We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
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
-
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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards