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Pay off interest only or repayment mortgage?

ricrob
ricrob Posts: 1 Newbie
edited 10 May 2010 at 7:24PM in Mortgages & endowments
I have the opportunity to pay off some of my mortgage. It is in two parts. £30,000 interest only with an endowment and £7500 repayment. As with many people the endowment will not fully cover the interest mortgage at the end. I could totally pay off the repayment mortgage or part of the interest only. I am coming off a fixed rate at the end off June. Which would the best option ?
Thanks for any help.

Comments

  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    The one with the highest rate(s)

    If the rates the same it won't make any difference as long as you can overpay to your cuurent payment without penalty
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