Overpaying on mortgage is savvy, says expert

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Overpaying on mortgage is savvy, says expert

Finance experts have described people who are choosing to overpay on their mortgages at the moment as "savvy".

Sharon Bartley, a chartered financial planner at Fairinvestment.co.uk, said: "Making overpayments on a mortgage, if allowed, would also be a smart move in the current financial climate"

She added that as house prices are currently falling, homeowners with more equity, will be in a stronger position if they have to remortgage any time soon.

Research conducted by the price comparison website found that six per cent of people in the UK are currently choosing to pay more than the minimum amount required by their monthly mortgage payments.

With the Bank of England recently lowering interest rates to 0.5 per cent, many tracker mortgages have followed suit. This could mean that making overpayments would leave tracker mortgage customers with less to pay off in the long run.

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