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Tiny steps, might sound stupid!
consumers_revenge
Posts: 3,568 Forumite
Hi,
New to this board ( I love this site! )
I have 48k left. have been making 99ppm over payments for last year, had to stop due to OH maternity and cashflow.
Now I have 2k on the hip and was gonna chuck in in as another lump sum. Quetion is my mortgage goes back to SVR at the end of the month. Would it be wiser to pay that in now and when the morgage deal comes up I'll be on 46k morgage, but payments just be less. Or have it again on 48k then slap the 2k down so in effect be overpaying and finishing earlier?
Hope that makes sense.
CR
New to this board ( I love this site! )
I have 48k left. have been making 99ppm over payments for last year, had to stop due to OH maternity and cashflow.
Now I have 2k on the hip and was gonna chuck in in as another lump sum. Quetion is my mortgage goes back to SVR at the end of the month. Would it be wiser to pay that in now and when the morgage deal comes up I'll be on 46k morgage, but payments just be less. Or have it again on 48k then slap the 2k down so in effect be overpaying and finishing earlier?
Hope that makes sense.
CR
0
Comments
-
clear it now and get the mortgage down.
Are you needing to remortgage or will you be staying on the SVR for some time?
That said to my simple brain it won't make too much of a difference in teh long run if you pay it off now or later.Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
deciding if to go on SVR, 3 year tracker or 5 fixed with halifax. No the greatest rates to be fair but its a non standard construction house so not open to all lenders.0
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