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Repay interest only or repayment part
Redmikee
Posts: 179 Forumite
Hi,
We have a part repayment and part interest only mortgage for roughly £40,000 and £24,000 respectively.
We have about 3 years before the endowments pay up and about 20years for the repayment part.
We went to abbey to pay off £11,000 and received a letter telling us they have paid off the interest only part.
Is this the best part of our mortgage to pay off when we only have about three years of the endowment part to go?
Mike
We have a part repayment and part interest only mortgage for roughly £40,000 and £24,000 respectively.
We have about 3 years before the endowments pay up and about 20years for the repayment part.
We went to abbey to pay off £11,000 and received a letter telling us they have paid off the interest only part.
Is this the best part of our mortgage to pay off when we only have about three years of the endowment part to go?
Mike
0
Comments
-
Sorry for bumping this, but i may not have been as clear as i could have been.
Basically does it make any difference if my £11,000 repayment pays off the interest only or the repayment part of the loan.
Any advice greatfully received.
Mike0
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