{"id":131122,"date":"2022-10-24T13:01:00","date_gmt":"2022-10-24T06:01:00","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/should-we-overpay-the-mortgage-and-borrow-money-for-house-renovations\/"},"modified":"2022-10-24T13:20:46","modified_gmt":"2022-10-24T06:20:46","slug":"should-we-overpay-the-mortgage-and-borrow-money-for-house-renovations","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/should-we-overpay-the-mortgage-and-borrow-money-for-house-renovations\/","title":{"rendered":"Should we overpay the mortgage and borrow money for house renovations?"},"content":{"rendered":"


\nThe work would cost \u00a325,000 and we can afford to save about \u00a3500 a month towards itQ We currently have a mortgage of \u00a3122,000 and need to complete some home renovations costing \u00a325,000. We can afford to save about \u00a3500 a month to put towards the house renovations but it would take us years to save. Would it be worth overpaying the mortgage and then borrowing the amount we need? Our fixed rate ends in January 2024. AWA You\u2019ve lost me. I don\u2019t understand why you would overpay your mortgage only to borrow it back at some point in the future. I\u2019m also a little worried that because you have a fixed-rate deal there will be a limit \u2013 typically 10% of the outstanding loan \u2013 on how much you can overpay. In your case that means you could be limited to overpaying \u00a312,200 this year but as that\u2019s a bit more than twice the \u00a3500 a month you have going spare, you are unlikely to breach your lender\u2019s limits. But as I said before, why would you want to overpay unless it\u2019s because your current mortgage represents the maximum your lender is prepared to lend you. Continue reading…
\n
\nSource : theguardian.com
\nRead more…Should we overpay the mortgage and borrow money for house renovations?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The work would cost \u00a325,000 and we can afford to save about \u00a3500 a month...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-131122","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-y6S","jetpack-related-posts":[{"id":139874,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/we-have-10000-left-after-a-house-move-should-we-save-it-or-overpay-the-mortgage\/","url_meta":{"origin":131122,"position":0},"title":"We have \u00a310,000 left after a house move \u2013 should we save it or overpay the mortgage?","date":"October 16, 2023","format":false,"excerpt":"\r I think overpaying our loan won\u2019t affect our monthly repayment as we\u2019re on a two-year trackerQ After a recent house move we have about \u00a310,000 in savings left over. We\u2019re now on a two-year tracker mortgage while we navigate the uncertain economic times and rates.My question is: would it\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":26145,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/is-overpaying-a-mortgage-preferable-to-saving\/","url_meta":{"origin":131122,"position":1},"title":"Is overpaying a mortgage preferable to saving?","date":"May 29, 2013","format":false,"excerpt":"\r We could overpay our mortgages by \u00a3500 a month, but we wonder whether saving the money might be preferableQ My wife and I have two mortgages with our lender and we reckon we can afford to overpay them by up to \u00a3500 a month. The larger mortgage is on\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":138674,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/should-i-overpay-my-mortgage-monthly-or-with-a-lump-sum-at-the-end-of-each-year\/","url_meta":{"origin":131122,"position":2},"title":"Should I overpay my mortgage monthly or with a lump sum at the end of each year?","date":"August 7, 2023","format":false,"excerpt":"\r I have a five-year fixed-rate deal, just missed the rising interest rates and want to plan for an uncertain futureQ I took a five-year fixed-rate mortgage last summer and was lucky enough to just miss the rising interest rates. I\u2019m looking ahead, as things could still be tricky in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":130657,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/should-i-pay-off-my-student-loan-and-use-spare-cash-to-overpay-my-mortgage\/","url_meta":{"origin":131122,"position":3},"title":"Should I pay off my student loan and use spare cash to overpay my mortgage?","date":"October 10, 2022","format":false,"excerpt":"\r I have \u00a35,000 left on the loan, which I pay \u00a3264 a month towards, and have a \u00a3168,000 mortgageQ I have a two-bedroom house in a desirable city. The property is worth more than \u00a3300,000 and I have a mortgage of \u00a3168,000. I recently discovered that I only have\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":120073,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/should-i-use-my-savings-to-overpay-my-mortgage\/","url_meta":{"origin":131122,"position":4},"title":"Should I use my savings to overpay my mortgage?","date":"December 7, 2020","format":false,"excerpt":"\r I have a new job with more money and am weighing up options, given the poor interest rates on savingsQ I am in the fortunate position of having managed to save a reasonable amount of money this summer and I have also got a new job with a decent\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":102914,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/its-mortgage-payback-time-now-savings-rates-are-grim\/","url_meta":{"origin":131122,"position":5},"title":"It\u2019s mortgage payback time now savings rates are grim","date":"January 13, 2019","format":false,"excerpt":"\r More young people are opting to overpay, cutting the term of their house or flat loanIt has been a grim decade for savers and it now appears younger people are looking closer to home in an attempt to make their money work. Consumer group Which? has found that well\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/131122"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=131122"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/131122\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=131122"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=131122"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=131122"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}