{"id":26145,"date":"2013-05-29T15:59:57","date_gmt":"2013-05-29T08:59:57","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/is-overpaying-a-mortgage-preferable-to-saving\/"},"modified":"2016-09-15T11:02:44","modified_gmt":"2016-09-15T04:02:44","slug":"is-overpaying-a-mortgage-preferable-to-saving","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/is-overpaying-a-mortgage-preferable-to-saving\/","title":{"rendered":"Is overpaying a mortgage preferable to saving?"},"content":{"rendered":"


\nWe 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 a fixed rate of 5%; the smaller one, a top up to buy our second home, has a much lower tracker rate. Is it a good idea to overpay rather than saving the \u00a3500 a month? If it is, which mortgage is financially best to overpay first? MHA Whether overpaying your mortgage(s) is a good idea depends a lot on the shape of the rest of your finances. If you are running a debt on a credit card, for example, or are repaying a personal loan, clearing these would make more sense than overpaying on your mortgage because credit cards and personal loans tend to have higher rates of interest than mortgages. Even if you don’t have other debts, a better use of your spare cash might be to build up a financial cushion \u2013 of an amount equivalent to three to six months’ income \u2013 to fall back on in emergencies. Continue reading…
\n
\nSource : theguardian.com
\nRead more…Is overpaying a mortgage preferable to saving?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

We could overpay our mortgages by \u00a3500 a month, but we wonder whether saving the...<\/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-26145","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\/p75ss1-6NH","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":26145,"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":131122,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/should-we-overpay-the-mortgage-and-borrow-money-for-house-renovations\/","url_meta":{"origin":26145,"position":1},"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":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":26145,"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":26145,"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":102914,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/its-mortgage-payback-time-now-savings-rates-are-grim\/","url_meta":{"origin":26145,"position":4},"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":[]},{"id":2450,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/outrage-as-loyal-energy-customers-overpay-by-300\/","url_meta":{"origin":26145,"position":5},"title":"Outrage as loyal energy customers overpay by \u00a3300","date":"January 23, 2016","format":false,"excerpt":"\r Around 70% of people are paying way over the odds on one of the big six standard tariffsBritain\u2019s biggest energy suppliers are coming under increased pressure to cut prices amid growing outrage that the 70% of customers on standard tariffs are overpaying to the tune of \u00a3300 a year.\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\/26145"}],"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=26145"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/26145\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=26145"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=26145"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=26145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}