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OP Loan or Mortgage
Stroppypops
Posts: 76 Forumite
in Loans
I currently have this:
£3,500 loan at 8.8% costing £111 pcm for 3 years roughly and
£115,500 mortgage costing £500 pcm at 3.19% with 30 years left.
I have £500 a month for an OP but where should I use it? Obviously the loan has a higher interest rate but OPing the mortgage has a bigger effect on interest saved.
Your thoughts?
£3,500 loan at 8.8% costing £111 pcm for 3 years roughly and
£115,500 mortgage costing £500 pcm at 3.19% with 30 years left.
I have £500 a month for an OP but where should I use it? Obviously the loan has a higher interest rate but OPing the mortgage has a bigger effect on interest saved.
Your thoughts?
As of 23/05/14
Main Mortgage - £114,940/£125,731 at 3.19%
Loan £2,912/£3,700 at 8.8%
OPs - £3,510 - target £6,000 by Dec 2014
Original MF date June 2045 now March 2044
Savings - £5,010 - target £8,000 by Dec 2014
Main Mortgage - £114,940/£125,731 at 3.19%
Loan £2,912/£3,700 at 8.8%
OPs - £3,510 - target £6,000 by Dec 2014
Original MF date June 2045 now March 2044
Savings - £5,010 - target £8,000 by Dec 2014
0
Comments
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Put it to the loan as it has the higher interest rate. Once that is paid off, put it to the mortgage.0
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