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Advice Please
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Greenwellies_2
Posts: 443 Forumite

I'm only just 'debt free' so being mortgage free is a long way away at the moment.
I have 27 years to go on my mortgage and I have it in two parts, 108k in mortgage and 21k in equity release loan.
Any tips on where I should start?
Thanks
GW
I have 27 years to go on my mortgage and I have it in two parts, 108k in mortgage and 21k in equity release loan.
Any tips on where I should start?
Thanks
GW
0
Comments
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I'm by no means an experty but....I have my mortgage in 3 different parts as well. I'm allowed to over pay only by 20% of the monthly repayments because we are on a fixed rate.
I'm putting my overpayments into a savings account and when the fixed rate finishes will pay the lump sum off my 'cheapest' part. Which is just over £17k.
Then once that is paid off will roll over the payments to pay the next chunk off...etc...etc.
I hope that helps...
Oh I'm also putting all change into my mortgage pig....and any money left over from the grocery shop/ petrol etc will go into the mortgage savings account too.0 -
Thanks, I have no idea about over payments, but I'm not capped or fixed so I guess it should be ok.
As for a mortgage pig, well I am using my pig that I have had since I was about 4 to save left over change and £2 coins. It's a start!
Thanks
GW0 -
About overpayments...give your mortgage provider a call and see how it all works. I'm pretty sure that you can just up your fixed monthly payments....and then pay off odd amounts as and when..0
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