{"id":139874,"date":"2023-10-16T13:00:33","date_gmt":"2023-10-16T06:00:33","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/we-have-10000-left-after-a-house-move-should-we-save-it-or-overpay-the-mortgage\/"},"modified":"2023-10-16T13:08:39","modified_gmt":"2023-10-16T06:08:39","slug":"we-have-10000-left-after-a-house-move-should-we-save-it-or-overpay-the-mortgage","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/we-have-10000-left-after-a-house-move-should-we-save-it-or-overpay-the-mortgage\/","title":{"rendered":"We have \u00a310,000 left after a house move \u2013 should we save it or overpay the mortgage?"},"content":{"rendered":"


\nI 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 be best to put the savings we have into a one-year fixed-rate account and benefit from an interest rate of 6%, or just put the cash towards overpaying the mortgage?By saving it we\u2019ll make money from the interest and then after a year can overpay into the mortgage with the added interest we\u2019ve made. Because, as I understand it, overpaying that money into the mortgage now won\u2019t affect our monthly repayment given we\u2019re on this two-year tracker rate? Or have I misunderstood?JEA Unfortunately, your understanding is slightly skew-whiff. Overpaying your mortgage will have an impact on your monthly mortgage repayment (which will be immediate if you are charged interest daily, but take slightly longer if interest is calculated monthly as with mortgages from a handful of building societies). This is because overpaying reduces the amount you owe your lender, which in turn, reduces the amount of interest you pay which in turn reduces your monthly repayment. Continue reading…
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\nSource : theguardian.com
\nRead more…We have \u00a310,000 left after a house move \u2013 should we save it or overpay the mortgage?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

I think overpaying our loan won\u2019t affect our monthly repayment as we\u2019re on a two-year...<\/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-139874","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-Ao2","jetpack-related-posts":[{"id":26145,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/is-overpaying-a-mortgage-preferable-to-saving\/","url_meta":{"origin":139874,"position":0},"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":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":139874,"position":1},"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":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":139874,"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":132230,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/should-our-savings-go-towards-the-help-to-buy-loan-or-overpaying-a-new-mortgage\/","url_meta":{"origin":139874,"position":3},"title":"Should our savings go towards the help-to-buy loan or overpaying a new mortgage?","date":"December 5, 2022","format":false,"excerpt":"\r Our five-year fixed-rate deal ends soon, we have saved \u00a3100,000 and need the best remortgage strategyQ My husband and I purchased a property in May 2018 for \u00a3600,000 using the London help-to-buy scheme. We took out the maximum help-to-buy loan of \u00a3240,000 and put in a \u00a330,000 deposit. At\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":131122,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/should-we-overpay-the-mortgage-and-borrow-money-for-house-renovations\/","url_meta":{"origin":139874,"position":4},"title":"Should we overpay the mortgage and borrow money for house renovations?","date":"October 24, 2022","format":false,"excerpt":"\r The 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\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":129976,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/should-i-cash-in-my-endowment-and-pay-off-my-41000-interest-only-mortgage\/","url_meta":{"origin":139874,"position":5},"title":"Should I cash in my endowment and pay off my \u00a341,000 interest-only mortgage?","date":"September 26, 2022","format":false,"excerpt":"\r I could use the \u00a3200 a month to overpay on my repayment mortgageQ My endowment is due to mature next year in September. It is a nonprofit policy, so there is no bonus for letting it mature.The endowment is currently valued at about \u00a351,000, which is about \u00a310,000 more\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\/139874"}],"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=139874"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/139874\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=139874"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=139874"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=139874"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}