advice about making mortgage overpayments

recently bought and have a tracker mortgage over 35yrs-(paid a deposit of 38000 when buying-not sure if this is relevant) . Now that interest rates have dropped am wondering what the benefits of overpaying each month by a couple of hundred euro may be.I know this will have long term benefits but wonder if I would be wiser to put this money elsewhere. Also,this is a starter home and in 5/6 years time, I would like to trade up if thats an option for me then. Thx

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If you have surplus money, you can probably get a higher rate on deposit that you would be getting by increasing your mortgage repayment.

Brendan

One advantage of overpayments now is that if you do hit hard times then what you have built up in overpayments will stand to you.

You can take a payment holiday til the amount you have over paid is used up.

Check this with your bank first though.

But my advice to anyone with a mortgage in these times is to pay as much as you can over.