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Overpayment Advice please
Gary_zero
Posts: 154 Forumite
I have a tracker mortgage with Nationwide (5.24%) and I am planning to start overpaying by £500 per month to reduce the term. The mortgage is 19K interest only (S.Life Endowment) and 10K repayment, the question is would I be better making my overpayments against the 19K or the 10K or does it not matter or will I have no say in it. The mortgage term is 3 years and the tracker deal has 1 year left to run. Any advice or comments welcome. Thanks.
0
Comments
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you have a £10k repayment mortgage which will be paid in 3 years ?
and £19k on interest only so if you want to overpay then pay it off the IO mortgage and ask them to take it off the capital.
Make sure you fill a cash ISA first £3600 each ( partner ) as currently paying 6/6.25% TAX free. better return for you money0 -
Thanks for your advice the ISA sounds like a good idea0
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