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Mortgage Overpayment guidance
davidalangriffiths
Posts: 5 Forumite
Have two mortgages with C & G for the same property. One for £230K on SVR of 2.5% and the other for £78K at tracker rate of .29% above base rate for duration of mortgage (currently .79%). Both are repayment mortages with 14 years left. Can afford overpayment of £500 per month with no penalties on either mortgages. Could someone please advice which would be the better to spend the overpyment on - the SVR or the tracker. ?
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Comments
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Provided you have a good emergencu fund of 3/6 months of income in cash ISA,s earning 2.5% or more then you overpay the part with the most expensive interest rate ( ie the 2.5% SVR ) by £500 a month and op the tracker part if you have spare money and ISA full !0
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