Me and my girlfriend are currently deciding whether to use our savings to overpay the mortgage a bit in the next few months. We have about 8k stashed away (which isn't earning a great deal of interest at the moment either) and was wondering whether it's worth overpaying.
The maximum without incurring a charge is 500 per month which is what we'd do. The reason we haven't done it so far is that we wanted some rainy day money incase anything happened.
I spoke to a friend yesterday who used to work in the Nationwide mortgage section (where my mortgage is from), and he said you can take out any overpayments from the mortgage if you needed it.
Anyone know if this is true, if it is it seems like a no-brainer for us to do it. We'll save much more on interest than we would having it in savings, and it would be there for when we needed it.
The maximum without incurring a charge is 500 per month which is what we'd do. The reason we haven't done it so far is that we wanted some rainy day money incase anything happened.
I spoke to a friend yesterday who used to work in the Nationwide mortgage section (where my mortgage is from), and he said you can take out any overpayments from the mortgage if you needed it.
Anyone know if this is true, if it is it seems like a no-brainer for us to do it. We'll save much more on interest than we would having it in savings, and it would be there for when we needed it.