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Mortgage Top-ups?
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Blade3
Posts: 20 Forumite
Hello ,
Our mortgage is the lifetime tracker mortgage - we are doing a part and part type where we are paying off the interest only of the loan and also paying part payment to the shortfall that we will have on the endowment
We have been making top - up payments and all the payments we have made have all gone to the interest part - our most recent statement is showing how the balance of £66196.21 is split - £48299.97 % only and £17896.24 to the repayment element.
what do you think is best to pay off first the % part and then the repayment ? What are your thoughts
I really appreciate any advice and any thoughts you have on this
Thanks in advance
Our mortgage is the lifetime tracker mortgage - we are doing a part and part type where we are paying off the interest only of the loan and also paying part payment to the shortfall that we will have on the endowment
We have been making top - up payments and all the payments we have made have all gone to the interest part - our most recent statement is showing how the balance of £66196.21 is split - £48299.97 % only and £17896.24 to the repayment element.
what do you think is best to pay off first the % part and then the repayment ? What are your thoughts
I really appreciate any advice and any thoughts you have on this
Thanks in advance
0
Comments
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You should really be paying both elements off at the same time but a lot depends on when your endowment maturesI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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