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Pay off mortgage or secured loan
kkll1978
Posts: 5 Forumite
Hi all,
Im new to all this! I wanted to ask some advice. My husband and I currently have an interest only mortgage (23 years) and a secured loan (for 9 more years). We plan to change the mortgage to a repayment but are stuck as yet as we cant pay more than we do (£755) as the loan is £645 per month. My husband may soon have a higher paid job and Im wondering should we pay more off the mortgage or more off the secured loan? Other than these two mortgages we have minimal debt (one credit card for £3600).
Any ideas? It worries the hell out of me as we dont have pensions either....
Im new to all this! I wanted to ask some advice. My husband and I currently have an interest only mortgage (23 years) and a secured loan (for 9 more years). We plan to change the mortgage to a repayment but are stuck as yet as we cant pay more than we do (£755) as the loan is £645 per month. My husband may soon have a higher paid job and Im wondering should we pay more off the mortgage or more off the secured loan? Other than these two mortgages we have minimal debt (one credit card for £3600).
Any ideas? It worries the hell out of me as we dont have pensions either....
0
Comments
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Of the 2 probably the secured loan - but it depends on what interest rate you are paying on each, my guess would be that the secured loan is considerably higher.
Though if the credit card is an even higher rate of interest (and you are not able to transfer it to a 0% deal or somewhere cheap) then I would pay the card off before the secured loan.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0
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