What is this called?

AndyHi

So are there lenders who do allow you to pay 100% of your payment to the more expensive part of the debt first? Whilst keeping the original term.

I guess I'm unlikely to change back anyway as what I'm doing surely pays it off sooner for the same total amount I was paying before.

So I pay off the expensive debt in 14yrs by that time I've only 23yrs left on the cheap part. Then start overpaying (the original total amount) on the cheaper debt. Much quicker than the remaining 23yrs.

AndyHi

2kids1dog wrote: »

why don't you add them together onto a low fixed rate ? as you are paying 2 rates against paying 1 rate on £120K? we are hoping to get £117k on 3years at 2.59?

That sounds good, and as I'm not fixed I guess I've no exit fees. I think I'm at about 70% LTV.

kingstreet

AndyHi wrote: »

So are there lenders who do allow you to pay 100% of your payment to the more expensive part of the debt first? Whilst keeping the original term.

I guess I'm unlikely to change back anyway as what I'm doing surely pays it off sooner for the same total amount I was paying before.

So I pay off the expensive debt in 14yrs by that time I've only 23yrs left on the cheap part. Then start overpaying (the original total amount) on the cheaper debt. Much quicker than the remaining 23yrs.

Yes. As long as your circumstances don't change, or there's a rate change which changes the landscape and you want to alter the terms and they then refuse to do it.

AndyHi

Just had a look at 120k @2.59% fixed & variable are both similar to what I've been paying but drops the total term to about 18yrs...