If you have spare cash, making mortgage overpayments can be a no-brainer. By doing so you can save thousands of pounds over the life of your loan.
Mark Harris, chief executive of mortgage broker SPF Private Clients, says: “Overpaying on your mortgage, if you have the spare funds available to do so, is a great way of reducing the interest you pay. As you clear the balance sooner, you end up with a shorter mortgage term so end up paying less interest.”
