Using Maintenance Loan to pay off part of mortgage?

[Deleted User]

Hi guys, don't post to often here but hoping for a quick bit of help. At the moment I am paying somewhere between 3 or 5% on my halifax mortgage...don't remember exactly how much but will obviously double check this when I get home.

I am about to go into my final year of uni and can take around £3300 in maintenance loans which I wont actually need for living costs.

My thinking is, surely it is better to take this money and dump it all in the mortgage as the interest rate should stay well below what the mortgage interest rate is? I have checked and won't be subject to any overpayment fees for this amount.

edit: My interest rate is 5%. According to the tool on this website it seems like a safe bet.
I'm not expert so is my thinking sound? If it is i'll double check all my number later. I wasn't able to find anything about this on the forum or online as it makes for quite a long search string.:cool:

Thrugelmir

If it provides a positive return. Then do it.