Last updated: 13 October 2026
By Stiv · Design, technology and personal finance
We faced this decision ourselves. Since October 2021 I've overpaid my mortgage every month through Sprive, first with Nationwide and now with Halifax, and the total reached £10,237.41 by 13 October 2026. This guide covers how we thought through the trade-off and what factors are worth considering.
Should you overpay your mortgage or invest the spare cash instead? It's one of the biggest personal finance questions UK homeowners face right now, and the answer isn't as obvious as either side would have you believe. With the Bank of England base rate at 3.75% (held 17 September 2026; next decision 5 November 2026, per the Bank of England), average two-year fixed mortgage rates around 5.64% as of early June 2026 (source: Moneyfacts), and top savings accounts paying around 4.75%, the maths is closer than it has been in years. This guide walks through the key factors, the trade-offs, and a practical framework to help you decide what makes sense for your situation. Our free mortgage overpayment calculator now also has a compare-to-savings toggle, so you can run both sides of one of those scenarios in seconds.
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The Sprive bonus, if overpaying wins
Should the overpayment side win out for you, the current Sprive welcome offer lives on our referral page.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Capital at risk. The value of investments can go down as well as up and you may get back less than you invested. Past performance is not a reliable indicator of future results.
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