emergency fund. Check your mortgage contract for penalty-free overpayment limits to avoid fees. Use a calculator to determine potential savings before deciding.

Courtesy: Jessica Lindsay