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Mortgage overpayment question
Drummerboy79
Posts: 5 Forumite
I have a mortgage with HSBC which is in 2 parts. £40K is on a variable rate (with 13 years left to run), currently 1.5% and £80K (with 20 years left to run) which I'm about to fix at 2.48%. I want to overpay but am unsure which chunk will benefit most from the extra payment. Ordinarily I would have put it towards the larger amount at the higher rate but is there any benefit in putting it towards the £40K in an attempt to pay off as much as possible before rates rise again?
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Pay off the debt accumulating the highest rate of interest.0
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