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Should I repay my mortgage first?

With UK base rates still held at 0.5%, and unlikely to move in the short-term, mortgage rates are now relatively low compared to more "traditional times". As a consequence many people are looking to repay not only their minimum mortgage payments on monthly basis but also topping up these payments using their savings or other income streams. So should you repay your mortgage before any other debts?

As we have mentioned on numerous occasions, in a perfect world it would make sense to pay off your "more expensive debts" such as credit cards and high interest loans. Increasing payments on your relatively low interest mortgage arrangement may not be the most sensible thing to do in the short to medium term and you must not forget that once you have paid this additional money you cannot ask for it back!

If you're struggling to repay your high interest debt than you need to think twice about paying off your low interest debt first. As a consequence, again, it is strongly advisable that you take professional financial advice to ensure you are taking the most sensible course of action and indeed to make sure you will benefit as much as possible in the future.

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