paying money off my mortgage

mikeouk

can someone tell me if im doing the right thing please.
I have a morgage with the halifax, at the moment its standing at just over £69000 and I have 17years to go, monthly payment at the moment approx £484 pm. I also have a car loan which I took out over 5years, 2years ago, that was for £10000, anyway, just sold the car because I wasnt using it for £6000 and even though I havent checked yet,doing the math id say my settlement will be abit more than the £6000 I got for the car,,so I wondered if its a good idea to pay the 6k off my mortgage, after all, ive been paying the loan every month so im not going to struggle if i carry on paying it. I rang halifax and asked them how much my monthly payment would be if I paid off £5000 (going to usa next week so the £1000 would be handy) it would bring it down by £40 a month, so obviously im better off a month by doing this. Just wondered in the long term if this is a good way of investing money im already paying interest on or should I just settle the loan.
thanks

Moggett

I would have thought that the interest on the loan would be more than the interest on your mortgage so why not settle up the loan? That way you could then make overpayments on the mortgage at least equal to the loan repayments you were making thus reducing the amount of interest you would pay on the mortgage as well. You would win both ways.