Mortgage Overpayments Should You Make Them?
I recently received a letter from one of our Buy-to-Let (BTL) mortgage lenders. No names here, but their parent company was recently nationalised. In it, they were encouraging us to use the opportunity of reducing mortgage interest payments to make overpayments on our mortgage account to reduce the size of our mortgage debt. There was a nice glossy leaflet extolling the virtues of doing so. Please be in no doubt, their interest in encouraging you and I to do this is entirely for their own commercial benefit. After all, if you as a borrower are paying mortgage interest at say 2.75%, I can't imagine why the lender should want to encourage you and other borrowers to make overpayments.
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