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Mortgage overpayments
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[quote][i]Originally posted by Aaron[/i] It looks like this thread has ran its course, but, here's my two cents. Over paying on your mortgage is great, however, as others have stated, your money is tied up in the property. Here's what i did: I looked into the idea of over paying my mortgage, in order to pay it off asap. However, i'm one of these people who thinks too much, and therefore worried about the prospect of being laid off from my job etc, so, i wanted/needed to know that i had savings to fall back on. Anyway, i saved and saved and saved my money, then, made a number of HUGE down payments on my mortgage...and, here i am. This way, i had the money there if/when i needed it. My theory of course depends on the value of your property (£80k in my case), and your wage. [/quote]
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