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Mortgage- pay it off or not?
silverbak
Posts: 3 Newbie
I have recently been made redundant, I have a mortgage divided into part interest only and part repayment equally split in half . It is on a variable rate of 1.17%. If I wanted to pay off part of my mortgage which part would be best to pay off? the capital on the interest only or the repayment side. there are no penalties on the mortgage. I have only got five years left on the repayment and two years on the interest only side or would it be best to invest all my redundancy and continue with the mortgage to its term
0
Comments
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Pay it off the interest only part.
If you could get a return on your money of more than 1.17% you might want to invest it instead of paying it off the mortgage.I am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I have recently been made redundant, I have a mortgage divided into part interest only and part repayment equally split in half . It is on a variable rate of 1.17%. If I wanted to pay off part of my mortgage which part would be best to pay off? the capital on the interest only or the repayment side. there are no penalties on the mortgage. I have only got five years left on the repayment and two years on the interest only side or would it be best to invest all my redundancy and continue with the mortgage to its term
You might want to look at the other side of this coin on the benefits board....0
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