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Repayment Mortgage help please
moomi
Posts: 341
Forumite
Hi everyone
I currently have a miortgage with h/fax which is a repayment & owe just a teeny bit over £87,000. The current term is 17 years and 2months. The mortgage is actually part fixed rate 3.84% until Nov 14 and the other bit is a Lifetime tracker is 1.04%. the bulk of the mortgage is on the fixed rate (off hand I dont have the amounts) but what i need to know is: do i overpay off the fixed part as its a higher rate or is it rather repay off the mortgage as a whole (hope that makes sense?)
I currently have a miortgage with h/fax which is a repayment & owe just a teeny bit over £87,000. The current term is 17 years and 2months. The mortgage is actually part fixed rate 3.84% until Nov 14 and the other bit is a Lifetime tracker is 1.04%. the bulk of the mortgage is on the fixed rate (off hand I dont have the amounts) but what i need to know is: do i overpay off the fixed part as its a higher rate or is it rather repay off the mortgage as a whole (hope that makes sense?)
Mortgage Free! Pension novice and trying to find out more.
0
Comments
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Overpay the highest rated sub-account first, subject to any early repayment penalty limitations, of course.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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Thanks, I rang them & can overpay either (but makes sense to pay off highest rate first as you have confirmed)upto10% of the total mortgage value per year. I'm planning to just keep squirrelling away little bits & when h/fax bank account changes next month then I can see statement online & make overpayments to the specified part of the mortgage. The aim is £50 ish a monthMortgage Free! Pension novice and trying to find out more.0
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