Money guru Martin Lewis has dished out important advice on whether you should overpay your mortgage. It comes amid concerns that the Bank of England will raise interest rates to as high as six percent.
The change would increase mortgage repayments by hundreds for many homeowners, including one first-time buyer who said her interest offer had risen from 4.5% to 10.4%. For some, it means making mortgage overpayments can be the answer as it means you will pay off your mortgage quicker and save money on the total amount of interest you pay over the life of the mortgage.
However, that doesn't mean mortgage overpayments are for everyone. In the most recent Money Saving Expert newsletter on Wednesday, Martin told readers which option would suit them best.
