YOU HAVE YOUR SAY

EVERY week Money Mail receives hundreds of your letters and emails about our stories. Here are some of the best from our article about the benefits of overpaying your mortgage.

WHY OVERPAYING YOUR MORTGAGE IS A BETTER BET THAN SAVINGS

Money Mail, January 2

AT THE moment I overpay my mortgage by £250 a month. I am 28, and if I keep on at this rate I will be mortgage-free by the time I’m 40. If I become ill, or an emergency crops up, I can always stop the overpayment.

H. B., Ashford, Kent.

THE day I transferred my final overpayment was the best day of my life. I was mortgage-free and it was a great feeling. It meant that I had more disposable income for my retirement. I hope you all get to experience that feeling one day.

D. E., Edinburgh.

I’M NOT so sure overpaying a mortgage is always the best thing to do. As a general rule, money always looks better in your pocket. I think it’s better to put any extra cash that you have into a savings account.

I. F., Suffolk.

IT ISN’T always better to overpay. I have put money into regular saving accounts with various banks. They all pay 5 pc interest. You can only hold a few thousand in each account, but together they add up to a significant amount.

B. N., Corby, Northamptonshire.

WE DECIDED to pay off the mortgage and shifted a 17-year remaining loan in under eight years. It was the best thing we ever did. As a result, we were able to take early retirement. No more three hours a day commuting — worth every penny.

I. S., Southampton.

IF I’D stuck with my normal repayments, I’d have been 51 by the time I paid off my mortgage. But because I have always overpaid, I’ll be mortgage-free at 42. As a single parent, I’ll quite happily have that extra £1,000 in my pocket each month.

A. E., Hampshire.

WITH a good savings account you’ll get 5 pc here or 3 pc there, but only on the amount you put away. Meanwhile, your mortgage, albeit at a lower rate, is accruing interest on the whole remaining sum each year.

T. P., Cheltenham.

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