Mortgages

In the space of a week I’ve had two work colleagues ask me whether offsetting or making overpayments would be best when trying to save money on their home mortgage.

After looking at their individual financial situations each was given a different answer.

Looking into the decision raised an interesting question; when is best to offset, when is best to overpay and when is best to do both or neither.

I’ll be analysing these options in future posts as the topic through up some incredibly useful insights.

In the meantime I feel it important to stress one point.

Even though the people in question were unsure which option was best they did realise two important things…

1) That the opportunity to make savings on the overall cost of their mortgage does exist

2) That it’s vital to take advantage of these opportunities wherever possible as they can drastically reduce your overall repayment figure (and allow you to be mortgage free more quickly!!)

If you too have ever sat there wanting to pay your mortgage off cheaper and more quickly my advice would be to act as soon as possible to take full advantage of any opportunities that exist.

An expert advisor can always proved the information you need at a personal level. For general advice on how best to use offsetting and overpayments keep an eye out for upcoming posts!