help please ?? advise on interest only deal.

sandrad44

We are currently paying our mortgage to redstone. We have been out of our deal since last October. Due to previous credit history there are not many lenders out there willing to lend. Last default falls off in September and two small ccjs under 250 satisfied 2007. I asked redstone if we could overpay each month and they said yes we can overpay as much as we want as we are no longer tied in . My question is we are on libor + 2.5%
( 350 ) per month. do we overpay interest only or open an isa ? mortgage is for 122,000 house value 185,000 aprox

VIGILANT22

Quote:do we overpay interest

You cant overpay interest....overpayent comes off the capital sum

getmore4less

VIGILANT22 wrote: »

Quote: My question is we are on libor + 2.5%

Redstone will be the most reliable soure of information to your question

the question was
My question is we are on libor + 2.5%( 350 ) per month. do we overpay interest only or open an isa ? mortgage is for 122,000 house value 185,000 aprox

opinions4u

Overpay the mortgage.

sandrad44

Thanks for the replies. I just wasn't sure. Got an appointment at the abbey this week to see if they would accept us and what kind of deal we would be offered. Would like to change to repayment asap. meantime I will keep overpaying redstone.

getmore4less

Don't change just because they will give you a repayment only change for a better deal.