Is now a good time to pay some of my MG off?

Jonbvn

kazlouknox wrote: »

If my interest adjustment is not until March, is it best to wait until the end of Feb or just get the cheque sent in now?

Since your interest is only adjusted yearly (awful feature that), you should save your overpayments until Feb 2009 then overpay just before your interest is recalculated.

kazlouknox

Ok thanks for that Jonbvn! Will hold off with posting the cheque then and send it off after valentines next year. Cheers

wowgolds987

Yes I have my savings still. But I don't see the point in having any more than 10K sitting in an account that is not making as much money as the interest i'm paying on my mortgage. My mortage IR is at 5.59% - it's a discounted variable rate for 5 years and i'm in my second year.
I have my full allowance in one ISA and then a savings account at about 4% ish.

cold_up_north

cold_up_north wrote: »

I am in the same boat has Kazlouknox, I wish to OP my mortgage by half, my interest is reviewed yearly too in December, my fixed rate ends at the end of this month (nov), should I OP this month or will it make no difference to wait till Dec.

Thanks dimbo61, I have realised that I am not making an OP on my Morg, I have 4 loans added on to my Morg and it is the loans I am paying off I will only have £7000 Morg left, so will overpay on that next year and hopefully will be Morg free by 2010.