In the last month I have received letters from three of my mortgage lenders suggesting that I should make overpayments on my buy to let mortgages. Their logic is that my mortgage payments have reduced considerably due to interest rates having dropped substantially since I first took the mortgages. They are right! I’m paying less than half what I used to pay as these are base rate tracker mortgages and the base rate is now 0.5% where it used to be 5%.
That’s a 90% reduction in base rate, lovely!
Am I going to take their advice?
Am I heck as like!
If I make overpayments on those mortgages, what are my chances of ever being able to borrow at those rates again? Continue reading Making Overpayments on Your Mortgage →