interest rates and mortgages etc
Well it has been a while since I updated here mainly as there has been little change on things like interest rates etc. Whilst inflation has been coming down the past few months wages have not kept up due to pay freezes etc. Mortgages - now this is the biggest debt many of us will ever take on. As interest rates have been cut this has also had the same effect on those of us on tracker and variable rate mortgages. However, some of my friends have seen their repayments fall by hundreds due to this but they have not taken my simple advice - overpay the mortgage. This is particularly important if you are on an interest only mortgage. An overpayment is a payment in addition to your minimum monthly payment which reduces the capital you owe. A lower capital means less to charge interest on so more of your minimum monthly payment reduces the capital hence you can pay it off more quickly. If you can easily afford your minimum payment and all your other bills then request the overpayment is...