SHOULD YOU OVERPAY YOUR MORTGAGE OR INVEST? –  MONEY WEEK

As interest rates rise, homeowners with spare cash may be wondering if they should overpay their mortgage. Or is investing a better option? We explain which one might be best for you.

Millions of households have seen a big jump in their mortgage rate or are bracing for a sharp increase this year, as a result of rising interest rates.

Bank of England rate is currently 3.5% and is expected to hit 4.5% in the coming months. Many borrowers coming to the end of a fixed-rate deal will now be remortgaging onto deals around 5%, after enjoying years of paying interest of less than 2%.

Those with spare cash may be wondering if it’s best to overpay their mortgage to reduce the debt quicker. Meanwhile, others may be considering investing the money and hoping they can get a better return.

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