repaying my mortgage earlier

fleet74

hi everyone. It is my first time on this forum and I have 3 questions for you financial boffins, which I hope you can solve for me.

I have an £11k endowment mortgage (interest only) and a £8k repayment mortgage (tracker). both with Llyods TSB and both ending in 8 years time. My questions are:
1) How much would my interest fall if I pay an extra £500 into each every month?
2) How long would it take me to repay both mortgages?
3) Should I repay both of them early or would it be best to concentrate on just one of them (interest only or repayment)?

TIA

bockster

first thing to know is, are you able to overpay on these mortgages without incurring penalties? and if there are penalties, how much? then take it from there.

in-need_of_money

If you go on a morgage calculator, accessed from this web, it will calcualate it for you if you put the amounts in. But as bockster says, check you do not have any penalties for overpaying first.

MORPH3US

Hi in-need of money,

Where is the mortgage calculator please?

Thanks

M

silvercar

Use this one:

http://new.egg.com/visitor/0,2388,3_54988--View_1028,00.html

you can enter extra repayments etc.