Overpay mortgage before rates rise advises Charcol

Borrowers with mortgages that allow penalty free overpayments should seriously consider making use of the extended window of opportunity, presented by another rate freeze, to overpay on their loan says Charcol. The group says this tactic will lighten the burden of interest repayments when rates do rise, whilst borrowers with flexible mortgages will also have a buffer should rates rise further than expected. Charcol says an estimated three-quarters of all new mortgages currently issued have flexible terms but many borrowers are unaware they have this facility. The group says b...