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Pay off loan or mortgage?
bristol_2
Posts: 1 Newbie
Can anyone advise me please, I have about £30,000 & i would like to know whether it would be better to start paying off a £40,000 loan i have or put that money towards my next mortgage which is up for renewal in March 2009,
Loan £40,000
Mortgage £200,00 (property worth approx £250,000)
Many Thanks
Loan £40,000
Mortgage £200,00 (property worth approx £250,000)
Many Thanks
0
Comments
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What interest rates are you paying on the loan and on the mortgage?
I imagine interest is higher on the loan, but there could be a benefit in needing a lower % mortgage. Maybe have a look at the mortgage deals around now and see how much difference in mortgage interest rates a lower LTV ratio would give you.0
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