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O/P on loan 2 with higher interest rate?
sonny_c
Posts: 55 Forumite
Finally going to start making O/P but not sure which loan to pay off first as I have 2 loans on a repayment mortgage
Loan 1
£20K
4.24% (SVR)
Term 8 years
monthly payment £276
Maximum O/P can be made
Loan 2
£37K
6.24% (fixed rate ends June this year)
Term 22 years
monthly payment £263
10% O/P only
I'm hoping to make O/P to reduce the capital not my monthly payments because I believe it works out better.
Thanking you :T
Loan 1
£20K
4.24% (SVR)
Term 8 years
monthly payment £276
Maximum O/P can be made
Loan 2
£37K
6.24% (fixed rate ends June this year)
Term 22 years
monthly payment £263
10% O/P only
I'm hoping to make O/P to reduce the capital not my monthly payments because I believe it works out better.
Thanking you :T
0
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