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should i pay off mortgage or loans?
fazfearnley
Posts: 2 Newbie
i am in a position to pay off our mortgage.the mortgage currently stands at 49k over another 17 years at £400 p/m,@0.76%.i have a couple of loans of 4k@13.2% and 5k@6.4% could you please advice on how to pay off debts many thanks.
0
Comments
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Pay off the most expensive loans first. As long as the terms of the loan allow you to, without fee/charges.
What you save will soon accumulate to finish off the mortgage.0 -
Always pay off the highest interest rate loans first.
Given your mortgage rate is so low, I would suggest save your money instead of overpaying. Cash ISA's are the place to look for your savings.
Finally the repayment amount of £400pcm is too high? Your regular payment should only be £256.12.In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0
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