Crime & Safety
Key mortgage overpayment question answered by Martin Lewis
As savings interest rates have risen and mortgage rates fluctuate, the issue has become more complicated.
But, in the latest edition of his Martin Lewis podcast, the Money saving Expert founder has reduced it to a few core principles.
“Pay off expensive debt before you even think about saving”
Lewis starts with a key rule: “You should always pay off expensive debt before saving.”
So, for credit cards, that means: “If your credit card is costing you 20% and your savings are earning 4%, you gain 16% by clearing the debt.”
And crucially: “Once you pay the credit card off, it can sit there at a zero balance… and if you had an emergency, you could just borrow back.”
Mortgages: where the maths matters
Mortgages are different. Here, Lewis says the decision comes down to a numbers game: “If the mortgage rate is higher than the after-tax rate you can earn on savings… you are generally better to overpay the mortgage.”
But he’s quick to emphasise how important how you overpay is: “Make sure the payments go towards reducing your capital… so you reduce the amount of time you have left.”
Otherwise: “If they just reduce your monthly payments, you don’t make an interest saving.”
When saving might beat overpaying
If savings rates are stronger, the balance can tip the other way: “If the savings rate is higher than the mortgage rate, then you are probably better off to save.
Should I overpay my mortgage? If I sign up online, have I a right to cancel online? Can I open an ISA for my niece? MY NEW QUESTION TIME PODCAST where you ask me questions on these & far more. Do pls listenhttps://t.co/O7b14FLwb2https://t.co/R4eZdU6Xi2https://t.co/RCrSyznDx9
— Martin Lewis (@MartinSLewis) March 16, 2026
“If it’s very close between the two, generally, overpaying your mortgage will win.”
Why? Because of the quirks of how mortgage interest compounds over time.
The LTV factor most people miss
Overpaying isn’t just about interest – it can unlock better deals later: “If you reduce your mortgage debt, you reduce your loan-to-value… which could mean a cheaper mortgage when you remortgage.”
But he’s clear it won’t apply to everyone: “The gain on loan-to-value is really for people borrowing over 60% of their home’s value.”
Two non-negotiables before you overpay
Lewis stresses that overpaying should never come at the expense of financial safety.
1. Keep cash accessible
“I would always have an emergency fund in liquid cash,” he says.
Because lenders won’t be sympathetic if things go wrong: “They’re not going to say, ‘Oh, you’ve overpaid, don’t worry about paying us now.’”
2. Know your mortgage terms
“You need to check that there aren’t any overpayment penalties.”
Most lenders allow some flexibility: “On most mortgages, you can pay off up to 10% of your outstanding balance each year without penalties.”
But don’t assume – always verify.
Recommended reading:
So what’s the right move?
In the end, Lewis brings it back to first principles: “It’s really just a piece of financial maths.”
But it’s not purely numerical. Tax on savings, access to cash, and even future mortgage deals all play a role.
His final takeaway? “It’s a fine balance.”
Thames Valley Police has now asked any witnesses to come forward and anyone with dash-cam footage to share it as they investigate the non-stop injury road traffic collision.
The incident occurred at 4.30am on Saturday, March 28 at the Banbury Road junction with Parks Road in Oxford, near to the University Parks.
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The pedestrian, who was in their 20s, was reportedly hit by a dark coloured Toyota while crossing the Banbury Road.
The motorist failed to remain at the scene of the collision and the pedestrian sustained minor injuries which were treated at hospital, Thames Valley Police stated on Sunday morning.
A spokesperson for the police said: “Officers are appealing for witnesses or anyone with dash-cam footage to come forward following a non-stop injury road traffic collision.
“A pedestrian, aged in his 20s, was struck by a dark coloured Toyota whilst crossing the Banbury Road close to the junction with Parks Road, Oxford.
“The Toyota involved failed to remain at the scene of the collision.
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“The pedestrian sustained minor injuries which were treated in hospital, but has since been discharged.
“If you were the driver of the Toyota involved please contact Thames Valley Police online or via 101 quoting the reference 43260151582.
“If you were in the area at the time and think you might have information to help us, please contact us online using the same reference.”
The collection of seven coins, featuring characters such as Peter Rabbit and Mrs Tiggy Winkle, is currently up for sale on eBay.
Despite millions of Peter Rabbit-themed coins being produced, certain versions can attract significant interest online — especially those that are in pristine condition or from limited releases.
Beatrix Potter gold proof coins, like the 2020 Peter Rabbit Gold Proof 50p and the 2016 UK 150th Anniversary of Beatrix Potter 50p Gold Proof, are especially in demand.
Dealers generally value them between £1,800 and £2,200.
These gold proof coins are significantly more expensive than the ordinary silver proof or the brilliant uncirculated ones, which typically retail for under a few hundred pounds.
Factors such as the number of coins minted, their condition, market demand, and any minting errors influence a coin’s price.
While some coins have managed to secure substantial amounts online, experts suggest collectors focus on recently sold prices, rather than current asking prices.
Professional appraisals are also recommended to accurately determine a coin’s worth.
The Royal Mint has previously said that while some coins can be valuable, many listings reflect sellers’ expectations rather than guaranteed market value.
The Beatrix Potter collection has become one of the most sought-after series among UK coin collectors in recent years.
In summation, while a Beatrix Potter-themed 50p coin may sometimes be worth a substantial amount, various factors significantly influence its market value.
Prospective buyers and collectors are encouraged to stay informed and cautious when participating in online auctions and trades.
The married Spice Girl and former F1 boss live at the Oxfordshire border with Northamptonshire and have been locked in a number of planning battles with neighbours.
Most recently this has been over plans for a horse walker at her stables.
The celebrity pair own a horse racing company called OMBI and have built new stables for 14 horses at their Oxfordshire pad.
READ MORE: David Beckham’s new home plans condemned by neighbour as Blackpool-esque
They have employed a full-time trainer, and their horses are all named after Geri’s solo career hits.
But plans for the walker on land adjacent to their main home were met with anger by neighbours – with a number of objections registered with West Northamptonshire District Council.
Among the concerns were over the height of the building and visual impact, inadequate screening, lighting, and lack of a storage relocation plan.
But planning official Forrest Childs approved the application on Thursday, March 26.
He said in his decision notice that development of this nature in the open countryside “can be acceptable in principle where it supports an existing rural enterprise and does not result in unacceptable harm to the character of the area”.
Mr Childs added: “Given that the site already operates as an established equestrian holding, and the proposed horse walker represents a functional and proportionate addition to support the existing use, the principle of development is considered acceptable.”
The scheme is the latest in a number of planning rows between the couple and their neighbours.
They were recently given approval to keep a pergola that had been built without planning permission.
Last year they were also granted planning permission to build a second pool on the grounds despite fears that it would be a ‘blot on the landscape.’
One anonymous neighbour, who objected to the horse walker plans said: “Whilst we do not object to the principle of a horse walker to support the private equestrian use of the adjacent equestrian barn and other equestrian activities, we object to the plans as currently presented.”
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In a statement on behalf of Geri and Christian Horner, a planning agent said the structure “will be largely screened from all angles once the existing new hedging matures”.
The applicant also referenced DEFRA’s code of practice for the welfare of horses.
The planning agent added: “It states that animals must be given freedom to exercise off the tether for a reasonable period at least once a day.
“The installation of the horse walker will ensure that this is possible.”
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