Fixed rate ending-advice?

dimbo61

If you keep your payment at £440 a month you will be overpaying by £200 a month.
thats £2400 a year and by overpaying you wont notice any increase until the Bank of England base rate goes over 3.5% which I hope wont happen for a few years yet

Gorgeous_George

I would leave the motgage interest only and overpay the secured loan. When that is cleared, review your options.

GG

dimbo61

You dont give the interest rate of the secured loan and if you are allowed to overpay but as George said if its more expensive ( higher interest rate ) then clear that first

getmore4less

shopaholic2 wrote: »

Mum and dad own their home outright, and so no fears of bancruptcy etc, they have ALWAYS been very good with money, and some of the money they are saving is mine from a previous house sale, i simply let them look after it as i am very bad with money.
The secured loan is £198 per month NOT interest only so that is reducing.
The sec loan was to consolidate other debts yes, and while i'm happy to be open and upfront,i only wanetd to have an idea what the repayments would refer to!!

But thanks for your help and input.

OK thats looking good on the mortgage front,

If the money is yours why not use it to reduce the debts?

I would focus on the secured loan.
What's the rate on that?
Can you overpay without penalty?

If it is more expensive than the mortgage then that were to look to put surplus cash, once that is paid off there is another £200pm free for the mortgage.